Nokia Corp. (NYSE: NOK) is having a moment. The stock extended its upward momentum on Thursday, riding a wave of investor enthusiasm that has little to do with its traditional telecom roots and everything to do with artificial intelligence.

Investors are re-evaluating Nokia as a key player in the AI infrastructure boom, not just a legacy network equipment maker. The market's mood is supportive too: the Nasdaq is up 1.23% and the S&P 500 has gained 0.60%.

Second-Quarter Earnings Beat

The rally started in late July when Nokia reported second-quarter net sales of 4.82 billion euros ($5.60 billion), an 8% increase year over year. Adjusted earnings came in at eight cents per share, beating the consensus estimate of seven cents. Network Infrastructure sales grew 12%, with Optical Networks up 19% and IP Networks up 15%.

Expansion in AI Infrastructure

The real headline, though, is the AI and Cloud segment. Revenue there more than doubled, jumping 103% to represent 9.3% of total sales. Nokia also secured 2.8 billion euros in new AI and cloud orders, a clear sign that demand for network infrastructure supporting AI data centers is surging.

Nokia Stock: Key Technical Levels to Watch

For the chart-watchers, Nokia's technical picture is a mixed bag. The stock is trading 11.5% above its 20-day simple moving average (SMA) and 14.6% above its 200-day SMA, which keeps the longer-term trend constructive even after the summer volatility. But it's also 9.8% below its 50-day SMA and 9.1% below its 100-day SMA, suggesting the intermediate trend still needs some repair before the stock can credibly re-attack prior highs.

The relative strength index (RSI) is a cleaner read right now. At 52.18, it's back in neutral territory, meaning the stock isn't stretched and has room to move in either direction depending on follow-through.

The moving-average structure is also telling: the 20-day SMA remains below the 50-day SMA, a bearish near-term alignment, but the 50-day SMA is still above the 200-day SMA, reflecting the golden cross that formed in October 2025.

NOK Stock Price Activity: Nokia shares were up 2.81% at $10.63 at the time of publication on Thursday.