View in your browser #MYTRILOGYLIFE Encanterra® Sports Shop Sale Apr 20, 2026 Sports Shop Sale – End of Season Raffle $1,800 value
Golf is better with friends, and now shopping is, too! We are introducing a special “Shopping with Friends”pricing event at the Sports Shop.
Bring your spouse, a neighbor, or your favorite playing partner and shop together. By combining your finds, you’ll unlock our highest discount tiers of the season. It’s the perfect time to coordinate your team’s look or simply help each other find that perfect fit.
The “Power of Pairs” Pricing
Build your bundle together and watch the price drop. Discounts apply to your entire combined purchase of soft goods:
Buy 2 Items:Save 20% OFF
Buy 3 Items:Save 30% OFF
Buy 4 Items:Save 40% OFF
Buy 6 Items : Save 50% OFF
Event Details
When: Monday April 20th through Sunday, April 26th
Where: Encanterra Sports Shop
Eligible Items: All in-stock Apparel, Outerwear, and Headwear
The Fine Print:To receive the volume discount, all items must be processed in a single time. Discount applies to soft goods/apparel only; golf clubs and balls are excluded. All sales are final on clearance-priced items.
End of Summer Raffle: $1,800+ in Prizes!
Even if you aren’t in the market for new gear, you won’t want to miss our massive Summer Send-Off Raffle. Whether you are local or enjoying the summer elsewhere, you can participate for a chance to win premium equipment and Club experiences.
Tickets: $20 for 10 Entries
How to Enter:
In-Person: Stop by the Sports Shop to grab your tickets.
Remote Entry: Out of town? Simply email damian.lehew@encanterra.comto purchase. We will process your entry and email you your ticket numbers directly. Note: You do not need to be present at the drawing to win!
Featured Prizes Include:
TaylorMade Qi10 Driver ($650 Value)
Scotty Cameron Putter ($499 Value)
TaylorMade Cart Bag ($299 Value)
Callaway Opus Wedge ($199 Value)
(2) GolfForever Training Systems ($199 Value each)
(4) Limited Edition TaylorMade TP5 Dozens ($60 Value each)
(4) TaylorMade Tour Response Dozens ($35 Value each)
(4) Alvea Spa Gift Cards ($25 Value each)
(4) Palma Appetizer or Dessert Cards
Bonus: As participation increases, we will continue to add more high-value items to the prize pool!
California’s gasoline supply was already under pressure before the Strait of Hormuz developments complicated things even more. With refinery closures accelerating and import sources drying up simultaneously, how much runway does the state actually have?
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“The world is upheld by the veracity of good men: they make the earth wholesome.”
— Ralph Waldo Emerson
Ivan Pentchoukov National Editor
Good morning, it’s Monday. Here are today’s top stories
The U.S. military forcibly seized an Iranian-flagged cargo ship that attempted to bypass a naval blockade earlier on Sunday, President Donald Trump said. Iran’s military claimed the move was a ceasefire violation, vowing a swift response.
A U.S. delegation will arrive in Pakistan later today for a second round of talks with Iran, Trump said. Vice President JD Vance, special envoy to the Middle East Steve Witkoff, and special envoy Jared Kushner will lead the U.S. delegation.
A gunman killed eight children, including seven of his own, and critically injured two women in a shooting in Shreveport, Louisiana. The gunman, 31-year-old Shamar Elkins, fled the scene, carjacked a vehicle, and was eventually shot and killed by police during a chase, police said.
A look inside one of the world’s toughest military competitions: Earlier this month, 122 soldiers in 61 two-man teams from across the Army stepped up to the starting line for the Best Ranger Competition—a three-day test of strength, teamwork, technical proficiency, and determination.
President Donald Trump on Sunday said the U.S. military forcibly seized an Iranian-flagged cargo ship that attempted to bypass a naval blockade earlier in the day.
In an announcement posted on Truth Social, Trump said the ship, called the Touska, attempted to get past the U.S. military blockade that has been in effect since April 13.
