Track market-moving stories before they get noisy

Brad Gerstner's Altimeter Capital fully exited its entire 519,290-share Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) position in Q1 2026, according to the firm's 13F filed May 15, 2026 (SEC CIK 0001541617).

Large language models continue to struggle with hallucinations, presenting a major roadblock for real-world enterprise applications. Reducing these errors is a messy business, forcing model developers to navigate a strict tradeoff where eliminating factual errors often suppresses valid answers.

Amazon is positioned as a leading beneficiary of accelerating AI adoption, with AWS and e-commerce both delivering robust growth. I reiterate a strong buy rating, citing recent volatility as a clear buying opportunity ahead of visible AI-driven catalysts. Q1 revenue grew 17% YoY to $181.5B, with operating income up 30% and AWS sales accelerating to 28% YoY growth.

Its AWS unit is the primary reason why investors should consider Amazon's stock. Amazon has already pushed out one competitor before with custom chip designs.

Google and Amazon could cement their cloud-computing dominance as artificial intelligence gets more expensive and complex.

The bigger story isn’t that SpaceX isn’t profitable. It’s that the company may be choosing not to be.

Profitability Vs. GrowthSpaceX’s lack of profits has become a key talking point following its public debut. But Walter-Range argues the company could potentially improve its bottom line today if it were willing to slow some of its most ambitious projects.

“Considering the recently announced revenue streams from data center capacity leases to Anthropic and Google, the AI side of the business could be profitable if it brings capex down to a level below revenue,” he said.

The same logic applies to the company’s launch business. “Similarly, the launch side could be profitable today by reducing capex on Starship.”

In other words, profitability may be less of a capability issue and more of a strategic decision.

The Starship InvestmentThe catch is that profitability may not be what investors are paying for.

Walter-Range says the massive spending tied to Starship and AI infrastructure is also a major reason investors are willing to assign SpaceX a premium valuation.

“However, the ambition of those two lines of business is part of what drives investor excitement and a higher multiple,” he said.

That creates a familiar trade-off. Management can maximize current earnings or invest aggressively in future opportunities, but doing both simultaneously is often difficult.

The Amazon ComparisonThat’s where the Amazon.com, Inc. (NASDAQ:AMZN) analogy comes in.

For years, Amazon prioritized reinvesting cash flows into fulfillment networks, cloud infrastructure and new businesses rather than maximizing short-term profits. Investors largely accepted that approach because they believed those investments would create larger profits down the road.

Walter-Range sees a similar dynamic at work with SpaceX.

“I don’t see the company focusing on profitability at the expense of innovation anytime soon,” he said.

Instead, he believes investors are embracing a strategy built around near-term losses and long-term opportunity.

“It’s the Amazon play — get investors to accept near-term losses as long as there is a convincing story as to how the money is being deployed to build future profitability.”

For SpaceX bulls, that future includes Starship, AI infrastructure, satellite connectivity and potentially entirely new markets that have yet to emerge.

Photo Courtesy Company PR

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At Microsoft’s Innovation Hub in Amsterdam, immersive technology is used to enable co-creation rather than one-way presentations. In the company’s Immersive Suite, customers, data experts, and technology specialists come together in a shared environment to address complex challenges more effectively.

OSLO, Norway--(BUSINESS WIRE)--Watch Video Case Study >>

As business and technology environments grow more complex, establishing shared understanding across disciplines has become critical. The Immersive Suite is designed for active collaboration, where visual narratives, data, and technical content are explored interactively. This allows participants to test scenarios, align perspectives, and move more efficiently from discussion to decision.

“We deliberately work with familiar tools like PowerPoint. That allows us to focus on storytelling and interaction rather than explaining technology, making collaboration more natural and effective,” says Joris Haverkort, Chief Technology Officer for Microsoft Netherlands.

A key principle is simplicity at scale. Instead of relying on specialized tools, users build content using applications they already use. Cyviz’ platform enables this content to be deployed and experienced seamlessly in an immersive environment, ensuring consistency and reliability across sessions and locations.

“Instead of presenting to customers, we use the Immersive Suite to work together with them, exploring ideas, data, and scenarios in a more interactive way,” Haverkort adds.

Microsoft describes a clear shift from traditional presentations to co-creative working sessions. By allowing participants to interact with content in real time, immersive environments make complex challenges easier to understand and solve collaboratively.

The Immersive Suite in Amsterdam is part of Microsoft’s broader initiative in the Netherlands, helping organizations explore how technology can be applied to real business challenges across industries such as energy, manufacturing, finance, and the public sector.

The solution is delivered by Norwegian technology company Cyviz, which specializes in standardized platforms for high-impact collaboration and decision-support environments.

“Microsoft’s approach shows that immersive environments don’t need to be complex to be powerful,” says John van Laerhoven, Regional Sales Director at Cyviz. “Our role is to provide a platform that enables advanced collaboration around familiar tools, reliably and at scale.”

Facts

Installed at Microsoft’s Innovation Hub in Amsterdam, hosting hundreds of client engagements annually Delivered using Cyviz’ standardized immersive collaboration platform Enables immersive storytelling with tools such as PowerPoint Used for co-creation, customer collaboration, and decision support More News From Cyviz

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Microsoft (MSFT) is rated a 'Buy' with a fair value estimate of $575, implying 47% upside from current levels. MSFT's strong economic moat spans ~90% of its business, led by Azure's 40% growth and high-margin cloud segments. Recent strategy shifts include expanding from bull Put spreads to a full-sized stock position, emphasizing downside protection.

Candy Crush All Stars crowned its 2026 Champion. Luana from Brazil emerged victorious, amongst millions of players worldwide who competed for a coveted spot in the Live Final One of the biggest All Stars Live Final yet brought together finalists from the United States, Brazil, Germany, Spain, and beyond, in London to compete on stage for a share of the $1 million prize pool and a custom Icebox championship ring A brand-new bonus round added an extra layer of excitement to the Live Final, with one player winning an additional $10,000 in the tournament's fastest-paced challenge yet , /PRNewswire/ -- What started on a phone screen ended on a live stage in London. Candy Crush All Stars has crowned its 2026 Champion. Luana from Bahia, Brazil claimed the title in the Live Final, after competing against millions of players from across the globe, emerging victorious at the tournament's biggest-ever Live Final in London.

