Nokia Oyj's stock surged 5.05% during intraday trading on Tuesday, driven by a confluence of positive catalysts including a major strategic partnership, robust financial performance, and favorable analyst sentiment.

The movement follows the NVIDIA GTC Taipei conference, where CEO Jensen Huang's keynote highlighted advancements in AI infrastructure ecosystem partnerships. This event reinforced market confidence stemming from NVIDIA's recent strategic investment of nearly $1 billion to acquire approximately 3% of Nokia's equity, solidifying their collaboration in AI network infrastructure.

Fundamentally, Nokia reported a strong first quarter with adjusted operating profit soaring 54% year-over-year, while revenue from its AI and cloud business grew 49%. The positive outlook was further bolstered by Morgan Stanley, which raised its target price for Nokia and assigned an Overweight rating, citing the company's unique positioning to benefit from the AI and cloud-driven data center spending wave.