Nokia Stock Soars on Google's $15B AI Bet, Rejoins Euro Stoxx 50 Index
Nokia's stock price rose by as much as 2.3% in pre-market trading on Wednesday, putting it on track for a third consecutive day of gains. This increase is attributed to several factors, including Google's recent announcement of a $15 billion investment in AI infrastructure in Finland and Nokia's upcoming return to the Euro Stoxx 50 index.
The investment by Alphabet's (GOOGL) subsidiary, Google, will fund three new data center sites in Kajaani, Muhos, and Vaala, as well as an expansion of its existing facility in Hamina. This local region will enable Finnish organizations to deliver high-performance, low-latency services and build their own AI-powered solutions.
Nokia (NOK) has been gaining traction due to its pivot towards infrastructure for AI data centers, a business line that has driven the stock up over 60% this year. The company's return to the Euro Stoxx 50 index on September 21 will replace Volkswagen after a one-year absence.