$NOK was a dying telecom name at $4 fifteen months ago. It reports tomorrow having spent this quarter shipping with Nvidia, Anduril and Lockheed. More than twenty press releases across three businesses. AI-RAN. > June 22, embedded six Google Gemini agents into Nokia's network software to handle router triage, anomaly detection and event correlation automatically > June 24, expanded the AWS partnership so networks run themselves with less human intervention > July 15, launched the first commercial AI-RAN platform with Nvidia. Carriers get roughly double the capacity out of towers they already own, sold as a software subscription instead of new hardware Optics. > June 16, expanding the Allentown plant 10x by end of Q3. That plant turns photonic chips into finished optical modules, and less than 2% of that work happens anywhere on US soil > Almost every optical module in an American data center gets packaged in Asia first. Nokia already owns the indium phosphide fab in San Jose from the Infinera deal, so Allentown makes it the rare vendor that can build the chip and finish the module without the supply chain leaving the country > Supported by CHIPS Act funding, part of a $4B US commitment, and it doubles the site to more than 500 jobs. Hyperscalers and defense customers both pay up for supply that cannot be tariffed or cut off Defense. > May 1, Anduril built its new 5G Sentry Tower on Nokia technology. Sets up in under three hours with no power grid and no existing network. The Sentry family is past 400 towers globally > May 5, signed with Lockheed Martin on a 5G system built to open standards for defense customers > July 9, partnered with NestAI to keep military communications running where signals are jammed Insider Buying Two insiders bought 114,682 shares in the open market through all of it. Owczarek took 70,000 between €15.34 and €15.99. Hanrahan took 44,682 at an average of $15.81. Ericsson warned last week that memory chip prices are eating its margins, and Nokia buys from the same suppliers. So tomorrow comes down to whether AI and cloud is growing fast enough to outrun a cost problem in the rest of the business. Q1 said yes, with €1B in orders booked against €360M recognized. Two insiders paid $15.81 betting Q2 says it again $NOK $NVDA $ERIC