Why Nokia Stock Surged Today
Shares of Nokia (NYSE: NOK) soared by 23% on Tuesday after the telecom equipment provider announced a billion-dollar partnership with artificial intelligence (AI) titan Nvidia (NASDAQ: NVDA).
Image source: Getty Images.
As part of the deal, Nvidia plans to make a $1 billion investment in Nokia in exchange for a 2.9% stake in the Finnish networking pioneer. To facilitate the transaction, Nokia will issue 166,389,351 new shares, which Nvidia will purchase for $6.01 per share.
Source Fool.com
