One more chapter as a highlight:
“We now expect our AI and cloud services customers’ target market to grow by 27% annually (2025–2028) compared to the 16% we estimated in November.”
A 27 percent annual growth means that the target market will DOUBLE in three years. The acceleration of market growth increases the likelihood of supply constraints, making it difficult for current market players to fully meet demand. In this situation, vertical integration (InP, own factory capacity) becomes a competitive advantage, not just a cost factor. This, in turn, improves Nokia’s chances of acquiring customers who, with slower growth, would have relied on their usual suppliers.