Nokia Position Update & "2" Must Add's in Semi

BluBird Capital | June 13, 2026

I have updated Nokia based on some recent research.

Also added two names to watchlist - one of these is buyable now and an often overlooked component, in the hot Memory trade.

Nokia (NOK): The Re-Rating Is Real, But the Easy Money Is Behind Us

I hold a decent-sized NOK position. The stock is up more than 100% this year and printed a 17-year high near $16.85 before settling back around $14.80. The thesis that drove it is intact. What has changed is the price you pay for it.

The core idea is simple. The market spent years filing Nokia under “boring telecom equipment,” next to Ericsson, where it earned a cheap multiple. It is now slowly being re-filed as AI network infrastructure, next to Ciena and the optical names, where the multiple is far richer. Same company, same earnings. The bucket it sits in is what moves the stock.