$NOK 261016 8 Put(NOK261016P8000.US) The fragility of Nokia's current stock price lies in the fact that its high valuation is entirely built on high growth expectations for its AI and optical networking businesses. Technical breakdown, valuation bubbles, and extremely crowded trading structures together create a "fragile calm." Once earnings disappoint, this expectation gap will collapse instantly. The stock price decline will not be a slow value regression but likely a violent bubble burst, with short-term downside potential far exceeding market consensus. Ultimately, the magnitude of the drop depends on how severe the earnings miss is—whether it's merely a slowdown in AI business growth or if the entire growth logic is disproven.