Luana from Brazil is Named Candy Crush’s 2026 All Stars Champion

Custom Candy Crush All Stars 2026 championship ring created by Icebox

All Stars 2026 Finalists Competing at their chance to win this year's tournament She takes home a share of $1 million and a custom Candy Crush-inspired championship ring from Icebox, a multicoloured showpiece set with sapphires, rubies, emeralds and pink sapphires crafted into the game's most iconic shapes, from Colorbombs and clusters to red Candies brought to life in stone. At its centre, a spinning blue Wrapped Candy dome that's as playful as the game itself, with the Candy Crush Saga name etched in gold along the band. Luana barely waited for the moment to sink in before she had the ring on her finger, a one-of-a-kind piece designed just for this moment and for the player who earned it.

The Live Final marked a major evolution for the competition, transforming what began as everyday mobile play into a full-scale live spectacle. Finalists from the United States, Brazil, Germany, Spain, and beyond, competed on stage in front of fans, family, and media. For the first time, the Live Final introduced a bonus round - a fast-paced, high-intensity challenge that pushed players to their limits in a way the competition has never seen before - with the winner of that bonus round walking away with an additional $10,000.

The Live Final brought together an extraordinary group of competitors, reflecting the scale and diversity of the Candy Crush community. Players travelled from across the globe to compete in London, including Ingrid and German, a husband and wife duo from California's Bay Area, who both advanced to the final stage of the tournament independently, turns out two of the world's best Candy Crush players have been sharing a household all along.

After weeks of competition spanning 25 countries and millions of other Candy Crush players to secure a spot at the Live Final, Luana, an art student from Bahia, Brazil, ultimately claimed the championship title in the Live Final, becoming the Candy Crush All Stars 2026 Champion.

"I started playing Candy Crush a while back, it was just something I loved to do, a game that always made small moments fun. I never imagined it would one day take me to a live stage in London to compete against the best players in the world. To come home as the Candy Crush All Stars 2026 Champion is something I will carry with me. I am so incredibly proud," said Luana, Candy Crush All Stars 2026 Champion.

"At King, we've always believed that casual games can create moments of real skill, connection and joy at a huge scale. All Stars brings that to life in a way that only Candy Crush can. Seeing the finalists bring their passion and talent to a live stage in London to compete at such a high level is a powerful reminder of what makes our community so special. This tournament was built for our players, and they continue to surprise and inspire us," said Todd Green, President at King.

With millions of players competing worldwide for a spot in the All Stars Live Final, and the Live Final returning to London at its most ambitious scale yet, Candy Crush continues to demonstrate the enduring appeal of shared play on a global scale. More than a decade after launch, the game remains one of the world's most-loved mobile entertainment experiences, bringing joy to millions of players every day.

Candy Crush Saga® is free to download on iOS and Android. For more information, visit candycrushsaga.com.

*Candy Crush All Stars Tournament was held in London in 2021 on an intimate scale.

About Candy Crush Saga
Candy Crush Saga® is one of the world's most popular mobile games. Millions of players around the globe match colorful candies in combinations of three or more to win points, defeat obstacles, and progress through more than 20,000 levels. In November 2022, Candy Crush Saga celebrated its 10-year anniversary. Candy Crush Saga is available to download for free from the Apple App Store, Google Play, Amazon App Store, Windows App Store and Facebook.

About King
With a mission of Making the World Playful, King is a leading interactive entertainment company for the mobile world with more than 20 years of history of delivering some of the world's most iconic games in the mobile gaming industry, including the world-famous Candy Crush franchise, as well as other mobile titles such as Farm Heroes Saga. King games are played by more than 200 million monthly active users. King, part of Microsoft (NASDAQ: MSFT), has Kingsters in Stockholm, Malmö, London, Barcelona, Berlin, Dublin, San Francisco, New York, Los Angeles and Malta. More information can be found at King.com or by following us on LinkedIn, @lifeatking on Instagram.

SOURCE Candy Crush Saga

Wall Street is no longer blindly rewarding all artificial intelligence (AI) stocks. According to a recent Reuters poll, most economists now expect the Federal Reserve to keep the federal funds rate at 3.5% to 3.75% for the rest of 2026. With capital remaining expensive, investors need to focus on companies that can convert AI spending into durable revenue and profits.

Against this backdrop, Alphabet (GOOG +0.45%) (GOOGL +0.53%) and Microsoft (MSFT +0.11%) stand out. Here's why.

Image source: Getty Images.

1. Alphabet Alphabet is using its AI infrastructure base to strengthen multiple growth engines, including Search, Google Cloud, Tensor Processing Units (TPUs), Gemini models, and the Waymo autonomous-driving platform.

The clearest evidence of this strategy's success is the Google Search business, which continues to grow despite fears of cannibalization from AI answer engines. In the first quarter of fiscal 2026, Google Search & other advertising revenue grew 19% year over year to $60.4 billion. Management said that search queries reached an all-time high. Additionally, AI-powered search features such as AI Overviews and AI Mode helped boost overall user engagement.

Google Cloud is emerging as a key growth catalyst. Google Cloud revenue jumped 63% year over year to $20 billion, while backlog nearly doubled sequentially to reach $462 billion. Management expects to recognize just over half of that backlog as revenue over the next two years. With 75% of Cloud customers already using Google's AI products, AI is increasingly driving customer adoption, deal growth, and revenue visibility for the business.

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Alphabet's custom Tensor Processing Units (TPUs) are also proving to be a competitive advantage. The company reduced Gemini serving costs by 78% in 2025, highlighting its ability to lower the cost of delivering AI at scale. Waymo also surpassed 500,000 fully autonomous rides per week at the end of the first quarter. Hence, autonomous driving has now become a more visible part of Alphabet's long-term value story.

That makes Alphabet one of the rare AI winners with both near-term monetization and long-term opportunity.

2. Microsoft Microsoft is selling cloud capacity for AI workloads and embedding AI directly into the daily software stack of large enterprises.

Its AI business exited the third quarter of fiscal 2026 (ended March 31) with an annual revenue run rate of $37 billion, up 123% year over year. Microsoft Cloud revenue reached $54.5 billion, while Azure and other cloud services revenue grew 40% year over year in the third quarter. The company's remaining performance obligation (RPO, a measure of backlog) also rose 99% year over year to $627 billion. Hence, the company has impressive revenue visibility.

