How Nokia Went From iPhone Victim To $1 Billion Nvidia Deal

Nokia, the Finnish company whose iconic ringtone was played an estimated 1.8 billion times daily at the height of its mobile phone dominance and whose 3310 'brick' sold 126 million units, has reinvented itself again -- this time as a key piece of AI infrastructure. In October, Nvidia announced a $1 billion investment in Nokia and a strategic partnership to incorporate AI into telecommunications networks.

The company that was once worth $335 billion and controlled more than a quarter of the global handset market seemed destined for irrelevance after the iPhone's 2007 arrival. A last-ditch bet on Microsoft's Windows phone system in 2011 failed, and Nokia sold its devices division to Microsoft for $6.34 billion in 2014. Revenues had fallen from $44.27 billion in 2007 to $12.56 billion. Nokia rebuilt around its $2 billion acquisition of Siemens' networks stake in 2013, then added French network provider Alcatel-Lucent for $18.32 billion in 2015.

Current CEO Justin Hotard, who took over in April, has pushed the company further into cloud services, data centers and optical networks. Nokia acquired optical specialist Infinera for $2.3 billion in February. The company's optical technology enables information to pass between data centers, and it produces routers for cloud-based services.

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