<h3>卖方的每股收益预估低了 13-15%。防务业务被建模为零。三个催化剂正在汇聚。</h3>
<h2>本周的 Wolf Pick：诺基亚 (NOK)</h2>
<p>大多数人提到诺基亚时，都会想到 2004 年的那款坚不可摧的砖头手机。华尔街的看法也并没有好到哪里去。直到最近，市场共识将诺基亚视为一家缓慢发展的欧洲电信设备供应商，陷入了 5G 支出后的低迷。这个心理模型刚刚被打破。</p>
<p>诺基亚上周五收盘价为 13.30 美元，创下 16 年来的新高。过去 12 个月，该股上涨了约 166%，从 52 周低点 4.00 美元反弹。过去六个月发生了三件事情，卖方模型尚未完全吸收，它们都指向同一个方向：诺基亚正在从一家低倍数的电信落后者重新评级为一家可信的 AI 基础设施公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/4ffc1b1a-3d0f-45ec-8969-fd62617f8cdb/Screenshot_2026-05-04_at_5.33.02_PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2912" height="1618" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/4ffc1b1a-3d0f-45ec-8969-fd62617f8cdb/Screenshot_2026-05-04_at_5.33.02_PM.png"/></p>
<h3>NVIDIA 信号及其后续订单</h3>
<p>在 2025 年 10 月，NVIDIA 承诺以每股 6.01 美元的价格向诺基亚投资 10 亿美元。这不是一项战略性新闻发布合作，而是真正的资金以特定价格注入，将诺基亚纳入 NVIDIA 与 T-Mobile 的 AI-RAN 项目，进行年底的现场试验。</p>
<p>然后 2026 年第一季度的财报在 4 月 23 日发布，重新引发了讨论。根据 Wolf Financial 分享的独立研究，诺基亚在第一季度单独预订了 10 亿欧元的 AI 和云订单。AI 和云的净销售额同比增长 49%。毛利率扩大了 320 个基点，达到了 45.5%。自由现金流跃升了 40%。网络基础设施的订单与发货比（新订单与已发货收入的比率）在 AI 和云领域约为 3 倍。</p>
<p>最重要的数字是管理层在财报电话会议上修订的。在他们 11 月的资本市场日上，诺基亚将其 AI 和云可寻址市场的年复合增长率框定为 16%，直到 2028 年。五个月后，这一数字被修订为 27%。原因是：超大规模云计算公司的资本支出预期从 5400 亿美元跃升至超过 7000 亿美元。整个牛市预期在五个月内扩大了 30%。</p>
<p>管理层相应地提高了各个部门的指导。网络基础设施的增长预期从 6-8% 上调至 12-14%。光学和 IP 网络的预期从 10-12% 上调至 18-20%。但他们将集团层面的营业利润指导保持在 20 亿至 25 亿欧元不变。他们提高了上游的预期，却没有提高下游。这为下半年的超预期和提升模式奠定了基础。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/f3325d2f-eadf-4c01-9473-39d07439a211/Screenshot_2026-05-04_at_5.34.07_PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2906" height="1620" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/f3325d2f-eadf-4c01-9473-39d07439a211/Screenshot_2026-05-04_at_5.34.07_PM.png"/></p>
<h3>没有人建模的防务业务</h3>
<p>在 4 月 30 日，Anduril 宣布推出其与诺基亚联手开发的 5G 通讯哨兵塔（CST）。该塔在不到三小时内部署，无需外部电源或基础设施，提供超过 1 Gbps 的吞吐量，延迟低于 10 毫秒，并运行在 Anduril 的 Lattice 软件堆栈上。它取代了三种无法满足现代需求的传统选项：窄带无线电（速度太慢）、卫星（延迟太高）和商业蜂窝（在战斗区域不存在）。</p>
<p>Wolf Financial 审查的研究指出，Anduril 已经在全球范围内部署了超过 400 个哨兵塔，覆盖美国海关与边境保护局、陆军、海军及其盟友的项目。每个安装都是 5G CST 升级的候选者。Anduril 自身的收入轨迹显示出规模：预计 2025 年约为 21 亿美元，2026 年预计达到 43 亿美元，正在谈判的传闻中的陆军合同价值为 200 亿美元。</p>
<p>卖方模型在任何诺基亚的预测中到 2028 年都没有 CST 或防务贡献。完全没有。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/efe3e074-82d6-4023-8b16-c7c3af9fe420/Screenshot_2026-05-04_at_5.35.25_PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3054" height="1702" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/efe3e074-82d6-4023-8b16-c7c3af9fe420/Screenshot_2026-05-04_at_5.35.25_PM.png"/></p>
<h3>卖方未能关注的可插拔设备增长</h3>
