Investors are actively re-evaluating the company beyond its traditional telecom focus and pricing it as a key beneficiary of the artificial intelligence boom.

The Nasdaq Composite rose 0.93%, while the S&P 500 gained 0.28%.

Second-Quarter Results Beat Expectations

Nokia reported better-than-expected second-quarter results in late July. Net sales rose 8% year over year to 4.82 billion euros ($5.60 billion).

Adjusted earnings came in at 8 cents per share, topping the 7-cent consensus estimate.