Nokia chief executive Justin Hotard said artificial intelligence is fuelling a structural growth cycle similar to the internet expansion of the 1990s, but rejected fears that investor enthusiasm has reached unsustainable levels.
“I fundamentally think we’re at the front end of an AI supercycle, much like the 1990s with the internet,” Hotard told Reuters. “Even if there’s a bubble, a trough, we’ll look to the longer-term trends. And right now, all those trends are very favourable.”
His comments follow a Bank of America survey showing that more than half of fund managers view AI-related stocks as being in bubble territory. High-profile figures including Amazon founder Jeff Bezos and OpenAI CEO Sam Altman have also warned of overvaluation risks.
Hotard, who led Intel’s data centre and AI division before joining Nokia in April, said demand for data infrastructure was driving the company’s performance. “Clearly the incremental, growth investment is driven by data centres,” he said. “It’s a huge step up in volume.”
Earlier on Thursday, the Finnish telecoms equipment maker reported quarterly earnings that exceeded market forecasts, supported by optical and cloud demand tied to AI-driven data centres. The results follow Nokia’s $2.3 billion (£1.9 billion) acquisition of U.S. optical networking firm Infinera [CHECK conversion].
Since selling its mobile phone business in 2013, Nokia has repositioned itself around network technology. It has recently deepened its AI strategy by integrating machine learning into radio access and fibre networks and establishing a dedicated Technology and AI organisation in September, led by Chief Technology Officer Pallavi Mahajan, a former Intel executive.
Britain's Observer newspaper reported that Prime Minister Keir Starmer is expected to resign on Monday and outline a timetable for his departure. ...
The United States has launched an investigation into Germany's pharmaceutical pricing policies to determine whether they unfairly disadvantage America...
U.S. Vice President JD Vance arrived in Switzerland on Sunday for peace talks with Iran, as a dispute over the Strait of Hormuz threatened to complica...
Thousands gathered in Novi Sad, Serbia, to commemorate the deaths of 16 people in the 2024 railway station awning collapse and renew calls for snap el...
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 20 June, covering the latest developments you need to know. ...
The United States has launched an investigation into Germany's pharmaceutical pricing policies to determine whether they unfairly disadvantage American companies and restrict U.S. commerce.
Thousands gathered in Novi Sad, Serbia, to commemorate the deaths of 16 people in the 2024 railway station awning collapse and renew calls for snap elections.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 20 June, covering the latest developments you need to know.
The United States will continue reviewing Iran's travel arrangements at the 2026 World Cup, but current restrictions remain in place despite Tehran's plans to lodge a complaint with FIFA, a White House official said.
A train driver has been killed and nine people remain in a critical condition in hospital, after two trains collided near Beford in the east of England on Friday. The passenger trains heading to London collided at around 17:15 local time (1615 GMT).
Morocco captain and PSG defender Achraf Hakimi will face trial in France after an appeals court ruled there was enough evidence for the case to proceed.
A magnitude 5.8 earthquake struck southwest of Greece’s island of Crete on Saturday, with no immediate reports of damage.
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for veteran forward Miguel Almirón.
Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
American technology company Snap has launched its first augmented-reality (AR) glasses for consumers, marking a major push into wearable computing as tech firms race to redefine personal devices in the AI era.
The Canadian government has introduced a digital safety bill that would ban children under the age of 16 from using social media, unless platforms meet specific safety standards.
NASA has named three American astronauts and one Italian astronaut to fly on its Artemis III mission, a major orbital test planned for late next year that will evaluate lunar landing vehicles developed by SpaceX and Blue Origin.
China will send an astronaut to its space station on Sunday for a one-year mission, the longest duration for the country so far. The mission will help study long-duration human physiology in space as China works toward a crewed Moon landing by 2030.
Anxiety over artificial intelligence is hardening among young workers as executives promote faster adoption and companies point to automation in fresh job cuts.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment