Nokia (NOK) is trading higher in the U.S. session, extending a move that began earlier this week after renewed buy-side attention on the company’s AI-era networking exposure—particularly optical transport and IP networking used in hyperscale data centers. The stock’s gains are being attributed primarily to analyst-driven rerating momentum rather than a single new contract headline today.

The most immediate spark has been Bank of America’s upgrade of Nokia to Buy from Neutral on April 13, 2026, alongside a materially higher price target, framing Nokia’s optical and hyperscaler growth as the next leg of its strategy. The call helped trigger heavy trading and follow-through buying as investors rotated into names viewed as picks-and-shovels beneficiaries of AI infrastructure buildouts.

Nokia has been emphasizing optical-networking and data-center connectivity products designed for AI traffic growth, including newer optical portfolio updates and data-center management solutions launched in March 2026. With AI-related networking spend still a dominant theme, the upgrade has reinforced the view that Nokia’s Network Infrastructure assets can command a higher multiple than legacy telecom equipment narratives.

Attention now shifts to Nokia’s next major scheduled catalyst: its first-quarter 2026 results on April 23, 2026. Investors will be watching for confirmation that optical and hyperscaler-driven demand is translating into revenue momentum and margin progression, and whether management commentary supports the higher expectations implied by recent analyst upgrades.