The fact that Nokia’s 2025 earnings included a 49% drop in profit, after seeing a nearly 60% rise in its share price in the second half of 2025, looks like compelling evidence that the vendor is under the spell of the AI bubble, as covered in an article last week. But the story is not quite as simple as that. Nokia is undergoing a structural overhaul, and these efforts take time and require investment – in which case, Nokia’s inflated share price is indicative of the opportunity for future growth. But it is worthwhile considering how an AI stock market crash would affect Nokia. In the fourth quarter of 2025, Nokia’s operating profit fell 3% to €1.05 billion, and net…