Some positive news for $NOK ... Rosenblatt initiated Nokia with a Buy and $15 PT this week. They highlighted Nokia’s growing share in scale-across, where design wins can be very sticky, alongside Optical Networks +20% YoY, AI & Cloud revenue +105%, and €2.8B of AI & Cloud orders. Their $15 SOTP assigns roughly 1/3 of Nokia’s value to AI infrastructure, with that mix potentially growing over time. But one opportunity I think still gets overlooked is ICE-D. We typically think about Nokia optics as moving data between data centers. ICE-D brings Nokia inside the data center. Nok makes PICs which are highly integrated InP chips combining lasers, modulators and photodetectors that is designed for 1.6T today and a path toward 3.2T. Nokia itself calls intra-DC optics and components a new addressable market, and is targeting architectures including LPO, NPO and CPO. The big unlock would be Nokia becoming a meaningful merchant optical component supplier, where its technology ends up inside modules sold by other manufacturers. (The linked article is irrelevant to this update. It's just an article that I really enjoyed writing on Nok)