Copilot is also emerging as a major growth engine. Microsoft 365 Copilot paid seats crossed 20 million in the third quarter, with seat additions up 250% year over year. With weekly Copilot engagement on par with Microsoft Outlook, Copilot is becoming a regular part of the enterprise software stack.

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Microsoft is also focusing on shifting monetization from a per-user software model to a per-user and usage model across productivity, coding, and security applications. The company is also making its most-used Copilot models more efficient at handling AI workloads.

The combination of robust cloud demand, improving Copilot adoption, a shift to usage-based monetization, and increasing cost efficiency makes Microsoft one of the strongest AI stocks to own now.

David Tepper’s Appaloosa Management cut its Microsoft position by roughly 82% in the first quarter of 2026, while Bill Ackman’s Pershing Square went the other direction, initiating a brand-new stake of roughly 5.65 million shares worth about $2.09 billion at quarter-end. Ackman started accumulating in February after Microsoft (NASDAQ:MSFT | MSFT Price Prediction) sold off following fiscal Q2 earnings, calling the stock a “highly compelling valuation” on the strength of Azure and AI. It was his only new buy of the quarter, and the name is also a core holding in Pershing Square USA, giving Ackman dual-vehicle conviction here.

So far, Tepper looks like the one positioned correctly.

What Ackman Actually Bought, And Why Ackman’s thesis rests on the same engine that has powered Microsoft for three years: cloud and AI. In the most recent quarter, Azure grew 40%, the Intelligent Cloud segment hit $34.68 billion (+30% YoY), and the AI business surpassed a $37 billion annualized run rate, up 123% year over year. The forward visibility is the part value investors fixate on: commercial remaining performance obligations reached $627 billion, a contracted backlog that stretches multi-year demand into clear sight.

The valuation case is also real. Microsoft trades at a forward P/E of 21 with a return on equity of 34% and analyst target price of $560.95. The Q3 earnings report at $4.27 EPS vs. $4.07 expected marked a fourth straight quarterly beat. For an investor buying $2 billion of a single name, that combination of beat history, backlog, and a meaningfully lower entry price clears the bar.

Why Tepper Is Winning The Trade So Far The scoreboard is unambiguous. Microsoft is down more than 8% since Feb. 2, falling from $421.49 to $387.95 and is down nearly 18% year to date. Tepper trimmed at higher prices. Ackman bought into the slide and is currently underwater on his entry.

The bear case Tepper appears to be respecting is the spending side of the AI story. Q3 CapEx jumped 84% to $30.88 billion, on top of $29.88 billion the prior quarter. Full-year FY25 free cash flow fell 3% as capex surged 45%. OpenAI-related investment losses climbed to $3.1 billion in Q1 FY26 from $523 million a year earlier. Insiders are not stepping up to defend the price either: Seven insider transactions in the March-June window were all disposals, with no purchases.

The Take For Retirement Investors Following Ackman blindly into Microsoft right now is following a thesis that still has to be vindicated by free cash flow turning back up as the capex cycle peaks. The franchise is exceptional, the backlog is real, and the price is materially below last summer’s 52-week high of $551.05. But Tepper trimmed for a reason, and so far the tape agrees with him. For a retirement-focused investor, the disciplined path is to scale in like Ackman did, not to chase, and to demand evidence that capex intensity is peaking before sizing up. Pay attention to the next earnings report and any signal that free cash flow is inflecting. Until then, this remains a contrarian bet that still needs to be vindicated.

A Microsoft Xbox video game logo is seen at the Electronic Entertainment Expo, or E3, in Los Angeles, California, United States, June 17, 2015. REUTERS/Lucy Nicholson Purchase Licensing Rights, opens new tab

June 12 (Reuters) - Microsoft (MSFT.O), opens new tab is considering options for its Xbox gaming unit, including a potential spinoff or restructuring ​as a wholly owned subsidiary, the Information reported ‌on Friday, citing three people with direct knowledge of the discussions.

The Windows maker is also weighing options such as creating a joint venture ​with other partners as it prepares to overhaul the ​unit, which could make the gaming business easier to ⁠sell, the report said.

Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here.

Xbox has struggled in recent years as ​Microsoft's bet on subscriptions and cloud gaming failed to offset ​declining console sales and a shortage of blockbuster titles.

While no restructuring is imminent, all the options remain on the table, the Information reported.

Microsoft operates professional network ​LinkedIn and software development platform GitHub as wholly owned subsidiaries, ​a model that could serve as a blueprint for the Xbox unit.

Asha ‌Sharma, ⁠who took charge as CEO of the gaming unit in February, plans to increase spending to accelerate development of new Xbox titles from its most successful franchises, including "Halo," "Fallout," and "The Elder Scrolls," the report said.

Microsoft ​CEO Satya Nadella ​and finance chief Amy ⁠Hood have approved Sharma's plan to boost spending on top-tier game development for the fiscal year starting ​in July, but the budget has not been ​finalized and ⁠could still change, the report said.

Microsoft did not immediately respond to a Reuters request for comment.

On Wednesday, Bloomberg News reported that ⁠Xbox ​is planning major layoffs next month and ​significant cuts to marketing and other budgets, marking the first major restructuring under ​Sharma.

Reporting by Juby Babu in Mexico City; Editing by Leroy Leo

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Germany may finally be moving out of stagnation in 2026, and that could put some of its biggest industrial, software and automotive names back on investor watchlists.

After years of weak growth, Europe's largest economy is expected to return to more meaningful expansion next year. Forecasts for 2026 GDP growth are clustering around 1.0% to 1.4%, with Goldman Sachs projecting 1.1%, while other estimates place the number closer to 1.2% to 1.3%.

That may not sound dramatic, but for Germany, it would mark a clear break from the low growth pattern that has weighed on the market in recent years.

For investors, the more important question is where that recovery shows up first, especially in enterprise software, industrial automation, infrastructure linked manufacturing and electric mobility.

Why It MattersGermany's 2026 story is not about a boom. It is about a shift from stagnation to stabilization.

That matters because even modest growth can be meaningful in a market where valuations and sentiment have been shaped by years of weak industrial activity, trade pressure and low confidence.

The 2026 setup looks more supportive because of:

Fiscal stimulus Higher public investment Services resilience Early signs of manufacturing stabilization Continued investment in automation and energy efficiency For investors, this could turn Germany back into a more selective opportunity rather than a market to avoid.

