$NOK reports tomorrow. Here's the pre-earnings rundown. The bar: consensus wants roughly €4.83B in revenue, with Network Infrastructure expected around €2.04B, up about 12%. Last quarter is the benchmark, AI and Cloud grew 49%, Optical grew 20%, and management raised full year guidance mid year in a way companies only do when the order book forces them to. Network Infrastructure to 12-14% from 6-8%, Optical and IP to 18-20% from 10-12%. Operating profit was already running above the midpoint of the €2-2.5B annual range. The line I'm watching first: IP Networks. It grew just 3% last quarter while everything around it ripped, and management said improvement was coming. If IP accelerates, the AI story widens from optical into switching, routing, and network automation, three more mark
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