Business
Nokia Shares Surge 8.7% on Bank of America Upgrade and AI-Driven Optical Network Demand
ESPOO, Finland — Nokia Oyj shares skyrocketed nearly 9% Monday in Helsinki trading to €8.74 as investors piled into the Finnish telecom equipment maker ahead of its first-quarter earnings, following a bullish upgrade from Bank of America that highlighted strong growth potential in optical networks fueled by exploding AI data traffic and hyperscaler spending.

Lehtikuva / Heikki Saukkomaa
The surge marked one of Nokia’s strongest single-day gains in recent months and pushed the stock to levels not consistently seen since 2011, continuing a remarkable recovery that has seen shares more than double from lows in 2025. Trading volume spiked as optimism spread that Nokia is well-positioned to capitalize on the infrastructure demands of artificial intelligence, 5G-Advanced and eventual 6G deployments.
Bank of America upgraded Nokia to a Buy rating from Neutral, citing accelerating demand for high-capacity optical and IP networking gear as cloud providers and telecom operators build out AI-ready infrastructure. The firm raised its price target significantly, reflecting confidence that Nokia’s technology portfolio — particularly in optical transport and routing — can capture a larger share of the multi-billion-dollar wave of spending driven by generative AI workloads.
Nokia has aggressively positioned itself in the AI infrastructure narrative. Its solutions for high-speed, low-latency optical networks are increasingly critical for moving massive datasets between data centers and supporting the training and inference of large language models. Executives have emphasized “AI-native” networks that integrate intelligence directly into the infrastructure, a theme that resonated with investors after recent demonstrations at industry events including Mobile World Congress.
The upgrade comes at a pivotal moment. Nokia’s first-quarter 2026 interim report is scheduled for release on April 23, with analysts expecting updates on order intake, margin trends and progress in its restructured business segments. The company shifted to a new reporting structure at the start of 2026, providing more granular visibility into areas such as Network Infrastructure, which includes optical and IP routing — segments now seen as primary growth engines amid AI tailwinds.
Nokia has faced challenges in recent years, including intense competition from Ericsson and Huawei, margin pressure in mobile networks and a multi-year cost-cutting program that included significant job reductions. The company has been trimming its global workforce, aiming to reduce annual costs substantially while refocusing on higher-margin software, enterprise and optical businesses.
Despite those headwinds, recent momentum has been building. Nokia secured key 5G contracts, including a multi-year deal with Virgin Media O2 in the U.K. for AirScale radio access network equipment featuring Massive MIMO and AI-enabled capabilities. Partnerships and product launches in private wireless, enterprise solutions and defense-related technologies have also broadened its revenue base.
The stock’s rally reflects a broader re-rating of telecom equipment suppliers as AI spending shifts from pure hyperscaler GPU clusters to the underlying networking fabric that connects them. Optical networking, in particular, has become a hot area as data center interconnect demands soar. Nokia’s technology in coherent optics and high-capacity routing positions it to benefit alongside peers, though analysts note execution and competitive dynamics will determine market share gains.
Chief Executive Justin Hotard, who took the helm in 2025, has emphasized operational discipline, innovation in AI-driven networks and selective growth in attractive segments. The company continues to invest in research and development through Nokia Bell Labs, with recent emphasis on AI integration across its portfolio.
Monday’s sharp move also coincided with generally positive sentiment in European tech stocks and easing geopolitical concerns that had weighed on risk assets earlier in the month. Nokia’s dual listing in Helsinki and as an American Depositary Receipt on the New York Stock Exchange (NOK) saw sympathetic buying interest in U.S. trading hours.
Valuation metrics have expanded with the rally. While still viewed as reasonable by some compared with historical averages, the stock trades at a premium to recent troughs, prompting debate over whether the current enthusiasm is sustainable or risks a pullback if upcoming earnings disappoint. Analysts’ consensus price targets have risen but remain mixed, with some calling for further upside while others caution about near-term margin visibility.
Nokia’s dividend policy remains shareholder-friendly. The board has proposed flexible distributions up to €0.14 per share in installments rather than a single payout, providing flexibility amid ongoing restructuring. The Annual General Meeting held earlier in April approved board changes, including the planned succession of Board Chair Sari Baldauf by Timo Ihamuotila.