Germany's Macro Setup Looks Better, But Still SelectiveGermany enters 2026 with a more constructive backdrop than it has had in years.

The government has shifted toward a more expansionary fiscal stance, with large public investment packages tied to:

Infrastructure Defense Technology Climate aligned projects Industrial modernization That should help support domestic demand and reduce some of the drag from weaker exports.

At the same time, the services sector has remained more resilient than manufacturing, giving the economy a stabilizing counterweight while industrial conditions gradually improve.

Still, Germany's recovery is likely to remain uneven.

Long term demographic pressure, trade uncertainty and structural competitiveness challenges mean the best opportunities are still likely to be concentrated in companies tied to productivity, digitization and the energy transition rather than the broad market.

Software Could Be One Of Germany's Cleanest Recovery Trades

Germany's recovery story is not just industrial. It is also digital.

As companies across Europe continue investing in productivity, cloud migration and enterprise systems, software remains one of the most resilient ways to gain exposure to long term corporate spending.

SAP Could Stay At The Center Of The StorySAP (NYSE:SAP) remains Europe's largest software company and one of Germany's most important listed names.

The company generated roughly €20 billion in revenue in 2015. By 2025 to 2026, revenue has risen to more than €32 billion, with more than 85% now recurring and cloud based.

Cloud revenue has also grown at a compound annual rate above 20% over the past five years.

For investors, SAP offers:

Recurring revenue Strong free cash flow Mission critical enterprise exposure A direct link to global digital transformation spending That makes SAP one of Germany's strongest quality names even in a low growth environment.

Industrial Automation Could Benefit From The Next Phase Of Recovery

Germany's industrial recovery may be slow, but automation and productivity spending could still outperform.

That matters because German companies are increasingly investing in:

Automation Robotics Industrial software Smart infrastructure Energy efficiency upgrades Those themes align directly with the country's need to offset labor shortages and improve competitiveness.

Siemens Could Be A Key Name To WatchSiemens (OTC:SIEGY) remains one of the clearest ways to play Germany's industrial transformation.

The company reported roughly €79 billion in revenue in 2016, and by 2026, revenue will exceed €85 billion, with a much larger share now tied to:

Software-driven automation Smart infrastructure Industrial digitalization Electrification Orders in digital industries have also continued growing faster than the broader group.

For investors, Siemens remains one of the most direct plays on Germany's push toward reindustrialization, efficiency and long-term industrial modernization.

Volkswagen Keeps The Auto And EV Angle AliveGermany's auto sector remains central to the country's equity story, even as the transition to electric vehicles continues to reshape the industry.

For investors, the question is no longer whether electric mobility matters. The question is whether scale players can turn heavy investment into stronger long-term earnings.

Volkswagen Could Stay On The RadarThe company generated about €213 billion in revenue in 2015, and by 2026, group revenue will exceed €320 billion.

Electric vehicles now account for roughly 15% to 20% of total deliveries, a major shift from a decade ago.

Volkswagen has also invested more than €180 billion into:

Electrification Battery systems Software platforms Future mobility technologies For investors, Volkswagen offers:

Scale Global auto exposure A stronger electric vehicle mix Leverage to any recovery in European and global vehicle demand That could keep the stock relevant if auto demand stabilizes and the EV transition becomes more financially efficient.

What Could Drive Germany's Market In 2026If Germany's recovery continues gaining traction, investors will likely watch several themes closely:

Whether GDP growth stays above 1% Whether fiscal spending translates into real industrial demand Whether services remain resilient while manufacturing stabilizes Whether software and automation continue to outperform the broader market Whether autos benefit from a more mature electric vehicle cycle Germany may not become Europe's fastest growth market in 2026.

But it does not need to.

If the economy simply moves from stagnation to a steady recovery, some of its best-known large-cap names could once again become more investable.

Bottom LineGermany's 2026 outlook looks more constructive than it has in years, even if the recovery remains modest.

With growth expected to be in the 1.0% to 1.4% range, rising fiscal support, and early signs of industrial stabilization, the country may be entering a more investable phase.

For investors, the strongest opportunities are likely to remain concentrated in companies tied to enterprise software, industrial automation and electric mobility. That could keep SAP, Siemens and Volkswagen in focus as Germany's market shifts from prolonged stagnation toward a more selective recovery trade.

image credit: Author

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Semiconductor stocks rallied on Thursday after Bank of America identified agentic AI as the next major growth catalyst for the industry, creating a potentially massive opportunity for chipmakers ranging from Nvidia and Advanced Micro Devices to Intel and Arm Holdings.

The brokerage's bullish outlook helped lift shares across the sector.

AMD rose about 6%, Intel gained more than 11%, Arm climbed over 8%, while Nvidia advanced roughly 1.4% in early trading.

The optimism follows discussions between Bank of America analysts, industry executives and customers at the firm's Global Technology Conference last week, where growing demand for AI infrastructure featured prominently.

Bank of America significantly increased its estimate for the global server central processing unit market, forecasting it will exceed $170 billion by 2030, up from a previous estimate of $125 billion.

The revised forecast implies nearly fivefold growth between 2025 and 2030, representing a compound annual growth rate of approximately 37%.

Analyst Vivek Arya said the rise of agentic AI is expanding the role of CPUs in AI systems.

"The emergence of agentic AI represents a powerful demand accelerant that expands the CPU opportunity and lifts both x86 incumbents and ARM challengers," Arya wrote in a research note.

Unlike traditional generative AI applications, which typically respond to a single prompt, agentic AI systems perform multiple tasks simultaneously.

They can plan, reason, retrieve information, execute code, and make decisions across complex workflows.

While graphics processing units remain essential for training and running AI models, Bank of America believes CPUs will play a growing role in managing AI workloads.

According to Arya, many of the orchestration and decision-making functions required by agentic AI are "latency-sensitive, sequential, and I/O-intensive — making them better suited for CPUs."

That shift could broaden the beneficiaries of AI spending beyond companies focused primarily on AI accelerators.

AMD emerged as the brokerage's preferred CPU investment.

Bank of America raised its price target on AMD to $560 from $500, citing stronger expectations for both CPU and graphics processor demand.

The firm also pointed to the company's upcoming AI-focused event, where it is expected to showcase its next-generation Venice processor platform.

Arm Holdings also received a substantial target increase, with Bank of America lifting its valuation estimate to $335 from $245.

