$NOK just reported. The print was solid, here's what matters. AI & Cloud sales grew 105%. Doubled. Order intake of €2.8 billion in one quarter, with half converting to revenue over the next twelve months. The backlog is stacking faster than they can recognize it. IP Networks accelerated to 16% growth from just 3% last quarter. That was the swing factor we were watching, and it delivered. Optical held at 20%. The CEO said it plainly, demand remains strong, supply is the constraint, and customers are placing longer-term orders because of it. Same story as Google. Guidance is intact and tracking above the midpoint. And the sneaky big news, Nokia is buying NXP's Arizona fab for optical component production, on top of San Jose ramping Q4 and Pennsylvania expanding 10x. They're building th
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