The poster presents a bullish re-rating story around NOK: Nokia should no longer be valued by the market as a traditional telecom equipment vendor or an “old phone company,” but should instead be re-understood as an AI infrastructure, 6G/AI-RAN, and defense communications infrastructure company. The core valuation logic is that, at a share price of about $13.4, the poster believes NOK currently trades at a P/E of about 26x, below optical networking/AI infrastructure comparables such as Ciena and Arista. Therefore, if the market assigns it a P/E near Arista’s low-end level of about 54x, the share price could potentially be “rewritten” to about $26.8. The poster also believes that, if AI-RAN succeeds, it could create a new revenue stream similar to cloud services monetization, which is currently difficult to value and offers greater potential upside. The evidence chain mainly includes: Nokia’s Q1 2026 disclosure that AI & Cloud customer orders reached EUR 1 billion, optical networking growth, and an upward revision to Network Infrastructure guidance; NVIDIA’s October 2025 announcement of a $1 billion investment in Nokia and collaboration on AI-RAN/6G; Nokia Federal Solutions as its business arm serving the U.S. government, along with cooperation with Lockheed Martin and others on military 5G/open-architecture communications solutions. The image shows that the poster has a very large position: 35,403 NOK shares, with a market value of about $467,298 and an unrealized gain of about $125,921; 123 NOK $15 Calls, with a market value of about $51,660 and an unrealized gain of about $6,937; and 288 NOK $10 Calls, with a market value of about $169,200 and an unrealized gain of about $142,986. Total exposure exceeds $680,000, and the text describes the options as Jan 2028 LEAPS. The biggest weakness of the post is the large valuation leap: the poster directly maps the narrative shift from a traditional telecom equipment vendor to AI optical networking/AI-RAN onto high-multiple companies, but does not break down the profit contribution of Nokia’s various businesses, the incremental impact of Infinera/optical networking versus the drag from the mobile networks business, nor prove that a 54x P/E is applicable to Nokia as a whole. At the same time, the stated “current P/E of 26” likely mixes forward P/E or different data sources, while multiple users in the comments point out that trailing P/E is closer to 80x. AI-RAN remains in the trial and early commercialization stage. The defense business has real partnerships, but whether it can significantly change Nokia’s overall revenue and profit structure remains the key implicit assumption.

The comment section is fairly active overall, but it has an obvious WSB style, with support, FOMO, memes, and serious pushback mixed together. Supporters mainly agree that Nokia has shifted from a “5G/old phone” narrative to AI optical networking, IP Networks, 6G, and AI-RAN. They especially emphasize that after Q1 2026 there is quantifiable evidence: AI & Cloud orders, optical networking growth, raised guidance, and NVIDIA’s $1 billion investment. Some also mention that Nokia benefits from Western customers’ preference for non-Chinese suppliers, and view it similarly to BB as a legacy turnaround that needs to escape an outdated label. Several users say they already hold shares or LEAPS, and some even followed by buying $15 and $20 long-dated Calls. The bearish side focuses on two main issues: first, the post “came too late,” as NOK has already risen sharply over the past year and also substantially over the past six months, making the risk of chasing highs obvious; second, a highly upvoted rebuttal argues that the poster’s P/E methodology is flawed, saying the current P/E is closer to 81 rather than 26, and mocks the argument with the idea that “Domino’s also delivers pizza to the Pentagon and also uses AI, so it should also be re-rated,” criticizing the poster for overgeneralizing the AI/defense labels. Other users ask for a distinction between trailing and forward P/E and post valuation screenshots to question the persuasiveness of the thesis. OP’s replies focus on three points: first, he argues that the mindset of “it has already gone up, so I missed it” is unreasonable, comparing it to major winners such as NU, NVDA, and AAPL, which were also considered to have risen too much in their early stages; second, he admits that short-term pullbacks are normal, says he lost about CAD 83,000/about $50,000 in a single day but is not nervous, and is considering converting the $15 Calls into leveraged stock if the decline continues in order to reduce time pressure; third, in the comments he gives a clearer though still time-uncertain target range, saying he could see $25–30, while also mentioning that some more aggressive investors are hoping for $60. In the AI-RAN discussion, one user asks whether robotaxis would use AI-RAN for urban positioning. OP replies that robotaxis are a target use case for AI-RAN, emphasizing low latency and ISAC, but this claim is not sufficiently verified in the comments. Overall, the consensus is that Nokia does have a new AI/6G/defense catalyst narrative, and NVIDIA’s involvement improves credibility; the main disagreement is whether the market has already fully priced it in, whether the valuation multiple is reasonable, and whether the path from AI-RAN trials to meaningful revenue is sufficiently clear. Highly upvoted “brick phone” comments are more of a meme about Nokia’s old brand image and should not be treated as substantive investment arguments.