<p>第三个角度是光学分析师正在关注而其他人忽视的。诺基亚的相干可插拔设备业务（小型模块通过光纤传输数据，取代旧的笨重设备）在 2025 年的收入约为 1.51 亿欧元。这个数字即将急剧增长。</p>
<p>Wolf Financial 审查的独立分析预计，诺基亚的可插拔设备收入将从 2026 年的 2.81 亿欧元增长到 2028 年的 6.27 亿欧元，年复合增长率为 49%。诺基亚是全球仅有的四家公司之一，拥有这些模块的可信下一代路线图，其他三家是思科、Marvell 和 Ciena。在 2025 年初收购 Infinera 后，诺基亚是唯一一家在芯片、光学和系统方面实现垂直整合的供应商，并在圣荷西拥有一家国内制造设施，竞争对手无法匹敌。</p>
<p>模型之间的差距显而易见。市场共识仍然预计诺基亚的光学和 IP 网络部门有约 5% 的有机增长。自下而上的分析则接近 15%。这个差距使得 2026-2028 年的每股收益预估低了 13-15%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/7a2a1c72-b87f-460f-bcd4-c8a105caa74f/Screenshot_2026-05-04_at_5.35.58_PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3060" height="1702" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/7a2a1c72-b87f-460f-bcd4-c8a105caa74f/Screenshot_2026-05-04_at_5.35.58_PM.png"/></p>
<h3>当前交易情况及关注点</h3>
<p>诺基亚的交易市盈率约为 30 倍。它不再处于电信设备的倍数范围内（爱立信为 11-13 倍）。但也远未达到光学基础设施的倍数（Ciena 为 77 倍，Arista 为 47 倍）。这个中间地带是重新评级问题的所在。</p>
<p>在第一季度财报发布后，分析师的目标价格上周各不相同。巴克莱仍然评级为卖出，但将目标价上调了 54%。摩根大通的目标价为 12 欧元。摩根士丹利为 11 欧元。阿古斯在 15 美元时上调至买入。目标价格的分散本身就表明市场共识正在被拖动，而不是引领。</p>
<p>第二季度的收益（预计在 7 月 21 日至 23 日公布）应该显示可插拔收入持续增长。NVIDIA 与 T-Mobile 的 AI-RAN 现场试验将于 2026 年底开始。下一代 1.6T 可插拔样品将在第四季度发货。而 Anduril CST 将在全年内开始出现在 Anduril 的增长叙事中。</p>
<p>值得注意的风险：第二季度历史上仅占全年营业利润的 24-28%，因此顺序性减缓是正常的。供应限制依然真实，光学交货时间为 12-18 个月。而超大规模云服务商的集中风险正在上升。这些是节奏风险，而非方向性风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/fc6280f5-5064-4cf2-be6e-1b9e24fe9cca/Screenshot_2026-05-04_at_5.36.31_PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3052" height="1700" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/fc6280f5-5064-4cf2-be6e-1b9e24fe9cca/Screenshot_2026-05-04_at_5.36.31_PM.png"/></p>
<p>感谢阅读！欲获取更多每周更新，请在 X 上关注 @WOLF_Financial。</p>
<p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

AI光通信链盘中冲高回落，LITE、COHR盘后跳水，APH连阴下行。在板块连续暴涨之后，多头分歧明显加大，这波到底是中场休整，还是退潮信号？你怎么看？

<p>AI光通信链盘中冲高回落，LITE、COHR盘后跳水，APH连阴下行。在板块连续暴涨之后，多头分歧明显加大，这波到底是中场休整，还是退潮信号？你怎么看？</p>

光模块回调，是加仓时机吗？

诺基亚

英伟达

<p>诺基亚（NOK）正在经历显著的重新评级，因为它正从电信落后者转变为一个可信的人工智能基础设施参与者。最近的卖方每股收益（EPS）估计低了 13-15%，而国防业务尚未被考虑在内。关键进展包括来自英伟达的 10 亿美元投资、人工智能和云订单的显著增长，以及与安杜瑞尔（Anduril）联合推出的 5G 通讯哨兵塔。诺基亚的连贯可插拔业务也将快速增长，但共识估计仍然保守。目前，诺基亚的交易市盈率为 30 倍，估值介于电信和光学基础设施的倍数之间</p>

<h3>Sell-side EPS estimates are 13-15% too low. The defense business is modeled at zero. Three catalysts are converging.</h3>
<div class="lb-trans"><h3>卖方的每股收益预估低了 13-15%。防务业务被建模为零。三个催化剂正在汇聚。</h3>
</div><h2>This week’s Wolf Pick: Nokia (NOK)</h2>
<div class="lb-trans"><h2>本周的 Wolf Pick：诺基亚 (NOK)</h2>
