Group 1 - Nokia announced its decision to delist from the Euronext Paris exchange, expected to take effect on December 31, 2025, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The delisting requires approval from the Euronext Paris board and is anticipated to be formalized within three months after receiving this approval [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [1] Group 2 - Nokia's board has decided to issue 166,389,351 new shares in a directed share issue, allowing NVIDIA to make a $1 billion equity investment [3] - NVIDIA will subscribe to these shares at a price of $6.01 per share, resulting in NVIDIA holding 2.9% of Nokia [3] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, with NVIDIA exploring the use of Nokia's data center technology in AI infrastructure [3]

Core Insights - Nvidia is actively investing in various companies across the AI industry chain, including a recent investment in Nokia, which is seen as a strategic move to position itself against Huawei [2][3][4] - The collaboration aims to prepare for the 6G era, focusing on integrating AI capabilities with network infrastructure, which is crucial for future technological advancements [3][5] - Nvidia's investment strategy reflects a broader approach to secure its position in the AI and telecommunications sectors, with significant financial commitments to other companies like Intel and OpenAI [4][5] Investment Strategy - Nvidia has invested $10 billion in Nokia, which is relatively small compared to its other investments, indicating a broad investment strategy to capture various opportunities in the AI landscape [4] - The partnership with Nokia is intended to leverage the potential of 6G technology and AI-RAN (Artificial Intelligence and Radio Access Network), aiming to create a new ecosystem for AI applications [5] Market Positioning - Nokia currently ranks third in the global telecommunications equipment market, trailing behind Huawei and Ericsson, which raises questions about its ability to lead in the 6G market [3][4] - Nvidia's choice of Nokia may be influenced by the potential of the European market and Nokia's relative financial constraints compared to its competitors [3][4] Future Outlook - The collaboration is seen as a way for Nvidia to enhance its AI chip integration into Nokia's communication devices, facilitating advanced applications like autonomous vehicles and drones [5] - Nvidia's CEO has expressed concerns about the security of current U.S. communication technologies, positioning the partnership as a means to regain technological leadership in the 6G space [5]

Core Insights - Nokia has expanded its partnership with SoftBank Corp. through a new deal to supply advanced 4G and 5G radio access equipment in Japan, focusing on network modernization and 5G standalone coverage expansion [1][9] - The deployment will utilize Nokia's energy-efficient AirScale Radio Access Network solutions, including Habrok Massive MIMO radios and AirScale baseband equipment, enhancing performance and energy efficiency [2][3] - Both companies are founding members of the AI-RAN Alliance, collaborating on AI-RAN and 6G technologies, including joint research and field trials [5] Group 1 - The agreement includes the modernization of existing network infrastructure and the expansion of 5G coverage across Western Japan [1] - Nokia's solutions are designed to deliver ultra-high performance while maintaining extreme energy efficiency, powered by ReefShark System-on-Chip technology [2] - The partnership aims to improve network efficiency, reduce emissions, and enhance user experience for SoftBank's customers [4] Group 2 - Nokia's AI-powered MantaRay solution will be implemented for enhanced network management and Self-Organizing Network capabilities [2] - The collaboration includes testing in the 7 GHz frequency band for 6G in Tokyo using Massive MIMO technology [5] - Nokia's long-standing partnership with SoftBank is highlighted as a strength in advancing towards Advanced-5G networks [3]

Core Viewpoint - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements related to its listing there [2][4]. Group 1: Delisting Announcement - Nokia's stock will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [2]. - The delisting requires approval from the Euronext Paris board and is expected to take effect within three months after approval [4]. - As of November 3, Nokia's stock closed at €6.14, up 4.24% from the previous day, with a market capitalization of €34.236 billion, approximately ¥267 billion [4]. Group 2: Financial Performance - In Q3 2025, Nokia reported adjusted net sales of €4.833 billion, a 12% year-over-year increase, while operating profit fell by 10% [8]. - The CEO highlighted robust growth across all business segments, driven by increasing demand for advanced and reliable connectivity solutions amid an AI supercycle [8]. Group 3: Strategic Partnerships - Nokia announced a strategic partnership with NVIDIA, involving a directed share issue of 166,389,351 new shares for a $1 billion equity investment by NVIDIA, which will result in NVIDIA holding 2.9% of Nokia [8]. - The partnership aims to enhance Nokia's 5G and 6G software to operate on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [8][9]. - Following the investment announcement, Nokia's stock surged over 26% on October 28 [9].

