Nokia Oyj (NOK): Billionaire Howard Marks Likes Upside Potential of This Stock

We just covered the Billionaire Howard Marks’ 10 Stock Picks with Huge Upside Potential and Nokia Oyj (NYSE:NOK) ranks 10th on this list.

Oaktree Capital Management first disclosed a stake in Nokia Oyj (NYSE:NOK) in the first quarter of 2025. This position comprised over 18.7 million shares. Filings for the fourth quarter of 2025 show that the fund owns the same amount of shares as the first quarter of 2025. The company provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. The firm has transformed from a legacy telecom play into a high-conviction AI infrastructure stock, causing a significant spike in hedge fund accumulation.

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Nokia (NOK) CEO Pekka Lundmark

Nokia Oyj (NYSE:NOK) added €1 billion in new AI-related orders in Q1 2026 alone, building on the €2.4 billion secured in 2025. AI and Cloud segments now represent 8% of total sales, double from 4% a year ago. Following this earnings beat, the stock surged toward a 16-year high, crossing the $10.40 mark. Analysts from Raymond James hiked their price target to $12, citing the next phase of growth in AI switching and routing. Elite investors are betting on Nokia’s first-mover advantage in the AI-RAN (Radio Access Network) era. In early 2026, the firm solidified a partnership with NVIDIA to build hybrid AI infrastructure. While 5G is maturing, Nokia is already securing early-stage 6G design wins in Europe and Asia-Pacific.

While we acknowledge the risk and potential of NOK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NOK and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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