Nokia Corp. (NYSE:NOK) stock rose more than 3% on Monday as investors returned to technology stocks amid a broader market rally.The Nasdaq gained 1.00%, while the S&P 500 advanced 0.77%. Other technology names also traded higher during the session, reflecting improving risk appetite across equities.The broader market remained supportive. The Dow Jones Industrial Average rose 1.16%, the Russell 2000 gained 0.98%, and the Nasdaq climbed 1.00%.Recent Results Show AI MomentumRecently, Nokia reported stronger-than-expected second-quarter results on July 23, driven by robust demand for AI data center networking products.Revenue rose 8% year over year to 4.82 billion euros, while adjusted earnings of 8 cents per share topped Wall Street estimates.AI and cloud revenue more than doubled, accounting for 9.3% of total sales, prompting the company to raise its full-year operating profit outlook.CEO Justin Hotard also said memory supply constraints are likely to persist through 2027 as AI infrastructure demand continues to outpace supply.Technical AnalysisThe long-term trend remains constructive. Nokia continues to trade above its 200-day simple moving average (SMA) of $9.09, a level that has attracted buyers during recent weakness.However, the short-term picture remains weaker. The stock trades 18% below its 20-day SMA of $11.36 and nearly 30% below its 50-day SMA of $13.30. Those levels indicate the intermediate trend is still recovering from the summer selloff.Momentum indicators also remain cautious. The moving average convergence divergence (MACD) sits below its signal line, while the histogram remains negative. That typically signals weakening upside momentum and suggests rallies could fade unless buying pressure strengthens.The broader trend is mixed. Nokia’s golden cross, formed in October 2025 when the 50-day SMA moved above the 200-day SMA, continues to support the long-term outlook. Still, the 20-day average remains below the 50-day average, showing short-term weakness.The stock is currently attempting to rebound after falling from its June high to its July low.