Nokia (NOK) is up about 3.73% to $8.39 as investors react to a fresh bullish shift from Goldman Sachs, which upgraded the shares to Neutral from Sell and raised its price target to €8.00 from €3.50. The change resets sentiment after a more cautious stance and puts renewed focus on Nokia’s positioning in higher-growth networking markets. (m.investing.com)

The driver behind the upgrade is the view that Nokia’s Optical and IP Networks segments are increasingly leveraged to the AI infrastructure buildout—where data centers require faster, denser, more power-efficient connectivity. As this theme has strengthened across the networking supply chain, investors have been rotating into beneficiaries tied to hyperscaler and AI cluster networking demand. (m.investing.com)

With the stock reacting to a valuation and narrative shift rather than a single contract headline, the next confirmation point is whether upcoming results and forward commentary reinforce accelerating optical/IP momentum and margin trajectory. Investors will be watching for evidence that AI-driven demand translates into sustained order growth and improved profitability in the networking portfolio.