Why Nokia (NOK) fell 3.70%
Nokia (NOK) fell 3.70% on October 31, 2026 — Optics selloff on AI-spend fears drags Nokia.
What happened
The Nasdaq dropped 975 points as Intel's results helped trigger a selloff in mega-cap chipmakers, and Nokia fell 3.7% with the AI optics and interconnect group.
Why it moved
Nokia has no separate catalyst here; it moves with optical and networking peers because they share the same data center demand exposure.
Why it matters
Nokia sits in the AI Optics & Interconnect theme, where data center buildouts drove optical communication demand. That momentum is cooling, and the group is increasingly trading on deal headlines.
What would break the thesis
Recovery in AI networking names would suggest the group's selloff is limited. Further pullbacks in data center capex expectations would extend the pressure on Nokia and peers.