I would say the AI and Cloud step function is real - 49% constant-currency to EUR 350 million, EUR 1 billion orders this quarter, EUR 2.4 billion full year. Still a minority lane at 7.8% of group, a little bit over seven percent. The telecom base runs EUR 3.3 billion at 72.6%, down two percent, so the mix dilution is the honest part. Mission Critical adds 19% to EUR 498 million. Cost curve improving, I think, but volume mix stays telecom-heavy. Both figures in the same disclosure.

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NOK / AI and Cloud: growing fast, still a minority

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/p/p-day-20260812-nok-src-nok-ai-cloud-minority-rotation ↗

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2026-08-12T21:58:12.872Z