Nokia Building the AI revenue model. Optical tailwinds and switching wins light the path to significant upside

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Nokia Building the AI revenue model. Optical tailwinds and switching wins light the path to significant upside

J P M O R G A N Europe Equity Research

12 June 2026

Nokia Overweight

NOKIA.HE, NOKIA FH

Building the AI revenue model. Optical tailwinds and Price (11 Jun 26):€11.78

switching wins light the path to significant upside ▲Price Target (Dec-27):€18.00

Prior (Dec-27):€12.00

• Optical market mainstay in AI & Cloud orders/revenue. New products are

likely to drive continued momentum: Nokia reported €1bn in AI and Cloud Overweight

orders in Q1. Per indications from the company, those orders were mostly NOK, NOK US

optical related. These orders were likely taken before the OFC 2026 conference Price (11 Jun 26):$14.09

in March, where the company laid out a broad range of next-generation ▲Price Target (Dec-27):$21.00

products. Products announced included 1.6T coherent pluggables, a 3.2T Prior (Dec-27):$14.00

coherent-lite solution for campus and enterprise applications, double-sided

pluggables and full-band transponders for hyperscale capacity, among other

European Tech Hardware &

products. The strong product line-up will position Nokia at the leading edge in Payments

the optical market. With Nokia’s own Indium Phosphide fab capacity coupled

Sandeep Deshpande AC with its own packaging capability, Nokia has positioned its optical business for

(44-20) 7134-5276

significant order & sales growth into 2027 with orders likely to accelerate in sandeep.s.deshpande@jpmorgan.com

2026. Thus, we believe that the optical orders/sales will grow from the already

Craig A McDowell

strong 1Q26 levels. (44-20) 7742-4576

• New wins in Datacenter switching add another leg to Nokia's growth: craig.mcdowell@jpmorgan.com

Nokia already had Microsoft as a customer in the IP Networks business.