Longer-term opportunities include the transition toward 6G, where Nokia aims to play a leading role through standards development and early technology trials. The company’s strong patent portfolio in wireless technologies continues to generate licensing revenue, offering a relatively stable income stream.
Challenges persist. Mobile networks margins have been under pressure, and large-scale 5G deployments in some markets have slowed. Geopolitical tensions, supply chain issues and currency fluctuations also affect results, given Nokia’s global footprint.
For investors, Nokia represents a play on both traditional telecom infrastructure renewal and the newer AI networking boom. The stock’s volatility reflects shifting narratives — from a legacy handset maker to a diversified networking and technology leader — with AI providing fresh optimism after years of stagnation.
As the April 23 earnings approach, focus will center on order backlog trends, particularly in optical and enterprise segments, cost-saving progress and any updated full-year guidance. Positive surprises on AI-related demand could fuel further gains, while any softness in core mobile infrastructure might temper enthusiasm.
Monday’s 8.74% jump underscored how quickly sentiment can shift in the sector when analyst upgrades align with macro tailwinds and thematic interest in AI infrastructure. Nokia, once considered a fading giant, is once again drawing attention as a potential beneficiary of the massive capital expenditure cycle unfolding in data centers and carrier networks worldwide.
Whether this momentum sustains through earnings season will depend on concrete evidence that the optical and AI narratives are translating into revenue acceleration and margin expansion. For now, investors appear willing to give Nokia the benefit of the doubt as it navigates its transformation in an increasingly AI-driven telecom landscape.
Business
FOX Business names 3 winners in its first ‘Made in America’ small business contest
‘The Big Money Show’ announces the winners of FOX Business’ ‘Made in America’ contest.
In a tribute to the grit and sacrifice that built the nation, FOX Business is kicking off Small Business Week by crowning three companies that embody the American spirit as the winners of the first “Made in America” contest.
Marilyn’s (Lakeside, Ohio)
Marilyn Burns, 82, has owned and operated her local souvenir shop in the heart of Lakeside since 1999. Her store is a community staple that also funds youth camps and serves as a generational anchor for families.
“Since I’ve been here 26 years, my first customers are bringing their kids in,” Burns previously told the Lakesider. “We shouldn’t take it for granted because a lot of work has gone into making [the ‘happy town’] what it is.”
TGU Home Solutions (Aberdeen, North Carolina)
U.S. Army veteran Jared Gay is the founder of TGU Home Solutions, a construction firm fully staffed by veterans. His company makes a point to provide a bridge for service members transitioning to civilian life, all while building custom homes at prices that “reflect integrity rather than excess.”
JPMORGAN CHASE LAUNCHES AMERICAN DREAM INITIATIVE TO EXPAND SMALL BUSINESS SUPPORT ACROSS THE U.S.
“I left the military in 2003,” Gay told “The Bottom Line” in April, “and I had a pretty hard time with my exit… and we changed it into, how to build a home, instead of how to run a military operation… we try to give back every day.”

The sun flares below the U.S. flag on the National Mall on April 18, 2024, in Washington, D.C. (Getty Images)
Four Branches Bourbon (Bardstown, Kentucky)
Four great friends who represent each branch of the military forces – the Army, Navy, Air Force and Marines – blend and bottle their own award-winning bourbon as a tribute to “those who serve in the shadows,” their website reads.
Together, Mike, Rick, RJ and Harold are dedicated to exceptional bourbon craftsmanship while directly offering support to veterans, their families and first responders.
Owner of TGU Home Solutions Jared Gay details his custom home-building business in North Carolina on ‘The Bottom Line.’
These three finalists represent the spirit of entrepreneurship, community service and military sacrifice that defines the American story. They will each receive a cash prize of $25,000 and a featured special on Fox Nation.
A panel of judges, which included FOX Business hosts and executives, determined the three winners from thousands of applicants that were whittled down to the top 10 finalists on April 13.