“It did not go well for them,” he wrote.
A U.S. Navy destroyer intercepted the cargo ship in the Gulf of Oman and first warned it to stop. When it refused, the U.S. ship “stopped them right in their tracks by blowing a hole in the engineroom,” Trump wrote.
“Right now, U.S. Marines have custody of the vessel,” the president added. “The TOUSKA is under U.S. Treasury Sanctions because of their prior history of illegal activity. We have full custody of the ship, and are seeing what’s on board.”
According to the tracking website MarineTraffic.com, the ship is around 964 feet in length and more than 106 feet wide.
The capture of the vessel was made as the Trump administration is working to secure a peace deal with the Iranian regime before a two-week-long ceasefire ends on April 21.
The naval blockade, which is being enforced by U.S. Central Command, targets ships that are entering or exiting Iranian ports and will not impede on the freedom of navigation for ships transiting the Strait of Hormuz, a waterway that links the Persian Gulf with the broader ocean.
Trump said that U.S. negotiators will arrive in Pakistan on Monday evening for another set of talks with Iran. Several hours later, Iran had not confirmed it would attend.
The president also threatened to destroy civilian infrastructure in the country if it doesn’t take the deal that the administration is offering. Tehran has said it is preparing its military during the ceasefire.
Iran’s foreign ministry spokesman, Esmail Baghaei, said Sunday that the U.S. blockade of Iran’s ports and coastline is an act of aggression that violates the shaky Pakistani-mediated ceasefire between the two countries. (More)
IRAN WAR
Federal officials arrested an Iranian woman at the Los Angeles International Airport on Saturday night for allegedly brokering weapons for the Iranian regime.
Pain at the pump might not ease up for American consumers until 2027, according to Energy Secretary Chris Wright, who said that the price of a regular gallon of gas could stay above $3 for the rest of the year.
POLITICS
New York City Mayor Zohran Mamdani and former President Barack Obama had their first public meeting over the weekend, bringing together two influential figures in the Democratic Party from different generations.
Mamdani recently hosted a public forum with two noted economists, calling for a tax on the “super-rich.” The same day, the three men—Mamdani, Nobel laureate economist Joseph Stiglitz, and French economist Gabriel Zucman—co-signed a column in The Guardian describing inequality as a “global crisis” and demanding that billionaires pay their “fair share.”
Abdulhakim Idris in Virginia in 2021. (Courtesy of Abdulhakim Idris)
WORLD
A prominent Uyghur scholar who is a U.S. citizen was detained and deportedfrom Malaysia last month, in what rights advocates said is an illustration of how the Chinese regime silences its critics beyond its borders.
North Korea fired several short-range ballistic missiles that landed in waters off its east coast. The test came days after the UN nuclear watchdog expressed “deep concerns” over the regime’s nuclear program.
Two U.S. House Republicans are warning of the malign influence of the Chinese Communist Party, in response to the latest fake bomb threats that caused the cancellation of six Shen Yun performances in Toronto.
A recent meeting between Vietnamese Communist Party leader To Lam and CCP leader Xi Jinping shows Hanoi still views Beijing as a primary partner. But an analyst said that the Chinese regime’s growing economic ties and maritime “salami-slicing” tactics give it leverage to gradually erode Vietnam’s sovereignty.
OPINION
The Year America Stops Replacing Itself—by Mollie Engelhart (Read)
When Will Western Europe Wake Up?—by Christian Milord (Read)
Linh Mai, a 2-month-old Asian elephant, is fed a bottle of formula in her enclosure during a media preview event at the Smithsonian National Zoological Park in Washington on April 14, 2026. The new elephant was born Feb. 2 and is the first Asian elephant born at the zoo in 25 years. (Anna Moneymaker/Getty Images)
📷 Day in Photos: Midwest Tornado, Battle of Lexington, and Florida Fire (Look)
📝 Poetry: In ‘I Wandered Lonely as a Cloud’, William Wordsworth spells out how beauty brings the soul to higher contemplation.(Read)
💛 Inspiration: Why Some People Stay the Course While Others Burn Out (Read)
🎵 Music: Mozart’s Piano Quartet In G Minor (Listen)
Weakness is the enemy, and I’ve spent my career battling it. Almost every patient who has ever come into the clinic has demonstrated some degree of weakness, and with it often comes decreased safety and a decline in function. When weakness persists, it can become permanent. Battle it away, and you can help patients recover all or most of their former abilities.
