US Stock Market Move | Nokia Oyj Sponsored ADR (NOK.US) falls more than 6% in pre-market trading, betting that the AI infrastructure boom may spark market concerns.

On Wednesday, Nokia Oyj Sponsored ADR (NOK.US) fell more than 6% in pre-market trading, to $6.20. In terms of news, Nokia Oyj Sponsored ADR is betting on the artificial intelligence trend, streamlining its business to focus on network infrastructure in the AI data center connectivity field. Nokia Oyj Sponsored ADR CEO Justin Holtade stated in an interview before the company's capital markets day event on the 19th that this move will result in double-digit operating profit growth in the coming years. The company's target for net sales compound annual growth rate (CAGR) from 2025-2028 is 6-8%; with fiber and IP network growth combined target at 10-12% and an operating profit margin target of 13%-17% by 2028. The adjusted operating profit target for 2028 is 2.7-3.2 billion, in line with market consensus of 2.9 billion. It is reported that last month, chip giant NVIDIA Corporation agreed to acquire Nokia Oyj Sponsored ADR for $1 billion, causing a significant increase in its stock price. However, concerns about the AI bubble in the market led to some of those gains being retraced. Additionally, there are recent reports that Nokia Oyj Sponsored ADR plans to close its important research and development center in Munich, Germany by 2030, and intends to cut over 700 jobs.