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The AI Infrastructure Stock Hiding Inside Nokia
Nokia (NOK) is experiencing a significant re-rating as it transitions from a telecom laggard to a credible AI infrastructure player. Recent sell-side EPS estimates are 13-15% too low, with the defense business not factored in. Key developments include a $1 billion investment from NVIDIA, substantial growth in AI and Cloud orders, and the launch of the 5G Comms Sentry Tower with Anduril. Nokia's coherent pluggables business is also set for rapid growth, yet consensus estimates remain conservative. Currently trading at 30x forward earnings, Nokia's valuation is positioned between telecom and optical infrastructure multiples.
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