What happened? Nokia''s 3Q25 earnings call (see Q3 25 results first - NI momentum building) just concluded please find below our 3 key points from the call. BNPP Exane View: . NI: Management highlight the greatest growth potential in AI and cloud lies with hyperscalers and emerging neocloud providers, as illustrated by the Nscale partnership, while sovereign‑cloud offerings are expected to become increasingly significant over time, especially with ongoing initiatives across the EU and other regions; today, most demand still originates from hyperscalers and neoclouds. They also re-iterate that scale-up within data centres is not a new technology, but rising bandwidth requirements are driving innovation, creating opportunities even though material revenue is not yet realized e.g. leveraging Indium-Phosphide. Each successive layer of the data‑centre stack-from long‑haul links to the facility and finally to the rack-presents its own set of opportunities, and management will expand on this at the CMD in December. . Mobile Networks: Nokia confirm that technical standardisation for 6G is already underway and will progress through the established development cycle, reinforcing their confidence in a sustained profit outlook for Nokia Tech. For 6G they continue to advance radio‑technology and spectral‑efficiency but they highlighted the opportunity outside of just the G transition. Equally critical is the cloud‑native transformation of the core network, where AI can enhance overall radio performance and accelerate the migration to a cloud‑native architecture - they see profitable opportunities here. . Growth focus in financials: The company highlighted the move away, finally, from large scale restructuring events and a change in their DNA towards a continuous improvement and cost focus. They believe doing this, places them in the best position to take advantage of digitalization opportunities going forward and support margins.