The brokerage cited the company's long-term opportunities in chiplet architectures and custom AI computing designs.

Perhaps the biggest surprise was Intel, which received a double upgrade to Buy.

Bank of America assigned the stock a price target of $135, reflecting what it sees as improving prospects for Intel's CPU business as well as its foundry operations.

The upgrade comes after years of challenges for the company as it struggled to keep pace with rivals in AI-related markets.

The brokerage believes expanding demand for AI infrastructure could provide Intel with multiple avenues for growth over the coming years.

Nvidia remains top semi pick even as robotics play in focus

Bank of America continues to view Nvidia as its top overall semiconductor pick because of its "full-stack AI leadership."

Qualcomm, meanwhile, was kept at Underperform despite an expected AI CPU announcement at its June 24 AI Day, with BofA citing "tough competition and limited SAM."

Nvidia shares have fallen about 7.5% in the last one month.

"Nvidia shares have taken a tumble with the broader tech complex as expectations of higher US interest rates blow the froth off the market. However, the stock was already trading off its highs, largely due to the perception that the chip giant was ceding ground to some of its other global semiconductor competitors," said Kyle Rodda, market analyst at Capital.com.

However, investors are now increasingly examining the company's efforts beyond traditional AI chips.

Nvidia was among the investors participating in a funding round of up to $1.4 billion for German robotics company Neura Robotics, announced on Wednesday.

Neura said the funding would help it scale production to several million robots annually by 2030, highlighting Nvidia's growing interest in what many industry participants call physical AI.

The term encompasses robots, autonomous vehicles, and other intelligent machines capable of interacting with the physical world.

Retail investors are liquidating some of the biggest winners in the AI trade to raise cash for Friday’s SpaceX (SPCX) IPO, and the selling pressure is landing hardest on semiconductors.

MU stock is moving. See the chart and price action here.  Data from Vanda Research shows individual investors net sold equities for three consecutive days through Wednesday — the first such stretch since March 2020, according to CNBC.  

On Monday alone, retail pulled the most capital from individual stocks since November 2023, per Vanda’s figures, with the selling concentrated in chip names and AI-adjacent stocks. 

Chip StocksMicron Technology, Inc. (NASDAQ:MU) is the poster child. BNP Paribas cited $6.5 billion in net retail inflows into MU over the past month, helping propel the stock up 87% during that window. 

However, Micron shares remain nearly 16% off their 52-week high of $1,089.29 as the recent selling has taken a toll. 

Greg Boutle of BNP Paribas said Micron's decline directly reflects retail “selling off recent winners and leveraged products” to fund SpaceX allocations.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is also in the crossfire, sitting at $468.33, up 3.52% Thursday, but still roughly 14% below its yearly peak. 

Liquidity EventBNP Paribas warned clients that the SpaceX liquidity event could be unlike anything the AI rally has weathered. 

The bank estimates retail plus passive flows into SpaceX could reach $50 billion, and retail investors — who rarely hold idle cash — will have to sell what they own. 

Retail's holdings are heavily concentrated in chip stocks and leveraged Nasdaq products. U.S. equity leveraged ETF assets recently hit a record $175 billion, with most parked in NASDAQ-100 and semiconductor plays, per BNP Paribas. 

When retail redeems those funds, the underlying derivative positions unwind and amplify selling pressure on the stocks themselves.

SPCX Begins Trading FridaySpaceX’s IPO is priced at $135 per share at a roughly $1.75 trillion valuation, with $75 billion to be raised Friday — which would make it the largest IPO in recorded history. 

According to Bloomberg, more than $70 billion in retail orders alone have poured in. SpaceX has reserved at least 20% of shares for individual investors, an unusually large retail carve-out.

Viraj Patel, global macro strategist at Vanda, framed the dynamic plainly: “The question is not whether retail will buy into the SpaceX deal, but whether they do so by establishing new positions or by more aggressively selling recent chip winners.” 

The recent tech sell-off has already given markets a preview of the answer.

Photo: Joshua Gesterkamp / Shutterstock

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The wider tech sector might not have had a spectacular Thursday on the market, but we can't say that about veteran chipmaker Advanced Micro Devices (AMD +4.73%). The chip segment, generally, and AMD specifically, were given a lift by a bullish new analysis from an analyst at an influential bank. With that, AMD's stock surged by 8% on the day.

Tops of its class Before market open, Vivek Arya of Bank of America Securities published a note on the current state of the global chip market. According to reports, he raised his estimate of the total addressable market for server central processing units (CPUs) in 2030. The new projection is $170 billion, well up from his previous $125 billion.

Image source: Getty Images.

Unsurprisingly, much of Arya's bullishness stems from the powerful emergence of agentic artificial intelligence (AI). In the analyst's view, this is a massive catalyst for makers of different types of CPUs. He's estimating a 37% compound annual growth rate from 2025 to 2030.

Arya also flagged AMD as his bank's top stock pick in the CPU space. He cited its long-term market position and the upcoming launch of its next-generation server processors (code-named Venice) as the two main factors in this choice. With this, he raised his price target on the stock to $560 from $500.

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AI for the win Any stock or sector has a ceiling, of course, but it's hard to see one just now for the modern chip industry. AI-fueled demand has significantly boosted the values of the better chippies, and it's showing little sign of cooling down anytime soon.

I think AMD is a fine play on this dynamic. Yes, it trades at high valuations, and it recently experienced a multi-session price dip largely because of that. However, the stock's quick, sharp bounce-back following Arya's move demonstrates its resiliency and value. I believe it has much more room to run as an investment.

Bank of America is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices. The Motley Fool has a disclosure policy.

On Friday, June 12, Citi (NYSE: C) analyst Atif Malik revised his previous Advanced Micro Devices (NASDAQ: AMD) stock 12-month target while simultaneously upgrading his rating for the equity.

Specifically, following AMD shares’ latest rally – the semiconductor giant soared nearly 8% in the Thursday session – the Wall Street expert replaced his previous $460 forecast with a new $575 estimate for a 15.93% rally from $496 at press time.

Malik noted Advanced Micro Devices’ strengthening position as a GPU supplier for the artificial intelligence (AI) boom, while noting it could take the “lion’s share” of possible revenue from Meta Platforms (NASDAQ: META).

The analyst also highlighted that AMD appears to be trading as a CPU equity, providing significant room for a rally before upgrading his rating from ‘Neutral’ to ‘Buy.’

Wall Street sets AMD stock price target for next 12 months Zooming out reveals a rising bullish sentiment regarding the blue-chip chipmaker on Wall Street. 

Indeed, analysts have, through most of 2026, been reassessing their previous valuation concerns, and by press time on June 12, AMD is overall considered a ‘Strong Buy’ with but a handful of remaining ‘Neutral’ ratings on the stock analysis platform TipRanks.  

Despite the growing optimism, the speed of the semiconductor giant’s 2026 rally is still evident in the average 12-month price target, which still forecasts only a moderate 0.11% rally from its latest close of $488.45 to $489.

Analysts predict AMD stock price in 12 months. Source: TipRanks The most recent Wall Street AMD stock rating revisions, however, indicate that the overall forecast is set to grow higher in the near future, as RBC Capital’s Srini Pajjuri stands as an exception among his peers for issuing the singular ‘Hold’ rating since June started.

Furthermore, despite being neutral, the analyst still forecasted Advanced Micro Devices would rally 8.97% to $540 before the end of the first half of 2027.

2026 AMD stock price chart Elsewhere, the growing number of bullish recommendations appears directly linked to AMD stock’s remarkable success in 2026. Year-to-date (YTD), the equity is up 131.60% from $214.16 at the end of 2025 to $496 at press time.

AMD stock price YTD chart. Source: Finbold Furthermore, the semiconductor giant has, overall, managed to retain the uptrend through the early June turmoil, given it remains, despite the 2.28% weekly drop, nearly 9% in the green in the monthly chart. 

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Analyst Upgrades Fuel Bullish SentimentRecent analyst commentary has helped support AMD’s rally as investors grow more optimistic about the company’s AI opportunity.

Citi analyst Atif Malik upgraded AMD to Buy from Neutral and raised his price forecast to $575 from $460. Malik said the market has yet to fully recognize AMD as a “legit second source in the GPU market.”

The firm also pointed to AMD’s previously announced six-gigawatt, four-year deal with Meta, which includes a 160 million-share warrant and is expected to begin ramping with an initial one-gigawatt tranche in the second half of 2026 and into 2027.

Citi now projects AMD’s AI revenue will reach $33 billion in 2027 and $50.8 billion in 2028. The firm also increased its estimate for the 2030 CPU market to $136.7 billion.

The bullish outlook follows another positive update from Bank of America Securities on Thursday. The firm reiterated its Buy rating and raised its price forecast to $560.

Other Wall Street firms remain constructive. Barclays carries a $665 price forecast, while TD Cowen recently increased its forecast to $600, reinforcing expectations for continued upside despite AMD’s strong run.

Technical Picture Remains BullishAMD continues to trade in a well-established uptrend. The stock sits 2.8% above its 20-day simple moving average of $478.88 and remains comfortably above its 50-day, 100-day, and 200-day moving averages.

The moving-average structure remains positive. The 20-day average is above the 50-day average, while the 50-day average remains above the 200-day average. That pattern typically signals a healthy long-term trend.

However, momentum indicators suggest the rally may be cooling. The moving average convergence divergence, or MACD, remains below its signal line, indicating buying pressure has eased compared with earlier stages of the advance.

AMD is also approaching a key resistance area near $546.50, which aligns with its 52-week high zone. A breakout above that level could open the door for another leg higher, while failure to clear resistance could lead to a period of consolidation.

AI Opportunity Remains Key Growth DriverInvestors remain focused on AMD’s efforts to gain market share in AI accelerators, one of the fastest-growing segments of the semiconductor industry.

AMD Earnings OutlookAMD’s next major catalyst is its expected earnings report on Aug. 4.

Wall Street expects earnings of $1.55 per share, up from 48 cents a year earlier. Revenue is projected to reach $11.28 billion, compared with $7.68 billion in the prior-year period.

The stock currently trades at about 162.8 times earnings, reflecting high investor expectations for future growth.

AMD Price ActionAMD Stock Price Activity: Advanced Micro Devices shares were up 1.34% at $495.00 during premarket trading on Friday, according to Benzinga Pro data.

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HomeIndustriesComputers/ElectronicsTech StocksTech StocksWall Street is underestimating how much Meta will spend on AMD’s AI chips, a Citi analyst saysPublished: June 12, 2026 at 12:04 p.m. ET

Citi raised its price target and its rating on AMD’s stock. Photo: Caroline Brehman/Agence France-Presse/Getty ImagesAdvanced Micro Devices is currently getting a boost from the surge in demand for central processing units, but one analyst thinks Wall Street is underestimating another major opportunity for the company.

The chip maker AMD is “emerging as a legit second source” for graphics processing units and looks “poised to win lion’s share” of business from Meta Platforms META, according to Citi analyst Atif Malik. The tech giant announced a plan in February to deploy up to six gigawatts’ worth of AMD’s Instinct GPUs as part of a multiyear partnership that is expected to start later this year.

Advanced Micro Devices shares moved higher on Friday after Citi upgraded the stock, arguing that investors are underestimating the company's potential in the rapidly expanding artificial intelligence graphics processing unit market.

AMD stock was upgraded to Buy from Neutral by Citi analyst Atif Malik, who also raised his price target to $575 from $460.

Shares gained about 5.87% in trading and have more than doubled this year as enthusiasm around AI-related semiconductor demand continues to build.

While much of the recent excitement surrounding AMD has centered on its central processing unit business, Citi believes the company's graphics processing unit strategy could provide an additional growth catalyst over the coming years.

According to Malik, investors continue to primarily view AMD as a CPU company despite the firm's growing position in the AI accelerator market.

The analyst argued that current market expectations do not fully reflect the company's potential to generate substantial GPU revenue by the end of the decade.

"We now see AMD emerging as a legit second source in the GPU market with [the] company poised to win lion's share at Meta," Malik wrote.

Malik estimates that investors are currently pricing in only about a 60% probability that AMD will generate more than $50 billion in GPU revenue by 2028.

A key component of Citi's thesis is AMD's relationship with Meta Platforms.

Earlier this year, Meta announced plans to deploy up to six gigawatts of AMD's Instinct GPUs under a multiyear partnership expected to begin later this year.

"We believe Meta will be a significantly larger customer of AMD's AI products, especially GPUs, than [Wall Street] is expecting," Malik said.

