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.
British police have arrested three men in London on suspicion of assisting a foreign intelligence service, in a case linked to Russia under national s...
The peak of Japan's Mount Fuji was capped with snow for the first time this winter on Thursday, reaching the milestone 21 days later than the average ...
Türkiye plans to acquire the necessary defence systems from its NATO allies and other partners until its domestically produced fighter jet, KAAN, is ...
Talks between Thailand and Cambodia this week have made "meaningful progress", Thai defence minister Natthaphon Narkphanit said on Thursday, ahead of ...
Nokia chief executive Justin Hotard said artificial intelligence is fuelling a structural growth cycle similar to the internet expansion of the 1990s,...
British police have arrested three men in London on suspicion of assisting a foreign intelligence service, in a case linked to Russia under national security laws introduced in 2023.
The peak of Japan's Mount Fuji was capped with snow for the first time this winter on Thursday, reaching the milestone 21 days later than the average since records began in 1894, the meteorological agency said.
Türkiye plans to acquire the necessary defence systems from its NATO allies and other partners until its domestically produced fighter jet, KAAN, is ready for delivery, a source from the Turkish Defence Ministry said on Thursday.
A delegation of ambassadors from NATO member states will visit Azerbaijan on 6–7 November, according to Report. The group will include envoys from 15 NATO countries.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
NASA has announced that it will reopen bidding for its flagship U.S. moon landing contract, citing mounting delays in Elon Musk’s SpaceX Starship lunar lander project.
China has accused the United States of stealing sensitive data and infiltrating its National Time Service Centre, warning that such breaches could have disrupted communications, financial systems, power supplies, and the international standard time network.
Chinese tech giants, including Alibaba-backed Ant Group (688688.SS) and e-commerce company JD.com have halted plans to issue stablecoins in Hong Kong after the government raised concerns about the increasing influence of privately controlled currencies, the Financial Times reported on Saturday.
Apple has pledged to increase its investment in China despite ongoing tensions between Washington and Beijing, CEO Tim Cook said during a meeting with China’s industry minister.
SpaceX launched its 11th Starship from Texas on 13 October, landing in the Indian Ocean ahead of testing an upgraded version for future moon and Mars missions.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment