Nokia’s current AI-RAN transformation has some real substance: Nvidia is endorsing it and orders are coming in strong, with its market value on track to surge toward the 1 trillion mark—though the risk of a pullback from an overvalued situation also needs to be closely watched.

Under the push of Nvidia investment and AI-RAN collaboration, Nokia's stock price surged, with a market value of approximately $85-94 billion. AI & Cloud became growth drivers, with strong Q1 performance, ample orders, and upward revisions to guidance. Through testing with operators and the Sunnyvale laboratory, Nokia applied Nvidia GPUs to traditional wireless networks, promoting early commercial use of AI-RAN and the implementation of edge intelligence. Future focus should be on the speed of large-scale deployments, the pace of AI spending, differences with Ericsson, and the risk of valuation correction.