Group 1 - Nokia announced the decision to delist its shares from the Euronext Paris exchange based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The delisting process is subject to approval by the Euronext Paris board and is expected to take effect within three months after approval [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [1] Group 2 - Nokia's board has decided to issue 166,389,351 new shares in a directed share issue, allowing NVIDIA to make a $1 billion equity investment [2] - NVIDIA will acquire a 2.9% stake in Nokia at a subscription price of $6.01 per share, contingent upon certain customary closing conditions [2] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [2]

Group 1 - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The shares will continue to be listed on the Helsinki Nasdaq and the American Depositary Receipts will remain listed on the New York Stock Exchange [1] - The delisting process requires approval from the Euronext Paris board and is expected to take effect within three months after approval [1] Group 2 - Nokia's board has approved a directed share issue of 166,389,351 new shares to enable NVIDIA to make a $1 billion equity investment [2] - NVIDIA will subscribe to these shares at a price of $6.01 per share, resulting in NVIDIA holding 2.9% of Nokia's shares [2] - The partnership aims to adjust Nokia's 5G and 6G software to run on NVIDIA chips, while NVIDIA will explore the use of Nokia's data center technology in AI infrastructure [2]

Group 1 - Nokia's board has decided to apply for the delisting of its shares from the regulated market of Euronext Paris, based on a comprehensive assessment of trading volume, costs, and administrative requirements [1] - The delisting process is subject to approval by the Euronext Paris board and is expected to take effect within three months after approval [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain listed on the New York Stock Exchange [1] Group 2 - Nokia's board has approved a directed share issue of 166,389,351 new shares to facilitate a $1 billion equity investment from NVIDIA, with a subscription price of $6.01 per share [2] - This investment will result in NVIDIA holding a 2.9% stake in Nokia, and both companies will collaborate to adapt Nokia's 5G and 6G software to run on NVIDIA chips [2] - The partnership aims to accelerate AI-RAN innovation and the transition from 5G to 6G, with NVIDIA launching a new computing platform supporting 6G [2]

Group 1: Market Movements - Wanda Hotel Development (00169) saw a significant increase, rising over 20% during trading, attributed to an agreement with Sony's CPE for a 49% stake in Vampire Squid Productions, which operates the "Octonauts" IP [1] - Cat's Eye Entertainment (01896) rose over 5.3% following the announcement of the film "Demon Slayer: Infinity Castle Chapter One" set to release on November 14, with over 142,000 new views recorded on the platform [1] - Baidu Group-SW (09888) increased by 6.6% after its subsidiary reported over 250,000 orders completed by fully autonomous vehicles, marking a significant step in the commercialization of autonomous driving [1] - Semiconductor stocks experienced gains, with Huahong Semiconductor (01347) up 2.14%, Shanghai Fudan (01385) nearly 1%, and SMIC (00981) up 1.37%, driven by a continued demand for memory chips and price increases planned by several manufacturers [1] Group 2: Gold and Oil Stocks - Gold stocks continued to decline, with Lingbao Gold (03330) down 4.46% and China Gold International (02099) down 2.41%, as spot gold prices fell below $3,980 per ounce, a drop of over 9% from the high on October 20 [2] - Oil stocks rose, with PetroChina (00857) up 3.14% and Sinopec (00386) up 1.66%, following OPEC+'s announcement to pause production increases in Q1 2024, leading Morgan Stanley to raise its short-term oil price forecast [3] Group 3: Automotive and Technology Developments - Li Auto-W (02015) fell 3.3%, with a reported 38% year-on-year decline in new car deliveries for October, alongside a recall announcement for the MEGA 2024 model due to coolant issues [3] - Hesai Technology (02525) rose over 2% after announcing a strategic partnership with Guanghetong to develop a multi-modal perception and control solution based on lidar technology [3] Group 4: US Market Highlights - Atour (ATAT.US) increased by over 5.8%, supported by China's 14th Five-Year Plan aimed at boosting consumption [5] - NIO (NIO.US) rose over 2.3% with a 92.6% year-on-year increase in new car deliveries for October [5] - Micron Technology (MU.US) gained over 4.8% as Samsung paused DDR5 DRAM contract quotes, impacting the supply chain [5] - Nokia (NOK.US) rose over 3.4% following a $1 billion investment from Nvidia to accelerate AI-RAN innovations [6]

