Nvidia’s $1 Billion Nokia Bet Was Worth About $2.2 Billion by June. Is 6G the Hidden AI Trade?

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Nvidia’s $1 Billion Nokia Bet Was Worth About $2.2 Billion by June. Is 6G the Hidden AI Trade? Habib Ur Rehman Wed, September 2, 2026 at 5:56 PM EDT 3 min read NVDA NOK NOK Nvidia's less famous telecom investment had more than doubled on paper by midyear. In October 2025, NVIDIA Corporation (NASDAQ: NVDA ) agreed to invest $1 billion in Nokia at $6.01 per share. Nvidia's Q2 13F valued the stake at about $2.2 billion as of June 30. The marked gain is impressive, but the strategic prize is larger: Nokia Corporation (NYSE: NOK ) and Nvidia are developing AI-RAN technology intended to carry artificial intelligence from data centers into mobile networks and eventually 6G. NVIDIA Corporation (NASDAQ:NVDA) wants the network itself to become accelerated computing infrastructure. If radio access networks adopt software-defined, AI-enabled architectures, Nvidia can sell computing, networking, and software into a market beyond hyperscale data centers. The bull case is that inference moves closer to users and telecom operators use spare network capacity for AI workloads. The bear case is timing. Standards, carrier budgets, and commercial rollouts move slowly, making near-term revenue difficult to separate from long-term vision. Nokia Corporation (NYSE:NOK) gains a strategic partner, capital, and access to an AI platform that can make its radio portfolio more competitive. A successful AI-RAN transition could improve product differentiation and create recurring software opportunities. Yet Nokia must balance that promise with operator spending cycles, intense competition, and the risk that open architectures reduce hardware pricing power. A valuable Nvidia stake does not by itself repair telecom margins. The partnership is therefore an option on convergence. Nvidia supplies the compute ecosystem; Nokia supplies carrier relationships and radio expertise. Each fills a gap the other cannot quickly build. However, investors should not treat the June valuation as a realized return or assume 6G revenue is imminent. The commercial value emerges only when operators deploy systems at scale and disclose credible returns with attractive economics across multiple markets. Hedge-fund participation increased in both names. Nvidia ownership rose to 285 funds in the second quarter from 275, while Nokia ownership increased to 81 funds from 66. Fisher Asset Management raised its Nvidia stake 3% to 90.9 million shares, and Marshall Wace increased its Nokia position 232% to 33 million shares. As of August 14, 43.2 million Nokia shares were sold short, only 0.75% of the float and 0.6 days of average trading volume. The low reported short-interest percentage shows limited reported short positioning, but it does not identify the holders or tell us why those positions exist. Nvidia's paper gain rewards the entry price; the real upside depends on AI-RAN becoming a commercial bridge to 6G. While we acknowledge the potential of NVDA and NOK as investments, we believe certain other AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock . READ NEXT: NVIDIA (NVDA): What Foxconn and Super Micro Are Telling Us about the AI Boom and Pony AI Is Scaling Robotaxis Fast—Can the Stock Reach BofA's $17 Target? Disclosure: None. Follow Insider Monkey on Google News .

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