It’s surprising how fast you can lose strength after a physical mishap or illness, or fall into a rut of not exercising and decreased activity. It can seem nearly impossible to regain muscle strength. Never fear, however, because I have a solution for you.
Exercises that encourage sustained resistance loading and movement repetition go a long way toward restoring your strength. The following exercises can efficiently accomplish exactly what we’re looking for.
They involve consistent, stable movements without fast transitions or balance challenges, making them accessible to most of us. They also provide an excellent workout for both your upper and lower body.
My patients generally tolerate these exercises well, but I suggest discussing them with your medical provider to ensure that they are right for you.
Note that all exercises mentioned in the article are accompanied by step-by-step instructions and video demonstrations.
Chair Dips—Chair dips can be performed using almost any firm seating surface and allow you to accurately focus on your shoulders, triceps, and pectoral muscles.
Chair Squats—While we’re in that chair, I have another excellent exercise for you: chair squats. With chair squats, you’re using the muscles of your legs and core to push yourself up out of a chair—repeatedly. (More)
🎲 Games
Spot the Difference is our readers’ favorite. Play it here.
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Gosar Refuses to Vote to Reauthorize Spy Legislation
This week I voted against advancing reauthorization of spy legislation known as FISA because it fails the most basic duty of government: protecting Americans’ rights first.
Despite months of efforts by other concerned conservative Members of Congress and me to improve the bill, the legislation brought to the floor for a vote in the wee hours of the night still allowed federal agencies to access Americans’ communications without a warrant. That is a direct violation of the Fourth Amendment and, if passed, ignored the changes I insisted be included in order to earn my support.
FISA was meant to target foreign threats, yet it continues to sweep up U.S. citizens’ data. Without a clear warrant requirement, this is not reform—it’s a rubber stamp for abuse. I will not support warrantless surveillance of Americans, hard stop.
The bill also ignored a critical issue: banning a central bank digital currency (CBDC). A CBDC would enable government monitoring and control of digital currency transactions. Combined with existing surveillance powers, it raises serious concerns about federal overreach. Congress had the chance to stop it and chose not to.
The process was just as troubling. This vote was pushed in the dead of night, when scrutiny is lowest. Nothing good happens after midnight in Washington, D.C. —especially when expanding government power. Rushing a complex surveillance bill at 2 AM undermines accountability and transparency.
As many of you know, I have opposed reauthorizing FISA since my first years in Congress. As I said in 2018: “In 2011, I was told to support FISA reauthorization because government agents had learned their lesson and would never abuse their power again. They said the same in 2012—and again in 2013, 2014, and every year after. You get the point. Nothing has changed.”
Americans deserve better than backroom deals and late-night votes on laws affecting their fundamental freedoms. Until there is a real warrant requirement, a clear ban on a surveillance-state CBDC, and a transparent process, I will continue to oppose FISA reauthorization. Protecting Americans—and their freedom—is not negotiable.
Gosar Introduces Legislation to End Culture of Corruption
This week,I introduced the “Stopping Wasteful Allowances for Lawmaker Wrongdoing and Ensuring Legal Liability Act,” or the SWALWELL Act—a direct strike against Washington’s culture of corruption and self-protection.
For too long, politicians have hidden misconduct behind closed doors while taxpayers foot the bill. That ends now. If a Member of Congress or staff breaks the law, they pay—not the public, and not in secret.
The SWALWELL Act bans taxpayer-funded settlements and requires offenders to pay out of pocket—no loopholes, no pass-throughs, no excuses. Lawmakers must certify under oath that no public funds were used.