</div><p>Most people hear Nokia and think of the indestructible brick phone from 2004. Wall Street’s version isn’t much better. Until recently, consensus treated Nokia as a slow-moving European telecom equipment vendor trapped in the 5G spending hangover. That mental model just broke.</p>
<div class="lb-trans"><p>大多数人提到诺基亚时，都会想到 2004 年的那款坚不可摧的砖头手机。华尔街的看法也并没有好到哪里去。直到最近，市场共识将诺基亚视为一家缓慢发展的欧洲电信设备供应商，陷入了 5G 支出后的低迷。这个心理模型刚刚被打破。</p>
</div><p>Nokia closed Friday at $13.30, a 16-year high. The stock is up roughly 166% over the past 12 months from a 52-week low of $4.00. Three things happened in the last six months that sell-side models haven’t fully absorbed, and they all point in the same direction: Nokia is re-rating from a low-multiple telecom laggard into a credible AI infrastructure name.</p>
<div class="lb-trans"><p>诺基亚上周五收盘价为 13.30 美元，创下 16 年来的新高。过去 12 个月，该股上涨了约 166%，从 52 周低点 4.00 美元反弹。过去六个月发生了三件事情，卖方模型尚未完全吸收，它们都指向同一个方向：诺基亚正在从一家低倍数的电信落后者重新评级为一家可信的 AI 基础设施公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/4ffc1b1a-3d0f-45ec-8969-fd62617f8cdb/Screenshot_2026-05-04_at_5.33.02_PM.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/4ffc1b1a-3d0f-45ec-8969-fd62617f8cdb/Screenshot_2026-05-04_at_5.33.02_PM.png"/></p>
<h3>The NVIDIA signal and the orders that followed</h3>
<div class="lb-trans"><h3>NVIDIA 信号及其后续订单</h3>
</div><p>In October 2025, NVIDIA committed $1 billion of its own balance sheet to Nokia at $6.01 per share. That’s not a strategic press release partnership. That’s real money at a specific price, anchoring Nokia inside NVIDIA’s AI-RAN initiative with T-Mobile for field trials at the end of this year.</p>
<div class="lb-trans"><p>在 2025 年 10 月，NVIDIA 承诺以每股 6.01 美元的价格向诺基亚投资 10 亿美元。这不是一项战略性新闻发布合作，而是真正的资金以特定价格注入，将诺基亚纳入 NVIDIA 与 T-Mobile 的 AI-RAN 项目，进行年底的现场试验。</p>
</div><p>Then Q1 2026 earnings landed on April 23 and reset the conversation. According to independent research shared with Wolf Financial, Nokia booked €1.0 billion of AI and Cloud orders in Q1 alone. AI and Cloud net sales grew 49% year over year. Gross margin expanded 320 basis points to 45.5%. Free cash flow jumped 40%. Network Infrastructure book-to-bill (the ratio of new orders to revenue shipped) ran at roughly 3x in AI and Cloud.</p>
<div class="lb-trans"><p>然后 2026 年第一季度的财报在 4 月 23 日发布，重新引发了讨论。根据 Wolf Financial 分享的独立研究，诺基亚在第一季度单独预订了 10 亿欧元的 AI 和云订单。AI 和云的净销售额同比增长 49%。毛利率扩大了 320 个基点，达到了 45.5%。自由现金流跃升了 40%。网络基础设施的订单与发货比（新订单与已发货收入的比率）在 AI 和云领域约为 3 倍。</p>
