Ericsson shares jump after AT&T deal win, Nokia drops

The AT&T logo is seen on a store in Golden, Colorado United States July 25, 2017. REUTERS/Rick Wilking/File Photo

STOCKHOLM (Reuters) - AT&T has chosen Ericsson to build a telecom network using a new cost-cutting technology ORAN that will cover 70% of its wireless traffic in the United States by late 2026.

The $14 billion, five-year deal will boost Ericsson's share in one of the largest telecom players in the world, and erode the presence of rival Nokia in the North American market.