Wire

Nokia ($NOK) had a rough week, and I'm still holding

By David Han · Swing Trader / Site Operator · June 28, 2026

Disclosure: I (David Han) hold a position in $NOK as of this writing, and I plan to keep holding. I am a swing trader and chart reader, not a financial advisor, and nothing here is investment advice. Do your own research.

The quick version

Nokia isn't a phone company anymore. It sells the network and data-center gear the AI buildout runs on.
Nvidia (NVDA) put $1 billion into Nokia in October for a 2.9% stake and a 6G partnership.
The stock ran about 170% in a year, then gave back roughly 22% in June on profit-taking and the AI selloff.
The "BlackBerry earnings" people lumped this drop in with? Different company. BlackBerry (BB) actually beat and popped about 30%.
Still above its 200-day average, golden cross intact, but volatile. Next earnings July 23. My take: a little undervalued, so I'm holding.

Alright, let's talk Nokia. Yeah, that Nokia, the brick your dad had in 2003 that could survive getting run over by a truck. The old dinosaur has quietly turned into one of the more interesting AI plays nobody talks about, and this week it got taken to the woodshed. I'm still holding. Here's why I'm not sweating it.

How we got here

Nokia stopped being a phone company ages ago. Today it sells the guts of networks, the gear that moves data for telecoms and, more and more, for AI data centers. Three things flipped the script. In October, Nvidia (NVDA) invested $1 billion for a 2.9% stake and a partnership to build AI-RAN gear and push 5G to 6G. Nokia also brought in CEO Justin Hotard back in 2025, straight from running Intel's data center business, and he has pointed the whole company at AI. And it bought Infinera in a $2.3 billion optical deal for the AI data-center backbone. Last quarter, AI and cloud revenue jumped 49% and management raised guidance and the dividend. The stock ran about 170% to a 17-year high.

So why'd it get smoked?

It ran too far, too fast, and the whole AI and chip trade rolled over in late June. Nokia ran to the mid-$16s in early June and bled to about $13 by Friday, roughly a 22% haircut. Some was profit-taking after a monster run, some was nerves about telecom demand, and a big chunk was the broader chip selloff dragging everything AI-flavored down. When the tide goes out, even good boats drop.

Quick myth-buster: the BlackBerry thing

This drove me nuts, so let me clear it up. People lumped Nokia's drop in with "the BlackBerry earnings." Different company. BlackBerry (BB), the other 2000s phone brand, reported on June 25 and crushed it, first positive cash-flow quarter in nine years, raised guidance, stock up about 30% in two days (we broke that down here). That news was good, and it had nothing to do with Nokia. People just mash the two old logos together.

The chart (because I'm a chart guy)

Even after getting punched in the mouth, Nokia is sitting way above its 200-day moving average (down around $8.40, and we're near $13). The golden cross from October, when the 50-day crossed over the 200-day, is still intact. That's the longer-term setup I like. Short term it's ugly, we're under the 50-day (about $13.50) and the 20-day (about $14.70), so momentum cooled off. But the big trend hasn't broken. To me that's a pullback in an uptrend, not a top falling apart.

Nokia NOK six-month stock chart: the price ran from the single digits to the mid-$16s then pulled back to about $13, staying far above its rising 200-day moving average, with the 50-day still above the 200-day so the golden cross is intact — Nokia (NOK), last six months. It ran from the single digits to the mid-$16s, pulled back to about $13, and still sits far above its 200-day average (green). The 50-day (blue) stays above the 200-day, so the golden cross is intact. Source: AIStockWire; price data via Yahoo Finance.

Why I'm holding

My take: it's a little undervalued. A company that got a billion-dollar vote of confidence from Nvidia, an ex-Intel data-center CEO, real AI growth and a raised outlook, trading in the low teens because the market tossed it out with the AI bathwater. Next earnings hit July 23, and given they already raised guidance, I think there's a real shot they post good numbers. So I'm holding, and I wouldn't hate adding if it keeps going on sale.

Here's the kicker: Nokia insiders were buying in the open market in late May at over $15. The CEO's chief of staff grabbed about 44,000 shares near $16, and another senior manager bought around $15.35. It's around $13 now, so I'd be getting in cheaper than they did.

Don't get it twisted though, this thing is volatile. It's a low-priced, retail-heavy stock that can drop 8% on a random Friday (it did on June 5, then about 7% more on June 26) or rip just as fast. If the AI trade stays cold or telecom spending softens, it can keep heading lower, and July earnings could go either way. I'm holding for the long-term story and the chart, not because it's safe. It isn't. We'll see if I look smart or dumb. That's the fun of it.

Nothing here is investment advice, and I hold a position in NOK. Prices and figures are approximate and as of late June 2026, and they change fast. Nokia is volatile. Do your own research and size your risk.

Frequently asked questions

Did Nvidia really invest in Nokia?

Yes. In October 2025, Nvidia (NVDA) invested $1 billion in Nokia (NOK) for a 2.9 percent stake, at about $6.01 a share, as part of a partnership to build AI-RAN gear and lead the move from 5G to 6G. T-Mobile is also involved in testing the technology.

Why did Nokia (NOK) stock drop in June 2026?

Mostly profit-taking after a roughly 170 percent run over the prior year, plus valuation worries and the broad AI and chip selloff in late June. Nokia fell from about $16.60 on June 4 to about $12.92 by June 26. It looked more like a momentum reversal than a single fundamental shock.

Is Nokia the same company as BlackBerry?

No. They are different companies that people often confuse because both were big phone brands in the 2000s. BlackBerry (BB) reported strong earnings on June 25, 2026 and jumped about 30 percent over two days. Nokia's June slide was unrelated to BlackBerry.

Is Nokia stock above its 200-day moving average?

Yes. As of late June 2026, Nokia (NOK) traded near $13 while its 200-day moving average sat around $8.40, so it remained well above it, and the golden cross from October 2025 (the 50-day crossing above the 200-day) was still intact. Shorter term, it had slipped below its 50-day and 20-day averages.

When is Nokia's next earnings report?

Nokia (NOK) is scheduled to report its second-quarter 2026 results on July 23, 2026, before the market opens.

David Han · Swing Trader / Site Operator

David Han runs AIStockWire and trades the market himself. He's a swing trader and chart reader who writes about AI and tech stocks, shares the positions he holds, and is honest about the wins and the losses. He's not a financial advisor, and nothing he writes is investment advice.