Core Viewpoint - The integration of artificial intelligence (AI) and wireless communication is accelerating the evolution of next-generation network technologies, particularly with the collaboration between NVIDIA and Nokia to launch the NVIDIA ARC platform aimed at 6G [1] Group 1: AI and 6G Development - NVIDIA and Nokia's partnership focuses on creating an AI-native wireless communication system that leverages NVIDIA's GPU capabilities and Nokia's expertise in wireless communication [1] - The AI-RAN system is expected to revolutionize network performance and efficiency for mobile operators, enhancing existing AI applications while paving the way for future 6G services [1][2] - The concept of "AI Native" is central to 6G, transforming networks from mere connectivity providers to intelligent infrastructures capable of decision-making [2] Group 2: Technological Advancements and Challenges - 6G is anticipated to surpass 5G in transformative potential, with applications extending from consumer-level "Internet of Everything" to "Intelligent Internet of Everything" that deeply impacts the physical world [3] - Key revolutionary features of 6G include the integration of sensing, computing, and communication, enabling applications like vehicle-road collaboration and environmental monitoring [3] - Significant challenges remain, including breakthroughs in core technologies such as terahertz communication and the need for substantial capital investment for network construction [3][4] Group 3: Global Competition and Standardization - The collaboration between NVIDIA and Nokia is seen as a strategic move to secure a position in the upcoming 6G standardization process, with the EU and Japan also focusing on their respective 6G initiatives [4] - China is leveraging its 5G advancements and market size to gain a competitive edge in the global 6G landscape, with the IMT-2030 (6G) promotion group actively driving research and development [4][5] - The establishment of a global consensus on frequency bands for 6G is crucial to avoid increased complexity and costs in the industry [5] Group 4: Industry Initiatives and Future Outlook - Major Chinese telecom operators are actively participating in 6G development, with China Mobile proposing a comprehensive network architecture that emphasizes service-oriented capabilities [6] - Huawei is investing heavily in 6G research, envisioning a network that integrates terrestrial and satellite communications for seamless global connectivity [6] - The global race for 6G is set to define the communication technology landscape for the next decade and significantly influence the future of the digital society [6]

Core Viewpoint - Nvidia's $1 billion investment in Nokia signifies a strategic move to build a "computing + network" empire, aiming to dominate the infrastructure of the AI era, while Nokia seeks to leverage Nvidia's technology and capital to secure a favorable position in the 6G and AI-RAN sectors [1][5]. Group 1: Investment Details - Nvidia announced a $1 billion investment in Nokia, leading to a 26% increase in Nokia's stock price on the announcement day, while Nvidia's market capitalization surpassed $5 trillion [1]. - This investment is relatively modest compared to Nvidia's recent larger investments, such as $50 billion in Intel and $100 billion in OpenAI [1]. Group 2: Historical Context - The partnership between Nvidia and Nokia draws parallels to the Wintel alliance of the 1980s, which dominated the PC industry through a complementary software and hardware ecosystem [2]. - The success of the Wintel alliance was attributed to three factors: complementary technology ecosystems, winner-takes-all market rules, and alignment with market demands during the PC boom [2]. Group 3: Technical Synergy - Nvidia has developed a dedicated computing platform for 6G communications, addressing the limitations of traditional base stations, while Nokia can enhance data center interconnectivity, filling a gap in Nvidia's computing empire [3]. - The collaboration aims to meet the core demands of the 6G era, where communication, perception, and computation are deeply integrated [3]. Group 4: Competitive Landscape - Unlike the blue ocean of the PC market during the Wintel era, the current AI-RAN field is competitive, with strong players like Huawei and Ericsson, which may challenge Nokia's market position [4]. - The technological requirements for 6G involve complex innovations, and competitors like Google and Qualcomm could divert market demand [4]. Group 5: Ecosystem Development - Nvidia holds only a 2.9% stake in Nokia, which is significantly less than the deep integration seen in the Wintel partnership, potentially affecting collaborative efficiency [4]. - The partnership is unlikely to create a Wintel-style monopoly but may evolve into a new infrastructure alliance, emphasizing shared services in the global telecom and AI markets [5]. Group 6: Future Outlook - While the collaboration may not replicate the Wintel monopoly, it captures essential elements of technological complementarity and ecosystem building, opening possibilities for defining new industry rules in the AI and communication era [5].