</div><p>The number that matters most is one management revised on the earnings call. At their November Capital Markets Day, Nokia framed its AI and Cloud addressable market as growing at a 16% compound rate through 2028. Five months later, that figure was revised to 27%. The reason: hyperscaler capital expenditure expectations for 2026 jumped from $540 billion to over $700 billion. The entire bull case got 30% larger in five months.</p>
<div class="lb-trans"><p>最重要的数字是管理层在财报电话会议上修订的。在他们 11 月的资本市场日上，诺基亚将其 AI 和云可寻址市场的年复合增长率框定为 16%，直到 2028 年。五个月后，这一数字被修订为 27%。原因是：超大规模云计算公司的资本支出预期从 5400 亿美元跃升至超过 7000 亿美元。整个牛市预期在五个月内扩大了 30%。</p>
</div><p>Management raised segment guidance accordingly. Network Infrastructure growth went from 6-8% to 12-14%. Optical and IP Networks went from 10-12% to 18-20%. But they held the group-level operating profit guide flat at €2.0-2.5 billion. They raised the top of the funnel without raising the bottom. That’s the setup for a beat-and-raise pattern through the back half of the year.</p>
<div class="lb-trans"><p>管理层相应地提高了各个部门的指导。网络基础设施的增长预期从 6-8% 上调至 12-14%。光学和 IP 网络的预期从 10-12% 上调至 18-20%。但他们将集团层面的营业利润指导保持在 20 亿至 25 亿欧元不变。他们提高了上游的预期，却没有提高下游。这为下半年的超预期和提升模式奠定了基础。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/f3325d2f-eadf-4c01-9473-39d07439a211/Screenshot_2026-05-04_at_5.34.07_PM.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/f3325d2f-eadf-4c01-9473-39d07439a211/Screenshot_2026-05-04_at_5.34.07_PM.png"/></p>
<h3>The defense business nobody is modeling</h3>
<div class="lb-trans"><h3>没有人建模的防务业务</h3>
</div><p>On April 30, Anduril announced its 5G Comms Sentry Tower (CST), co-developed with Nokia Federal Solutions. The CST deploys in under three hours with no external power or infrastructure required, delivers 1+ Gbps throughput with sub-10 millisecond latency, and runs on Anduril’s Lattice software stack. It replaces three legacy options that all fail modern requirements: narrowband radios (too slow), satellite (too much latency), and commercial cellular (nonexistent in combat zones).</p>
<div class="lb-trans"><p>在 4 月 30 日，Anduril 宣布推出其与诺基亚联手开发的 5G 通讯哨兵塔（CST）。该塔在不到三小时内部署，无需外部电源或基础设施，提供超过 1 Gbps 的吞吐量，延迟低于 10 毫秒，并运行在 Anduril 的 Lattice 软件堆栈上。它取代了三种无法满足现代需求的传统选项：窄带无线电（速度太慢）、卫星（延迟太高）和商业蜂窝（在战斗区域不存在）。</p>
</div><p>Research reviewed by Wolf Financial notes that Anduril already has over 400 Sentry towers deployed globally across U.S. Customs and Border Protection, Army, Navy, and allied programs. Every installation is a candidate for a 5G CST upgrade. Anduril’s own revenue trajectory tells you the scale: roughly $2.1 billion in 2025, projected at $4.3 billion in 2026, with a rumored $20 billion Army contract in negotiation.</p>
