According to CNBC, Nokia CEO Justin Hotard said the tech industry could build data centers twice as fast if it were not constrained by supply shortages, including key memory chips and energy. He said that if customers could build 2x faster, they probably would, adding that he remains confident the AI buildout is still in its early stages. Hotard also said demand for AI is not limited to frontier labs such as Anthropic and OpenAI, and that the sector could make substantial progress even if no new frontier model were released in the next three years. Nokia, which sells technology used to connect chip racks inside data centers and link facilities across locations, has seen its stock rise about 130% over the past year.