The analyst noted that AMD and Meta are developing a custom MI1450 GPU that could provide a lower total cost of ownership for Meta's AI infrastructure needs.

Citi estimates AMD could generate approximately $15 billion in revenue for each gigawatt deployed under the six-gigawatt agreement.

Citi significantly increased its long-term expectations for AMD's AI-related business.

Malik now forecasts AMD's AI revenue will reach $33 billion in 2027, representing growth of 137%.

He expects that figure to rise further to $50.8 billion in 2028, implying year-over-year growth of 54%.

The projections come as demand for AI infrastructure continues to expand across the technology industry.

Although Nvidia remains the dominant supplier of AI GPUs used for training artificial intelligence models, AMD is increasingly viewed as one of the leading alternatives.

The market is also becoming more competitive as companies, including Google, develop custom AI chips in partnership with Broadcom.

Despite growing competition, Citi believes AMD is positioned to benefit from strong spending by hyperscale customers seeking alternatives to Nvidia's products.

CPU business remains a key strengthBeyond GPUs, Citi also remains optimistic about AMD's core CPU business.

Malik said he expects AMD to remain "the key beneficiary of the CPU renaissance" as demand for server processors increases alongside the growth of AI inference workloads.

The analyst raised his estimate for the total addressable CPU market to $137 billion by 2030, up from a previous forecast of $132 billion.

The rise of agentic AI and increased demand for inference computing have strengthened the outlook for server CPUs, a market primarily dominated by AMD and Intel.

Malik expects AMD's upcoming Venice processors to outperform Intel's Diamond Rapids chips, although he also anticipates solid demand for Intel's products.

The broader semiconductor sector continues to attract investor attention.

Citi's upgrade follows Bank of America's recent double-upgrade of Intel to Buy from Underperform, highlighting growing optimism toward chipmakers benefiting from AI-related spending.

Nokia stock is showing upward bias. Where are NOK shares going? What’s Driving Nokia’s AI Infrastructure Narrative?Nokia's AI-infrastructure narrative remains the core driver after the company launched an AI Networking Innovation Lab aimed at "AI-native" data center networking for large-scale training and real-time inference. The company has also pointed to FCC approval for its in-home broadband devices, which it says helps keep U.S. deployments without disruption.

Nokia's rally has also been riding the AI optics theme after Nvidia disclosed a $1.86 billion stake in Coherent, about 7.8 million shares, putting a spotlight on optical networking as a potential next bottleneck for AI scale-out. That matters for Nokia because it sells the IP and optical gear that connects dense compute clusters.

Nokia also got a sentiment nudge after a high-profile TV callout tied the move directly to its AI push and "6G AI," with the comment that "people who are very smart tell me to buy it." That kind of attention can amplify momentum trading in a name that's already extended, even if it doesn't change fundamentals overnight.

Nokia Stock: Key Levels To WatchThe bigger picture is still an uptrend: Nokia is up 185.61% over the past 12 months and is trading 8.8% above its 20-day SMA ($13.97) and 105.2% above its 200-day SMA ($7.41). That kind of distance from longer-term averages often raises the odds of choppy, two-way trade as buyers and sellers fight over "how much is already priced in."

Trend structure remains constructive, with the 20-day SMA above the 50-day SMA and a golden cross in October 2025 (50-day SMA above the 200-day SMA) still in place. Momentum also leans supportive: MACD is above its signal line and the histogram is positive, which in plain English suggests downside pressure is easing versus the prior downswing even if price action stalls near the highs.

Key Resistance: $16.63 — the 52-week high, close enough to act like a near-term ceiling if sellers keep fading strength Key Support: $13.97 — near the 20-day SMA, a level that often matters when an extended trend pulls back Nokia Benzinga Edge Rankings: Momentum And Quality InsightsBelow is the Benzinga Edge scorecard for Nokia, highlighting its strengths and weaknesses compared to the broader market:

The Verdict: Nokia’s Benzinga Edge signal reveals a momentum-driven profile with solid quality backing, but a valuation that looks stretched. For longer-term holders, the key question is whether the stock can keep building a base below the $16.63 high without losing the 20-day trend support near $13.97.

Nokia Stock Price Activity In Premarket TradingNOK Stock Price Activity: Nokia shares were trading at $15.22 during premarket trading on Friday, according to Benzinga Pro data.

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Long known for mobile brick phones and traditional telecom infrastructure, Nokia (NOK +4.93%) is quietly in the middle of an exciting transformation. Back in October, Nvidia (NVDA +0.15%) made a $1 billion strategic investment in Nokia, marking a major turning point as the telecom provider pushed into artificial intelligence (AI).

Since Nvidia's investment, Nokia's stock has climbed from roughly $6 to just below $15, reflecting growing investor excitement around the company's AI ambitions. Adding to this momentum is a flurry of insider purchases.

NOK data by YCharts.

Let's explore how Nokia is transforming its telecom roots into an AI-focused ecosystem, and assess whether early results are compelling enough to support following the company's insiders and buying the stock.

How are Nokia and Nvidia working together? Nvidia's investment in Nokia focuses on developing AI-RAN technology and on the telecom industry's shift from 5G to AI-native 6G networks. Nvidia is embedding its graphics processing units (GPUs) and Arc-Pro computing platform into Nokia's radio access network software. This integration allows mobile operators to run intelligent, real-time AI at the network edge rather than outsourcing to centralized data centers.

Image source: Nvidia.

How is Nokia becoming an AI business? Rather than pivoting away from its telecom roots, Nokia is embedding AI capabilities on top of them, turning decades of connectivity expertise into a competitive advantage in the AI infrastructure landscape. Essentially, Nokia is repurposing its core telecom assets -- radio access networks, optical transport systems, and Internet Protocol (IP) routing -- into the foundation of an AI-centric ecosystem.

The shift is savvy, as it prioritizes several high-growth areas within the AI infrastructure realm, including data center networking equipment, high-bandwidth optical systems for training and inference clusters, and intelligent mobile distribution that embeds AI capabilities directly at the edge.

The company's optical networking portfolio has been strengthened by its Infinera acquisition in February 2025, positioning Nokia as an essential infrastructure provider for handling massive data flows required by AI workloads. In turn, Infinera has helped Nokia evolve its transport and routing solutions to deliver scalable, energy-efficient connectivity solutions for hyperscale data centers.