<div class="lb-trans"><p>Wolf Financial 审查的研究指出，Anduril 已经在全球范围内部署了超过 400 个哨兵塔，覆盖美国海关与边境保护局、陆军、海军及其盟友的项目。每个安装都是 5G CST 升级的候选者。Anduril 自身的收入轨迹显示出规模：预计 2025 年约为 21 亿美元，2026 年预计达到 43 亿美元，正在谈判的传闻中的陆军合同价值为 200 亿美元。</p>
</div><p>Sell-side models have zero CST or defen se contribution in any Nokia forecast through 2028. Zero.</p>
<div class="lb-trans"><p>卖方模型在任何诺基亚的预测中到 2028 年都没有 CST 或防务贡献。完全没有。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/efe3e074-82d6-4023-8b16-c7c3af9fe420/Screenshot_2026-05-04_at_5.35.25_PM.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/efe3e074-82d6-4023-8b16-c7c3af9fe420/Screenshot_2026-05-04_at_5.35.25_PM.png"/></p>
<h3>The pluggables ramp that sell-side isn’t running</h3>
<div class="lb-trans"><h3>卖方未能关注的可插拔设备增长</h3>
</div><p>The third angle is the one optical analysts are watching and everyone else is ignoring. Nokia’s coherent pluggables business (small modules that move data through fiber optic cables, replacing older, bulkier equipment) did roughly €151 million in 2025 revenue. That number is about to accelerate sharply.</p>
<div class="lb-trans"><p>第三个角度是光学分析师正在关注而其他人忽视的。诺基亚的相干可插拔设备业务（小型模块通过光纤传输数据，取代旧的笨重设备）在 2025 年的收入约为 1.51 亿欧元。这个数字即将急剧增长。</p>
</div><p>Independent analysis reviewed by Wolf Financial projects Nokia’s pluggables revenue scaling from €281 million in 2026 to €627 million by 2028, a 49% compound growth rate. Nokia is one of only four companies globally with a credible next-generation roadmap for these modules, alongside Cisco, Marvell, and Ciena. After acquiring Infinera in early 2025, Nokia is the only vendor vertically integrated across the chip, the optics, and the system, with a domestic manufacturing facility in San Jose that no competitor can match.</p>
<div class="lb-trans"><p>Wolf Financial 审查的独立分析预计，诺基亚的可插拔设备收入将从 2026 年的 2.81 亿欧元增长到 2028 年的 6.27 亿欧元，年复合增长率为 49%。诺基亚是全球仅有的四家公司之一，拥有这些模块的可信下一代路线图，其他三家是思科、Marvell 和 Ciena。在 2025 年初收购 Infinera 后，诺基亚是唯一一家在芯片、光学和系统方面实现垂直整合的供应商，并在圣荷西拥有一家国内制造设施，竞争对手无法匹敌。</p>
</div><p>The modeling disconnect is stark. Consensus still projects Nokia’s Optical and IP Networks segment at roughly 5% organic growth. Bottom-up analysis puts it closer to 15%. That gap puts 2026-2028 EPS estimates 13-15% below where they should be.</p>
<div class="lb-trans"><p>模型之间的差距显而易见。市场共识仍然预计诺基亚的光学和 IP 网络部门有约 5% 的有机增长。自下而上的分析则接近 15%。这个差距使得 2026-2028 年的每股收益预估低了 13-15%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/7a2a1c72-b87f-460f-bcd4-c8a105caa74f/Screenshot_2026-05-04_at_5.35.58_PM.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/7a2a1c72-b87f-460f-bcd4-c8a105caa74f/Screenshot_2026-05-04_at_5.35.58_PM.png"/></p>
