Nokia Oyj (NOK) soared 7.10% during intraday trading on Tuesday, extending earlier pre-market gains as investors cheered a series of positive catalysts.

The surge followed S&P's upgrade of Nokia's credit outlook from "stable" to "positive," with the agency confirming its "BBB-" rating and citing business diversification and stable cash flow. Additionally, Nokia's second-quarter results significantly exceeded expectations, with comparable operating profit rising 18% year-over-year to EUR 434 million, well above the market consensus of EUR 382 million. The company also raised its full-year adjusted operating profit guidance to between EUR 2.1 billion and EUR 2.6 billion, reflecting growing optimism around AI-related demand.

Underpinning the bullish sentiment, Nokia's AI and cloud business orders reached EUR 2.8 billion, with sales more than doubling from the previous year. Options market activity also pointed to further upside expectations, with a Call/Put volume ratio of 2.63 and large block trades on far-dated $10 calls.