Shares of Nokia Oyj and BlackBerry have surged recently as investors reposition them as beneficiaries of physical AI infrastructure. Nokia Oyj's stock rose nearly 10% in a single day, with monthly gains of approximately 55% and year-to-date growth exceeding 119%. BlackBerry's stock jumped nearly 17% in a day, posting monthly gains of about 40% and a year-to-date increase of over 86%.

Nokia Oyj has established an AI network innovation lab in California, collaborating with partners like AMD and Supermicro to develop AI-native data center network architectures. Nvidia previously invested nearly $1 billion to acquire about a 3% stake in Nokia Oyj, further solidifying their partnership in AI network infrastructure. BlackBerry has completed its transformation into a software security company. Its QNX operating system is now running in over 275 million vehicles and is being extended to robotics, industrial automation, and various physical AI systems.