“For 250 years, small businesses have been the backbone of America,” “Mornings with Maria” and “Sunday Morning Futures” host Maria Bartiromo said.
Veterans and founders of Four Branches Bourbon Mike Trott and Rick Franco discuss how they created their bourbon brand.
“Built by people who took a chance on themselves and their communities,” “Kudlow” host Larry Kudlow said.
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“These are the places where the American story is written,” “Making Money” host Charles Payne said.
“The Bottom Line” and “The Big Money Show” co-host Brian Brenberg said, “FOX Business is shining a light on the independent hops that keep our country moving.”
The FOX Business “Made in America” campaign was made possible by sponsors JPMorgan Chase and Comcast Business.
FOX Business’ Hanna Panreck contributed to this report.
Business
Boston rent tops NYC and LA as young skilled workers flee to the south
FOX Business’ Gerri Willis joins ‘Varney & Co.’ to report on South Hadley, Massachusetts, residents voting on a 50% property tax hike as retirees warn of being priced out and a broader tax revolt grows nationwide.
America’s “Cradle of Liberty” is fast becoming the cradle of high costs.
With home prices nearly double the national average, Boston is facing a generational drain as high-skilled workers flee the city’s rising cost of living for greener — and cheaper — pastures in the South.
According to the 2026 Young Residents Survey, commissioned by the Greater Boston Chamber of Commerce Foundation, there is a growing crisis of confidence among the city’s most vital demographic: 26% of residents ages 20 to 30 plan to leave the Boston metro area in the next five years.
Additionally, the area’s life satisfaction rate has fallen from 89% to 79% in just a three-year period. Seventy-eight percent of respondents cited the cost of rent as the catalyst, while 72% cited the inability to buy a home as the primary reason for leaving.
$150K OVER ASKING ISN’T ENOUGH: NJ REAL ESTATE AGENT WARNS ‘AVERAGE PERSON’ IS BEING PRICED OUT
Of those planning to leave the Northeast, nearly half are heading south.

Young Bostonians ages 20 to 30 are increasingly planning to leave the city in the next five years. (Getty Images)
“As the region struggles with a housing crisis, young residents across demographics shared concerns regarding housing availability and affordability,” the Foundation said in a press release. “When asked about the most urgent issues for local leaders, respondents noted that housing, health care accessibility and availability of quality jobs should be prioritized.”
The median asking rent in Boston sits at $2,918 as of March, Realtor.com data shows, which surpasses rents in New York City, San Francisco and Los Angeles. Its median home listing price is $832,500, almost double the national median.
While the city produces thousands of graduates from Harvard and MIT, many can no longer afford to stay and contribute to the local economy.
“Young residents bring vitality and innovation to Greater Boston, building communities and leading our economic growth. However,” the Foundation said, “the region’s affordability continues to be a concern as young residents struggle to seize opportunities that outweigh challenges, like housing and career growth. Competitor states that are more affordable may be appealing to young residents who are eager to find housing to rent or purchase that is more affordable and accessible.”
‘The Big Money Show’ panel discusses Boston’s reported interest in attempting a city-run grocery store after New York City mayoral candidate Zohran Mamdani proposed them as part of his campaign.
Despite Gov. Maura Healey’s $5 billion-plus Affordable Homes Act, the state’s progress has been slow to nonexistent, leaving residents frustrated with the lack of results. Massachusetts even received an “F” grade on the Realtor.com State-by-State Housing Report Card for falling behind on affordability and construction.
“Over the last three-and-a-half years, we’ve got 100,000 homes in the pipeline. Is it enough? No,” Gov. Healey said during a recent radio segment. “I need every community in the state to understand that housing is fundamental to the vibrancy of our neighborhoods.”
Economists warn that while a mass exodus might temporarily cool rent prices, the long-term damage to the labor market and innovation sector could be permanent.
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Sotheby’s International Realty broker Jenna Stauffer analyzes the U.S. housing market, noting a shift in buyer behavior, on ‘Making Money.’
“Boston’s young people are overwhelmingly high-skilled college graduates who play an important role in the job market, entrepreneurship and innovation scene, and the local service economy, too,” Realtor.com senior economist Jake Krimmel told the real estate outlet.
