Nokia Rides Google's $15B AI Bet to Third Straight Gain

Nokia's stock has been on a tear this year, with gains of over 60% in recent months. This surge can be attributed to its pivot towards infrastructure for AI data centers, which has become a crucial component of Google's plans to expand its AI infrastructure in Finland.

Google announced that it will invest at least €13 billion ($15.1 billion) in Finland over the next two years to develop its AI infrastructure. This investment will fund three new data center sites and an expansion of Google's existing facility in Hamina, where Nokia and Finnish telecom operator Elisa will supply connectivity infrastructure.

Nokia is set to rejoin the Euro Stoxx 50 index on September 21, replacing Volkswagen after a one-year absence. This development comes as no surprise, given its recent performance, which has seen it outperform the S&P 500 for three consecutive sessions.