This is a matter of opinion, but I personally suspect that the correction reflects general sector rotation rather than doubts about the necessity of building data centers. Operators’ order books are overflowing, and there are no signs of the construction pace slowing down, other than due to component shortages.
The markets are repricing short-term valuations, which may have been seen as rising too rapidly. In Nokia’s case as well, the rise was swift, but the growth has been fundamentally strong compared to many other AI stocks.