“That’s the root of Boston’s rental market crisis: a seemingly never-ending supply of young, educated renters but never enough supply of rental housing for them,” he added.
Business
Anthropic, Goldman and others launch $1.5 billion AI venture
Anthropic CEO Dario Amodei looks on after a meeting with French President Emmanuel Macron during the AI Impact Summit in New Delhi on February 19, 2026.
Ludovic Marin | Afp | Getty Images
Anthropic said Monday it is partnering with private equity giants Goldman Sachs and Blackstone to launch a $1.5 billion firm aimed at speeding the adoption of artificial intelligence across hundreds of companies.
The new entity, formed alongside the San Francisco-based PE firm Hellman & Friedman and backed by a group of asset managers including Apollo and General Atlantic, will deploy Anthropic’s Claude AI model directly inside businesses, starting with companies owned by the investment firms.
Executives say the effort is designed to tackle a growing bottleneck in the AI boom: The scarcity of experts capable of implementing the technology inside real-world operations.
“There’s a big shortage of people who know how to apply these tools into businesses and then transform them,” Marc Nachmann, Goldman’s global head of asset and wealth management, told CNBC in an interview.
The move marks Anthropic’s latest effort to deepen its lead in the enterprise AI market as competition intensifies with rivals including OpenAI. By pairing the latest Claude models with a built-in network of investor-owned companies, Anthropic is positioning itself to gain an edge in middle-market adoption of the technology.
It’s a key battleground as both Anthropic and OpenAI prepare for massive IPOs as early as this year.
Rather than acting as a traditional consulting firm, the venture — which hasn’t yet been named — will embed engineers inside companies to redesign workflows and integrate AI into core processes, Nachmann said.
“Having the model alone doesn’t change your workflows or how you operate,” he said. “You need people who can combine the technology with what’s actually happening in the business and implement those changes.”
The Wall Street Journal earlier reported the $1.5 billion commitment of the firms involved.
Goldman and its partners expect to use their own portfolio companies as an initial proving ground for the new platform before targeting other mid-sized companies, especially in the PE-owned universe of healthcare, manufacturing, financial services, retail and real estate sectors.
“We think there’s a lot of value that this new entity can bring to companies to help transform them,” Nachmann said. “Obviously, we’re going to use it a lot at our portfolio companies.”
Business
Williams says Fed policy well positioned for economic risks, uncertainty

Williams says Fed policy well positioned for economic risks, uncertainty
Business
eBay And GameStop: A Deal Made In Meme Heaven
eBay And GameStop: A Deal Made In Meme Heaven
Business
Flowers launches new Wonder products

New products include bagels, English muffins, cakes, donuts and pastries.
Business
Tanker Attacked as US Denies Iran Hit Warship on Project Freedom Launch
DUBAI, United Arab Emirates — Tensions erupted in the Strait of Hormuz on Monday as the United States launched “Project Freedom” to guide stranded commercial vessels through the vital waterway, only for conflicting claims of attacks to surface within hours. The UAE accused Iran of drone strikes on an oil tanker, while Iranian media alleged a missile hit on a U.S. warship — a claim swiftly denied by American forces.
U.S. Central Command confirmed two American-flagged merchant vessels successfully transited the strait as part of the operation announced by President Donald Trump. CENTCOM also reported guided-missile destroyers operating in the Gulf after passing through the waterway, emphasizing support for commercial shipping and enforcement of a naval blockade on Iranian ports.
“No U.S. Navy ships have been struck,” CENTCOM stated on X. “U.S. forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports.”
The operation aims to free dozens of tankers and cargo ships trapped in the Persian Gulf since the recent U.S.-Israeli conflict with Iran disrupted transit. Trump described the effort as a “humanitarian” move to assist vessels running low on supplies, deploying significant assets including over 100 aircraft, unmanned platforms and 15,000 personnel.
UAE Condemns Iranian Drone Attack on Tanker
The United Arab Emirates strongly condemned what it called an “Iranian terrorist attack” on a tanker linked to state-owned Abu Dhabi National Oil Company (ADNOC). The vessel was targeted by two Iranian drones while attempting to pass through the strait, according to the UAE Foreign Ministry. No injuries were reported.