<h3>Where it trades and what to watch</h3>
<div class="lb-trans"><h3>当前交易情况及关注点</h3>
</div><p>Nokia trades at roughly 30x forward earnings. It’s no longer at telecom equipment multiples (Ericsson sits at 11-13x). But it’s nowhere near optical infrastructure multiples (Ciena at 77x, Arista at 47x). That middle ground is where the re-rating question lives.</p>
<div class="lb-trans"><p>诺基亚的交易市盈率约为 30 倍。它不再处于电信设备的倍数范围内（爱立信为 11-13 倍）。但也远未达到光学基础设施的倍数（Ciena 为 77 倍，Arista 为 47 倍）。这个中间地带是重新评级问题的所在。</p>
</div><p>Analyst price targets scattered across the board last week after Q1 earnings. Barclays, still rated Sell, hiked its target 54%. JPMorgan went to €12. Morgan Stanley to €11. Argus upgraded to Buy at $15. The dispersion itself tells you consensus is being dragged, not leading.</p>
<div class="lb-trans"><p>在第一季度财报发布后，分析师的目标价格上周各不相同。巴克莱仍然评级为卖出，但将目标价上调了 54%。摩根大通的目标价为 12 欧元。摩根士丹利为 11 欧元。阿古斯在 15 美元时上调至买入。目标价格的分散本身就表明市场共识正在被拖动，而不是引领。</p>
</div><p>Q2 earnings (estimated July 21-23) should show pluggable revenue continuing to ramp. NVIDIA’s AI-RAN field trials with T-Mobile begin late 2026. Next-generation 1.6T pluggable samples ship in Q4. And the Anduril CST will start appearing in Anduril’s growth narrative throughout the year.</p>
<div class="lb-trans"><p>第二季度的收益（预计在 7 月 21 日至 23 日公布）应该显示可插拔收入持续增长。NVIDIA 与 T-Mobile 的 AI-RAN 现场试验将于 2026 年底开始。下一代 1.6T 可插拔样品将在第四季度发货。而 Anduril CST 将在全年内开始出现在 Anduril 的增长叙事中。</p>
</div><p>Risks worth noting: Q2 historically prints only 24-28% of full-year operating profit, so sequential moderation is normal. Supply constraints remain real, with 12-18 month optical lead times. And hyperscaler concentration risk is rising. These are pacing risks, not directional ones.</p>
<div class="lb-trans"><p>值得注意的风险：第二季度历史上仅占全年营业利润的 24-28%，因此顺序性减缓是正常的。供应限制依然真实，光学交货时间为 12-18 个月。而超大规模云服务商的集中风险正在上升。这些是节奏风险，而非方向性风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/fc6280f5-5064-4cf2-be6e-1b9e24fe9cca/Screenshot_2026-05-04_at_5.36.31_PM.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/fc6280f5-5064-4cf2-be6e-1b9e24fe9cca/Screenshot_2026-05-04_at_5.36.31_PM.png"/></p>
<p>Thanks for reading! For more updates throughout the week, follow @WOLF_Financial on X.</p>
<div class="lb-trans"><p>感谢阅读！欲获取更多每周更新，请在 X 上关注 @WOLF_Financial。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

The AI Infrastructure Stock Hiding Inside Nokia

- 卖方 EPS 预测低估 13-15%，防务业务未被考虑。  
- 诺基亚股价已达 16 年高点，上涨 166%。  
- 三大催化因素预示诺基亚将成为可信的 AI 基础设施品牌。

隐藏在诺基亚内部的人工智能基础设施股票