Nokia's stock has more than doubled since the beginning of 2026, marking one of the standout performances in the European technology sector this year.
The Finnish telecommunications and networking equipment maker has seen its share price climb by over 100% year-to-date, reflecting a significant shift in market sentiment toward legacy telecom players with exposure to modern data infrastructure.
The rally is primarily fueled by the company's growing relevance in the artificial intelligence and datacenter markets.
As global demand for AI computing power accelerates, investors are increasingly looking beyond pure-play chipmakers to the broader ecosystem of networking, cooling, and connectivity solutions required to support these facilities.
Nokia's portfolio of optical networking and data center infrastructure products has positioned it as a beneficiary of this capex cycle.
This surge comes amid a broader rally in semiconductor and technology equities.