Senior UAE official Anwar Gargash described the incident as “an act of maritime piracy.” The attack occurred amid heightened alerts, marking the first missile alert in the UAE since an earlier ceasefire.
UK Maritime Trade Operations separately reported a tanker struck by unknown projectiles about 78 nautical miles north of Fujairah, UAE, with all crew safe. Another cargo ship faced assault by multiple small craft nearby.
Iranian Claims and U.S. Rebuttals
Iranian state media, including Fars news agency, claimed Iranian forces struck a U.S. Navy frigate with two missiles after it ignored warnings near Bandar-e-Jask. Tehran said it forced the warship to turn back and warned any foreign forces entering the strait would be targeted.
A senior Iranian official told Reuters a warning shot was fired. Iran’s Islamic Revolutionary Guard Corps rejected U.S. assertions that commercial ships crossed the strait, calling them “baseless lies.”
CENTCOM and U.S. officials firmly denied any damage or successful strike on American vessels. The denials came quickly after Iranian reports, underscoring a pattern of competing narratives in the volatile region.
Background on Project Freedom
Trump unveiled the initiative Sunday, pledging U.S. support to reopen the strait, a chokepoint carrying about 20% of global oil trade. Ships have been stranded for weeks due to Iranian threats and the broader conflict, disrupting energy markets and supply chains.
U.S. officials indicated the operation focuses on coordination and guidance rather than direct escorts for every merchant vessel in the initial phase. Destroyers and air assets provide overwatch. The move follows a fragile ceasefire, raising fears of renewed escalation.
Iran views the U.S. action as a violation of the truce and has threatened retaliation. Its military warned commercial vessels against uncoordinated movements.
Global and Economic Implications
The incidents sent oil prices spiking early Monday amid fears of prolonged disruption. Shipping companies expressed caution, with some rerouting vessels around Africa despite higher costs. Insurance rates for Gulf transit have surged.
International reaction was swift. Allies in the Gulf expressed support for freedom of navigation, while calls for de-escalation came from European capitals. The UK and others monitor the situation closely through maritime agencies.
Analysts warn that miscalculations in the narrow strait — just 21 miles wide at its narrowest — could trigger wider conflict. Historical incidents, including 2019 tanker attacks attributed to Iran, highlight the risks.
Regional Context and Ceasefire Fragility
The strait has been a flashpoint since the U.S.-Israeli campaign against Iranian nuclear and proxy assets. The ceasefire, reached in early April, appeared to hold tenuously until recent provocations. Project Freedom tests its limits.
Iran maintains it controls access and will defend its waters. The U.S. insists on upholding international norms for open maritime passage. Negotiations continue behind the scenes, with Trump hinting at possible “very positive” outcomes from indirect talks.
For crews on stranded ships, the operation brings hope but also danger. Seafarers have reported dwindling supplies and anxiety over potential attacks.
What’s Next
U.S. forces plan continued operations to guide additional vessels in coming days. CENTCOM has not detailed exact numbers or timelines but stressed a phased approach. Iran’s response could determine whether the first day’s chaos escalates or stabilizes.
Diplomatic efforts intensify as the UN and regional players urge restraint. Markets and militaries worldwide watch closely, aware that events in the Strait of Hormuz ripple across the global economy.
As night fell Monday, reports of further incidents remained unconfirmed. Authorities urged vigilance, while shipping associations advised members to await official clearances before attempting transit.
The chaotic launch of Project Freedom underscores persistent volatility in U.S.-Iran relations and the high stakes for energy security. Whether Monday’s dueling claims lead to diplomacy or deeper confrontation will shape the region’s trajectory in the weeks ahead.
Business
Spirit Airlines collapse to benefit these airlines
A Spirit Airlines Airbus A321 airplane taxis at Los Angeles International Airport after arriving from Fort Lauderdale on March 30, 2025 in Los Angeles, California.
Kevin Carter | Getty Images
Just hours after Spirit Airlines collapsed, its rivals unveiled their new flight plans.