It also brings transparency by creating a public, searchable database of settlements, including who paid, how much, and why—while protecting victims—and exposes taxpayer-funded payouts dating back to 1995.
Any potential criminal conduct must be referred to the Department of Justice—no NDAs, no internal deals, no delays. Washington will no longer police itself in secret. Violators face steep penalties, including at least double damages and ethics investigations enforced by the Attorney General.
This bill ends Washington’s two-tiered system and restores accountability: if you betray the public trust, you will be exposed and you will pay.
Explosive Revelations Confirm that Intel Community Coordinated with Congressional Democrats to Target Trump
New developments were revealed this week surrounding the bogus and politically-motivated 2019 impeachment of Donald Trump are raising serious concerns about the integrity of our intelligence institutions. Director of National Intelligence Tulsi Gabbard has issued criminal referrals to the Department of Justice involving the whistleblower and a former intelligence community watchdog, following the release of information that calls into question how the original complaint was initiated and advanced.
According to reports, the complaint that triggered impeachment proceedings against President Trump was based largely on fake information and was pushed forward outside standard protocols. Even more troubling are indications that the whistleblower had prior contact with congressional Democrats, suggesting the process may have been influenced by political coordination rather than objective fact-finding. This confirms what we all have known.
Taken together, these revelations point to the troubling fact that powerful government tools were abused to manufacture a politically motivated case against President Trump. That should concern every American, regardless of party. If elements within the prior administration and intelligence community were willing to bend the rules to target a political adversary, it represents a profound breach of trust.
The American people deserve full transparency and accountability. Our institutions must be reformed and safeguarded to ensure they serve the public—not partisan interests—and that this kind of abuse never happens again.
Gosar Announces 2026 Congressional Art Competition Winners
This weekend, I had the privilege of announcing the winners of Arizona’s Ninth Congressional District Art Competition at the Sigler Western Museum in Wickenburg—truly one of the best parts of being a Member of Congress.
Year after year, I’m blown away by the creativity, discipline, and raw talent these students bring to the table. Their work reflects not just artistic skill, but vision and dedication well beyond their years. Just as impressive are the parents and families who support and encourage these young artists every step of the way—you are an essential part of their success.
The winning student will have their artwork displayed in the U.S. Capitol for a year and be invited to Washington, D.C. for the national awards ceremony, while our second- and third-place winners will have their pieces showcased in my D.C. and district offices. All of our top artists will also receive scholarship support to continue pursuing their education.
Here are the winners:
Honorable Mention
Student Name: Valeria Alvarado Perez
Grade: 12th
School: Highland Prep School
Title of Piece: “Eyes of Vitality”
Medium: Graphite on Paper
3rdPlace Winner
Student Name: Edith Belsterling
Grade: 11th
School: St. John Paul II Catholic High School
Title of Piece: “Self Portrait”
Medium: Oil on Canvas
2ndPlace Winner
Student Name: Carmen Baker
Grade: 11th
School: Dysart High School
Title of Piece: “Lipstick on a Pig”
Medium: Acrylic
1stPlace Winner
Student Name: Kady Klatt
Grade: 11th
School: Lake Havasu High School
Title of Piece: “Portrait of Finn Wolfhard”
Medium: Charcoal
People’s Choice Winners (tie)
Two students each received 56 online votes out of 325 cast!
“Unblinking” by Farrah Doss and “Lipstick on a Pig” by Carmen Baker
A heartfelt thank you to the Sigler Western Museum for graciously hosting this special event, and to our dedicated judges for volunteering their time and expertise. And to every student who submitted their work—congratulations and thank you for sharing your incredible talent with us!
Gosar Hosts Passport Fair in Goodyear – You’re invited!
Join me for a convenient, one-stop opportunity to apply for your U.S. passport right here in Goodyear. This Passport Acceptance Fair is designed to make the process simple and accessible for individuals and families.
Whether you’re applying for the first time or assisting a minor, this event will have the resources and guidance you need. Be sure to bring the required documents, including your completed application, proof of citizenship, valid ID, and passport photo.
