Nokia's performance: Nokia's financial results, strategic decisions, and technological advancements directly influence investor confidence and, therefore, the stock price.

Global economic conditions: Economic downturns or uncertainties can negatively affect the demand for telecommunications equipment and services, impacting Nokia's revenue and stock value.

Competition in the telecom industry: Increased competition from rivals like Ericsson or Huawei can put pressure on Nokia's market share and profitability, affecting investor sentiment.

Changes in telecom regulations: New regulations or policy changes related to 5G deployment, data privacy, or spectrum allocation can significantly impact Nokia's operations and stock price.

Currency exchange rates: Fluctuations in exchange rates, particularly between the Euro and the US dollar, can impact Nokia's reported earnings and stock valuation for US investors.

Investor sentiment: Overall market sentiment and investor risk appetite can influence the demand for Nokia's stock, regardless of the company's fundamental performance.

Technological innovation: Nokia's ability to develop and commercialize innovative technologies, such as 5G solutions, is crucial for its long-term growth and stock price appreciation.