Airlines had actually been at work for months on their route changes as Spirit’s shutdown looked more and more likely. Some new flights start this week. It comes after Spirit abruptly ceased operations overnight Saturday, stranding thousands of customers.
The quick move shows how carriers are vying for Spirit’s valuable assets, like airport gates and a customer base that has one less choice when booking. That could drive up airfare even more than it already has risen after the fuel-driven hikes this year, analysts said.
Even though Spirit’s already pared-down summer schedule was about 1.5% of U.S. domestic capacity, it could have a broader impact on the industry and travelers’ wallets, Barclays airline analyst Brandon Oglenski said in a note Monday.
“Beyond direct revenue capture from Spirit’s prior network, we also suspect industry pricing could benefit significantly for nearly all airlines given the removal of excess point-to-point capacity, which will likely drive even higher unit revenue outcomes in the near term,” he said.
For now, other airlines are announcing their new flights as they look to fill the gaps from Spirit’s absence and compete for Spirit’s routes and gates.
Breeze Airways is launching a flight out of Atlantic City, New Jersey, to Charleston, South Carolina. The carrier also plans to run year-round service from Atlantic City to Raleigh-Durham International Airport in North Carolina and Tampa, Florida.
JetBlue Airways, previously the No. 2 airline at Spirit’s home hub of Fort Lauderdale-Hollywood International Airport in Florida, announced new flights from there to a host of destinations, including Barranquilla and Cali in Colombia; Baltimore; Charlotte, North Carolina; and Indianapolis. It also said it would add new nonstops from the South Florida hub to Chicago; Detroit; Houston; Nashville, Tennessee, and Ponce, Puerto Rico.
“We’re stepping up for Fort Lauderdale to ensure the availability of air service in this market,” JetBlue President Marty St. George said in a release announcing the changes.
JetBlue is also boosting capacity from Fort Lauderdale to Austin, Dallas/Fort Worth International Airport; Raleigh-Durham; and Santo Domingo and Santiago de los Caballeros, in the Dominican Republic.
Waiting for the fall
A JetBlue Airways plane sits on the tarmac at the Fort Lauderdale-Hollywood International Airport on January 31, 2024 in Fort Lauderdale, Florida.
Joe Raedle | Getty Images
It’s not a new tack for the carriers. Late last summer, days after Spirit filed for its second bankruptcy protection in less than a year, airlines also added service to airports where Spirit had a large presence. At that time, Spirit was working on cutting flights to reduce costs as it tried to emerge from bankruptcy, which it was aiming to do in mid-2026.
That didn’t happen, and talks for a Trump administration loan of up to $500 million to keep the airline afloat fell apart late last week.
Spirit, the country’s famous budget carrier, collapsed after years of compounding problems — some within management’s control and some without — that were eventually were too heavy to overcome.
Along with rolling out new routes, other airlines — including United Airlines, Frontier Airlines, American Airlines, Southwest Airlines, JetBlue — swooped in over the weekend and capped fares for stranded travelers who had booked flights on Spirit.
Spirit said it was automatically processing refunds for customers.
United said about 14,000 Spirit customers booked tickets on United on Saturday. Southwest said it took in more than 20,000.
“If you fly with us during this time, I think you’ll love what comes with your ticket on the world’s largest airline,” United’s chief customer officer, David Kinzelman, said in note early Saturday. “We can take you across the country and around the world, with more flights across the Atlantic and Pacific than any airline. Plus, you’ll get friendly and reliable service from the best team in the industry.”
Now the industry is watching other budget airlines after Spirit’s collapse.
The surge in fuel prices since the U.S.-Israel attacks on Iran in February has been particularly punishing for low-cost airlines, which don’t have the giant credit card and corporate travel customer bases that larger airlines enjoy.
Spirit’s one-time potential merger partner and fellow budget carrier Frontier reports results on Tuesday and its executives will face questions about their own plans and prospects for the year.
Business
Headwinds continue to impede cultivated meat development

The category faced significant budget cuts in the United States.
Business
Nokia board member Whittaker receives shares as compensation

Nokia board member Whittaker receives shares as compensation
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