Don’t miss this opportunity to take the next step in your travel plans—we look forward to seeing you there! More information in the flyer above.
Tweet of the Week:
Photo of the Week:
📸 Dave Kiesling fromGoodyear, AZshares this amazing photo he describes as the sun meeting the summit of the Mule Deer Trail in White Tank Mountain Regional Park, west of Phoenix.Thanks for another great picture, Dave!
Do you want the chance for your photograph to be featured as our “Picture of the Week?” If so, send your best shots along with a brief description to Anthony.foti@mail.house.gov. Remember to include your name and where you live.
⚠ Warning!! The Gosar Weekly Newsletter is meant for discerning readers with above-average intelligence. We link to interesting stories. We get stories a couple different ways: Google alerts, a third-party aggregator and sometimes readers send stuff. We don’t vouch for every publication or every author. If we link to a story, it is because of that story. The views expressed in any of the publications do not represent any promotion, endorsement or reflection of Congressman Gosar’s views. While we try our best, we cannot guarantee every news organization spouting hatred, animosity or divisiveness will be filtered from appearing in the Gosar Weekly Newsletter. We will endeavor to prevent that from happening by never linking to Fake News organizations including CNN, MSNBC, CNBC, Rolling Stone, the Arizona Republic, the Arizona Mirror, Media Matters or the New Republic. WEBSITE | UNSUBSCRIBE | CONTACT MEShare on Facebook | Share on TwitterWashington, DC Office 2057 Rayburn HOB Washington, DC 20515 Phone: (202) 225-2315Goodyear 1300 S. Litchfield Road Suite 115-H Goodyear, AZ 85338 Phone: 623-707-0530
When you work with a team full of some of the best traders in the business, it doesn’t take long before someone uncovers something so simple… so repeatable… and so effective, it forces me to stop what I’m doing and pay attention.
That’s exactly what happened when Thomas Wood showed me the Opening Bell Trade he’s been using to pull triple-digit wins out of the market before most investors have even poured their second cup of coffee.
I’m talking about real trades that have delivered gains like:
113% on GOOGL 240% on META 70% on CAG 37% on MCD 139% on GLD
And here’s the part most people will never believe until they see it for themselves:
It’s one setup. One pattern. One repeatable moment that appears almost every morning.
By 10 AM, he’s done.
Most investors spend their entire lives chasing complicated systems, expensive software, or some mythical “perfect” strategy.
Meanwhile, the real edge – the one hiding in plain sight – has been sitting right at the market open.
We just finished putting everything about this breakthrough into a new report called The Opening Bell Trade Guide. It explains the setup, the timing, and why this window of the trading day continues to produce outsized opportunities for regular investors.
If you want a real shot at generating income from the market—without gambling, guessing, or sitting in front of your screen all day – this is where you start.
To your trading success,
Drew Day Founder & CEO Base Camp Trading
Featured Article
Why smart money is trimming broadcom
On the surface, nothing looks wrong.
Broadcom (AVGO) has been one of the cleanest winners in the AI buildout. Revenue is growing. Margins are holding. The stock has done exactly what you’d expect a core infrastructure name to do in this cycle.
And yet…
Aggregate hedge fund exposure just dropped by roughly 23.8% in the latest reporting period.
That’s not noise.
Here’s where it gets interesting.
When institutional ownership falls while price holds or rises, it usually isn’t a “bearish call.”
It’s a risk adjustment.
Broadcom’s fundamentals are still strong.
Annual revenue now tracking in the $50B+ range post-VMware integration
EBITDA margins sitting near 60%+, among the highest in semis
Free cash flow conversion consistently above 40% of revenue
Those are elite numbers.
This isn’t a company being sold because it’s weak.
It’s being trimmed because expectations are no longer cheap.
At current levels, Broadcom is trading closer to 28–32x forward earnings, depending on estimates. That multiple assumes continued AI-driven growth, stable hyperscaler demand, and clean execution on integration synergies.
