Nokia announced three significant partnerships on Tuesday, yet the stock slid 3.79% to €10.54 — a stark reminder that even multiple high-profile deals can’t shield a company from a sector-wide shift in investor sentiment.
The Finnish telecom equipment maker was named Orange Belgium’s exclusive supplier for an optical transport network under a multi-year contract. Nokia will deploy its 1830 PSS platform and WaveSuite AI software to support data rates from 1G to 400G, laying the groundwork for 5G expansion in Belgium. It marks the first time an Orange subsidiary has adopted this hardware for its core network, underscoring the deepening relationship between the two groups. Separately, Nokia is also expanding alliances with Google and Amazon Web Services to co-develop intelligent agents for complex telecom operations.
In a separate move, Nokia signed a memorandum of understanding with FiberCop to transform existing fiber-optic cables into intelligent sensor networks capable of real-time detection of seismic activity, landslides and temperature changes. Internally, the company is also accelerating its cloud transformation alongside SAP and Microsoft, migrating its ERP systems to Azure using the “RISE with SAP” methodology. The formal selection was made on July 7, with preparatory work dating back to late 2025.
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None of these developments, however, could counter the gravitational pull of a broader sell-off in technology and AI stocks. Samsung kicked off the rout: despite reporting an 1,800% surge in operating profit, its shares fell nearly 10% in a classic “sell the news” reaction. That weakness spread across Asian and European markets, dragging the STOXX 600 Technology index down 1.6%. Chip heavyweights ASML and Infineon each lost around 4%, as investors rotated capital away from semiconductor and hardware names toward hyperscalers and less richly valued sectors. The underlying concern: doubts about the sustainability of the AI valuation rally.
Against this backdrop, Nokia’s short-term technical picture has deteriorated. The stock has lost 9.38% over the past seven trading sessions and 16.39% over 30 days. From its 52-week high of €14.97, hit on June 3, it now sits nearly 30% lower. Yet the longer-term view tells a different story. Since the start of the year, Nokia remains up 89.21%, comfortably above its 100-day moving average of €9.70 and well clear of the 200-day average at €7.58, signaling that the secular uptrend is still intact.
The 14-day relative strength index stands at 39.2, approaching oversold territory, while annualized 30-day volatility is elevated at 71.59%. That combination suggests market nerves have yet to settle, and Nokia will continue to move in lockstep with the tech rotation away from hardware plays — at least until the next catalyst emerges.
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