Shares of Nokia Corp are trading down 4.15% to $16.04 as investors take profits following a massive surge that has seen the stock gain approximately 160% year-to-date.
- The decline is being attributed to a sharp pullback as the recent rally, fueled by optimism around Nokia's role in AI infrastructure, made the stock vulnerable to a reversal.
- Broader market pressure is also a factor, with the tech-heavy Nasdaq Composite trading down approximately 0.9% amid a wider risk-off sentiment in the sector.
- After hitting its 52-week high, the stock's elevated valuation and the conclusion of a momentum-driven buying spree have triggered the selloff.