That’s a lot to hold constant.
Slight tangent, but it matters.
Hedge funds don’t get paid for being right long-term.
They get paid for managing volatility along the way.
So when you see a ~24% reduction in aggregate holdings, it often reflects something simple:
The position worked…
and now it’s being resized relative to risk.
Back to Broadcom specifically.
There are two pressures building at the same time.
First — concentration risk.
A meaningful portion of Broadcom’s AI revenue is tied to a small number of hyperscaler customers. That’s powerful when demand is accelerating.
But it also means:
fewer buyers drive more of the growth
any slowdown hits harder
pricing power becomes more sensitive
Second — capex dependency.
Broadcom doesn’t control demand directly. It depends on hyperscaler spending cycles.
And those cycles are getting large.
We’re talking about $200–300 billion annuallyacross the major players.
That’s sustainable… until it isn’t.
So hedge funds start asking a different question.
Not: “Is Broadcom a winner?”
But: “How much of that win is already priced in?”
That’s where trimming shows up.
You can see it in positioning behavior.
Instead of outright selling, capital shifts:
some moves upstream into foundries like TSM
some rotates into equipment names like ASML
some hedges through sector ETFs
Not abandoning the theme.
Just redistributing exposure.
This is what late-stage momentum often looks like.
Strong fundamentals.
Rising price.
Declining marginal ownership.
It’s not bearish.
But it is a signal.
Because when large funds reduce exposure by 20%+, it means the easy part of the trade is likely behind.
From here, returns depend more on:
execution precision
sustained demand
and macro stability
That’s a narrower path.
So Broadcom isn’t “breaking.”
It’s transitioning.
From a high-conviction accumulation trade…
to a position that needs to justify its size every quarter.
And that’s where things tend to get more volatile.
Not because the story changes…
but because the expectations stop getting easier.
For informational purposes only. Not investment advice.
DISCLAIMER This message is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities. Always conduct your own due diligence. The views expressed are those of the author and do not necessarily reflect those of the sender. This is a paid advertisement. Sponsored emails like this may include promotional content from third-party advertisers. Options Trading Report is owned and operated by BMF Financial, LLC. We are not investment advisors. Your capital is at risk.
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The New Nokia: A Bullish Upgrade Ignites This Big AI Bet
Written by Jeffrey Neal Johnson on April 16, 2026
Key Points
Nokia has successfully transitioned into a key provider of essential optical hardware powering the global expansion of artificial intelligence.
Strategic acquisitions and partnerships with major technology leaders have enabled Nokia to capture significant market share from hyperscale customers.
Strong free cash flow generation and a robust balance sheet provide the financial flexibility needed to support long-term growth and shareholder returns.
A powerful reawakening is underway at Nokia Corporation (NYSE: NOK), and Wall Street is finally taking notice. In mid-April, Nokia’s stock price rose 9% in a single day to a new 52-week high of around $10.50, driven by trading volume that more than doubled its daily average. This price action looks different from an ordinary market rally; it appears to be a direct response to a major institutional catalyst that confirmed Nokia’s long-awaited strategic turnaround.
Because my research has led me to believe we’re risking World War 3 with Iran for a completely different reason.Click here to find out what it is.
Bank of America issued a healthy upgrade, shifting its rating on Nokia from Neutral to a confident Buy. The bank also set an ambitious new high-end price target of $12.40. This decisive move serves as an institutional validation, signaling that the market is beginning to look past Nokia’s history as a mobile phone maker.
The outdated perception is fading, replaced by the reality of a sharply focused technology firm that is now building the essential infrastructure for the age of artificial intelligence (AI). For investors who have watched the stock trade sideways for years, this shift may represent the beginning of a significant revaluation.
How Nokia Became the AI Supercycle’s Plumber
The bullish sentiment on Wall Street is firmly rooted in Nokia’s strategic pivot toward high-growth network infrastructure. Nokia’s 2025 financial results showcased the power of this new focus, particularly in its Optical Networks division, which posted an impressive 17% growth in the fourth quarter on a constant-currency basis. This segment is rapidly becoming Nokia’s growth engine.