In addition, Nokia is advancing cloud-native architectures and automation tools that allow broadband networks to become more autonomous and intelligent.

Today's Change

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Insiders are buying Nokia stock amid the current surge During the first quarter, Nokia posted net sales of EUR 4.5 billion ($5.23 billion), representing 2% growth year over year. While this looks mundane on the surface, the real star of the company's Q1 earnings was the newly formed AI business.

Revenue from AI and cloud customers grew 49% and now accounts for 8% of total sales. The company also secured EUR 1 billion ($1.16 billion) in new AI-related orders, particularly in optical networking, which itself grew 20%. While it's still early, these figures suggest that Nokia can convert its legacy telecom infrastructure into tangible AI traction rather than simply riding market hype.

This company's positive momentum has coincided with notable insider buying over the past couple of months. Below is a list of significant recent purchases made by Nokia's C-suite:

Justin Hotard (Nokia CEO): Purchased 84,404 shares in late April 2026 at an average cost of EUR 9.15 ($10.64) per share. Timo Ihamuotila (board member): Purchased 50,000 shares at an average price of EUR 9.10 ($10.58). Konstanty Owczarek (chief corporate development officer): Purchased 70,000 shares between average prices of EUR 15.34 ($17.84) and EUR 15.99 ($18.59). Broadly speaking, when multiple insiders purchase shares during a strong price run, it could be a signal that they believe the current valuation remains attractive relative to the company's long-term opportunity.

With that said, should investors follow suit and buy Nokia stock right now? To me, the story is compelling: Nokia possesses genuine AI momentum in an emerging frontier, the company managed to forge a high-profile partnership with Nvidia, and there appears to be aligned insider conviction. Taken together, these points indicate meaningful multiyear growth in an addressable market expected to reach $200 billion by 2030.

Investors with a long-term time horizon who have bought into the AI networking thesis may find Nokia an attractive opportunity despite the recent run-up. All told, Nokia's transformation is real, but whether it translates into sustained market leadership will ultimately be determined by management's consistent execution in the quarters and years ahead throughout the AI infrastructure revolution.

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Nokia stock is trading at elevated levels. What’s next for NOK stock? What’s Driving Nokia’s Stock Momentum?The latest push is still tied to Nokia's AI Networking Innovation Lab, which is aimed at AI-native data center networking for large-scale training and real-time inference, plus FCC approval for its in-home broadband devices that the company says helps keep U.S. deployments moving without disruption.

The rally has also been riding AI optics attention after Nvidia disclosed a $1.86 billion stake in Coherent putting a brighter spotlight on optical networking as a potential bottleneck for AI scale-out. That matters for Nokia because it sells the IP and optical gear that connects dense compute clusters.

NOK Stock: Key Technical Levels To WatchThe longer-term trend is still clearly up: the stock is up 215.54% over the past 12 months and is trading above every major moving average (about 16.5% above the 20-day SMA at $14.40 and about 121.2% above the 200-day SMA at $7.58). That kind of extension often supports the bull case, but it can also make pullbacks sharper when momentum cools.

Trend structure remains constructive with the 20-day SMA above the 50-day SMA, and the golden cross that formed in October 2025 (50-day SMA above the 200-day SMA) still in place after the death cross in August 2025. From a momentum lens, MACD is above its signal line and the histogram is positive, which points to improving momentum versus the prior downswing; in plain English, that usually means selling pressure is fading even if price chops near the highs.

NOK is also pressing the top of its 52-week range ($4.00 to $17.11), which is where breakouts can either accelerate or fail into quick profit-taking. If the stock can't clear the prior peak cleanly, traders often watch for a "base" to form above short-term trend support rather than chasing strength.

Key Resistance: $17.11 — the current 52-week high zone, which can act like a near-term ceiling Key Support: $14.40 — near the 20-day SMA, a common first line of support in an extended uptrend Nokia Benzinga Edge Rankings: Strengths And WeaknessesBelow is the Benzinga Edge scorecard for Nokia, highlighting its strengths and weaknesses compared to the broader market:

The Verdict: Nokia’s Benzinga Edge signal reveals a momentum-driven profile with solid quality backing, but weak value support. For longer-term holders, the setup often comes down to whether the stock can consolidate near the highs without losing short-term trend support, because valuation leaves less room for disappointment.

NOK Stock Price Movement During PremarketNOK Stock Price Activity: Nokia shares were up 0.06% at $16.86 during premarket trading on Wednesday, according to Benzinga Pro data.

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June 05, 2026 06:30 ET  | Source: Nokia Oyj

Nokia Corporation
Stock Exchange Release
5 June 2026 at 13.30 EEST

Nokia issues EUR 500 million senior unsecured notes and applies for notes to be listed on Euronext Dublin

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN OR AT ANY ADDRESS IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.

Espoo, Finland - Nokia Corporation has today issued senior unsecured notes in an aggregate principal amount of EUR 500 million (the "Notes") under its Euro Medium Term Note (EMTN) programme. The Notes will mature on 5 June 2032, and carry a fixed annual coupon of 3.625%.

Application has been made for the Notes to be listed on the regulated market of Euronext Dublin.

Nokia will use the net proceeds of the Notes for general corporate purposes, including the refinancing of its outstanding EUR 500 million 3.125% notes due May 2028 pursuant to the make-whole redemption provisions in the conditions thereof.

IMPORTANT INFORMATION

This release is neither an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S) except in certain transactions exempt from the registration requirements of the Securities Act.  The Notes are subject to United States tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by United States regulations.

MiFID II and UK MiFIR ‑ professionals/ECPs‑only / No EEA PRIIPs KID or UK CCI product summary – Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or UK.

Promotion of the Notes in the United Kingdom is restricted by the Financial Services and Markets Act 2000 (the "FSMA"), and accordingly, the Notes are not being promoted to the general public in the United Kingdom. In the United Kingdom, this announcement is for distribution only to, and is only directed at, persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity within the meaning of section 21 of the FSMA in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This announcement is directed only at relevant persons in the United Kingdom and must not be acted on or relied on in the United Kingdom by anyone who is not a relevant person.

About Nokia
Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, we’re advancing connectivity to secure a brighter world.

Inquiries:

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Phone: +358 10 448 4900
Email: [email protected]
Maria Vaismaa, Vice President, Corporate Communications

Nokia
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