Nvidia's $1 billion stake sends Nokia to decade high on AI hopes

FILE PHOTO: A screen displays the company logo and trading information for Nokia Corporation on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 24, 2023. REUTERS/Brendan McDermid/File Photo

STOCKHOLM (Reuters) -Nvidia will pay $1 billion for a stake of 2.9% in Nokia as part of a deal focused on AI and data centers, the Finnish telecom equipment maker said on Tuesday as its shares hit their highest level in nearly a decade.

Nokia said the companies will collaborate on artificial intelligence networking solutions and explore opportunities to include its data center communications products in Nvidia's future AI infrastructure plans.