In today’s digital economy, Nokia effectively serves as the plumber for the AI supercycle. Its optical hardware and advanced data center switching solutions form the high-speed nervous system for the internet, enabling the massive data centers that power cloud computing and generative AI to function. As AI models become more complex, the demand for the immense bandwidth and low-latency connections that Nokia’s hardware provides has exploded.
This strategic shift was deliberately engineered through two critical moves:
The Infinera Acquisition: Finalized in early 2025, this deal was transformative. It provided Nokia with the necessary scale and cutting-edge technology to compete for major contracts with North American hyperscalers, the tech giants that are in an arms race to build out global cloud capacity.
The NVIDIA Partnership: Announced in late 2025, this collaboration places Nokia at the forefront of the next technological frontier. The partnership is focused on co-developing AI-native networks and pioneering 6G technology, aiming to create networks that can think, sense, and act autonomously to support future demands.
This leadership in innovation has been consistently recognized. For the fifth consecutive year, industry analysis firm GigaOm has named Nokia a leader in data center switching, validating the quality and performance of its technology against competitors.
From Strategy to Shareholder Value
A compelling strategy is only valuable if it translates into strong financial performance. Nokia’s turnaround is firmly supported by a foundation of growing profitability, disciplined operational management, and a husky balance sheet.
Nokia’s full-year 2025 results provide clear evidence of this financial health. The company delivered a solid 2.0 billion euros (approximately $2.35 billion) in comparable operating profit and generated an impressive €1.5 billion (approx. $1.77 billion) in free cash flow. A standout metric in the report is Nokia’s free cash flow conversion rate of 72%, a key indicator of Nokia’s ability to efficiently convert accounting profits into spendable cash. Looking ahead, management has expressed confidence, guiding for a comparable operating profit of between €2.0 billion (approx. $2.35 billion) and €2.5 billion (around $2.95 billion) for 2026.
Nokia operates from a position of financial strength, holding a net cash balance of EUR 3.4 billion (about $4 billion). This fortress-like balance sheet, combined with a low debt-to-equity ratio of just 0.11, gives Nokia immense flexibility to invest in research and development, pursue strategic opportunities, and return capital to shareholders without taking on undue risk.
A crucial element of this financial story is management’s aggressive focus on cost discipline. Nokia is executing a major restructuring program designed to improve long-term profitability by achieving €400 million (approx. $471.5 million) in annual savings. While this involves a difficult but necessary workforce reduction, it is a proactive step to create a leaner, more agile organization. This ensures that as revenue from high-growth segments like Optical Networks increases, more of it will translate directly to the bottom line, enhancing shareholder value. Signaling its confidence in future cash generation, Nokia maintains a stable dividend yield of 0.9%.
A New Valuation for a New Nokia
Nokia has successfully navigated a complex and challenging transformation, shedding its legacy identity to emerge as a vital and indispensable supplier for the global AI infrastructure build-out. The recent bullish upgrade from a major Wall Street bank is not an endpoint but rather a starting pistol, signaling that the broader market is just beginning to recognize the depth of this change.
As this new reality becomes more widely understood, Nokia’s valuation by investors is poised for a significant shift. Nokia is no longer just a low-multiple telecom equipment vendor subject to the slow-moving cycles of carrier spending. It is increasingly being analyzed as a growth-oriented technology company with direct and growing exposure to the AI supercycle.
This transition creates a unique investment proposition. Nokia offers a compelling opportunity to gain exposure to the explosive growth of AI at a valuation that remains attractive. With a forward price-to-earnings ratio of approximately 30, it offers a more grounded entry point than many of the market’s high-flying AI stocks. As the market continues to recalibrate its expectations, investors will be closely watching the upcoming April 23 earningsreport for further confirmation that Nokia’s high-growth optical segment can continue to drive margin expansion and shareholder returns.
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