Shares of Nokia (NOK) surged by 23% after announcing a billion-dollar partnership with Nvidia (NVDA). Nvidia will invest $1 billion in Nokia for a 2.9% stake. Nokia plans to use the cash to supply advanced connectivity solutions to the AI industry and integrate its technologies into Nvidia’s AI offerings.

Nokia and Nvidia aim to support the growing demand for AI-powered applications on mobile devices. They will focus on enabling networks to handle increased mobile traffic and advancing edge computing for smart devices. Nokia CEO Justin Hotard wants to make AI data centers accessible to everyone.

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Read more at Nasdaq: Why Nokia Stock Surged Today