Many analysts are now taking a second look at Nokia.

The market is no longer viewing it only as a traditional telecom equipment company. The new debate is whether Nokia should be re rated as an AI network infrastructure company.

But there is still one question that has not been clearly answered.

Is Nokia cheap or expensive at the current price?

This article is my attempt to answer that question.

I start with why NVIDIA invested in Nokia. Then I break Nokia down by business segment, compare each segment with the right peer group, and use my own valuation framework to estimate where the current stock price sits and how much upside may still be left.

I cannot say this approach is perfectly correct. But my goal is to give readers a clear logic for why Nokia is priced the way it is today, and how the stock could be re rated if the market starts valuing it through an AI infrastructure lens.

For investors who have been watching Nokia, I believe this article will be useful.