{"id":218,"date":"2026-05-26T15:04:14","date_gmt":"2026-05-26T06:04:14","guid":{"rendered":"https:\/\/www.arphile.net\/?p=218"},"modified":"2026-05-26T15:24:59","modified_gmt":"2026-05-26T06:24:59","slug":"260526-%eb%85%b8%ed%82%a4%ec%95%84-%ec%8b%ac%ec%b8%b5-%eb%b6%84%ec%84%9d","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=218","title":{"rendered":"[260526] \ub178\ud0a4\uc544 \uc2ec\uce35 \ubd84\uc11d"},"content":{"rendered":"\n

\ub178\ud0a4\uc544 \uc2ec\uce35 \ubd84\uc11d: \uc778\uacf5\uc9c0\ub2a5(AI) \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98 \ud328\ub7ec\ub2e4\uc784 \uc804\ud658\uacfc \uae30\uc5c5 \uac00\uce58\uc758 \uad6c\uc870\uc801 \uc7ac\ud3c9\uac00<\/h3>\n\n\n\n

\uae00 \uc791\uc131 \uc2dc\uc810\uc758 \ub178\ud0a4\uc544 \uc8fc\uac00 \ubd84\uc11d\ud45c\ub97c \ucca8\ubd80\ud55c\ub2e4.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\uc774 \uac8c\uc2dc\ubb3c\uc744 \uc815\ub3c5\ud560 \ub54c \ud398\uc774\uc9c0\ub97c \ud558\ub098 \ub354 \ub744\uc6cc\uc11c \ub178\ub798\ub3c4 \uac19\uc774 \ub4e3\ub294\uac78 \ucd94\ucc9c\ud55c\ub2e4.<\/p>\n\n\n\n

\ub178\ud0a4\uc544\ube0c\ub9bf\uc9c0<\/a><\/p>\n\n\n\n

\uacbd\uc601\uc9c4\uc758 \uc790\uc2e0\uac10\uacfc, \uacbd\uc601\uc9c4\uc758 \uc790\uc0ac\uc8fc \uc801\uadf9 \ub9e4\uc785\uc744 \ubcf4\uba74 \ud68c\uc0ac\uac00 \uace7 \uc608\uc804\uc758 \uc601\uad11\uc744 \ucc3e\uc744 \uc218 \uc788\uc9c0 \uc54a\uc744\uae4c \ub77c\ub294 \uae30\ub300\uac00 \uc788\ub2e4.
\uadf8\uac83\uc774 \ub9dd\ud55c \ubaa8\ubc14\uc77c \ub514\ubc14\uc774\uc2a4\uc758 \uc601\uc5ed\uc774 \uc544\ub2cc \ud1b5\uc2e0\ub9dd\uc758 \uc601\uc5ed\uc774\ub77c\ub294\uac83\uc5d0\uc11c \ubcf4\ub2e4 \ub354 \uadfc\ubcf8\uc5d0 \uac00\uae4c\uc6b4 \ud68c\ubcf5\uc774 \uc544\ub2d0\uae4c \ub77c\ub294 \uc0dd\uac01 \ub610\ud55c \uacf5\uc874\ud55c\ub2e4.
\ubcf8 \ub9ac\ud3ec\ud2b8\ub294 AI\uc640 \ud568\uaed8 \ubd84\uc11d\ud55c \ub0b4\uc6a9\uc73c\ub85c, \ud22c\uc790 \ucc38\uace0\uc6a9\uc774\uba70, \ud310\ub2e8\uc758 \ucc45\uc784\uc740 \uac1c\uc778\uc5d0\uac8c \uc788\uc74c\uc744 \uc720\uc758\ud558\uae38 \ubc14\ub780\ub2e4.<\/p>\n\n\n\n

1. \ucd1d\uad04 \uc694\uc57d \ubc0f \ub178\ud0a4\uc544\uc758 \uad6c\uc870 \uc815\ub9ac<\/strong><\/h2>\n\n\n\n

\uc77c\ubc18 \ub300\uc911\uc758 \uc778\uc2dd \uc18d\uc5d0 \ub178\ud0a4\uc544(Nokia Oyj)\ub294 \uacfc\uac70 \uc804 \uc138\uacc4 \ud53c\ucc98\ud3f0 \uc2dc\uc7a5\uc744 \ud638\ub839\ud588\uc73c\ub098 \uc2a4\ub9c8\ud2b8\ud3f0 \ud328\ub7ec\ub2e4\uc784\uc758 \ubcf4\uae09\uacfc \ud568\uaed8 \uc2dc\uc7a5\uc5d0\uc11c \uc790\ucde8\ub97c \uac10\ucd98, \uc774\ub978\ubc14 \uae30\ud68c\ub97c \uc0c1\uc2e4\ud55c ‘\ubab0\ub77d\ud55c \ud734\ub300\uc804\ud654 \uc81c\uc870\uc0ac’\ub85c \uac01\uc778\ub418\uc5b4 \uc788\ub2e4. \ud558\uc9c0\ub9cc \uc774\ub7ec\ud55c \ub300\uc911\uc801 \ub099\uc778\uacfc \ub2ec\ub9ac, 1865\ub144 \ud540\ub780\ub4dc\uc758 \uc81c\uc9c0\uc5c5\uc73c\ub85c \ucd9c\ubc1c\ud558\uc5ec 1994\ub144 \uae00\ub85c\ubc8c \uc2dc\uc7a5\uc5d0 \uc0c1\uc7a5\ud55c \ub178\ud0a4\uc544\uc758 \ud604\uc7ac \ubcf8\uc9c8\uc740 \uc720\ubb34\uc120 \ud1b5\uc2e0 \uc7a5\ube44\uc640 \ucc28\uc138\ub300 \ub370\uc774\ud130\uc13c\ud130 \ub124\ud2b8\uc6cc\ud06c\ub9dd\uc744 \uc8fc\ub825 \uc0ac\uc5c5\uc73c\ub85c \uc601\uc704\ud558\ub294 \uc138\uacc4 \ucd5c\uace0 \uc218\uc900\uc758 B2B \ud1b5\uc2e0 \ubc0f \ub124\ud2b8\uc6cc\ud06c \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98 \uc120\ub3c4 \uae30\uc5c5\uc774\ub2e4. 2026\ub144 5\uc6d4 \uae30\uc900 \ub178\ud0a4\uc544\uc758 \uc2dc\uac00\ucd1d\uc561\uc740 \uacfc\uac70 \ud22c\uc790\uc790\ub4e4\uc758 \ubb34\uad00\uc2ec \uc18d\uc5d0 \uba38\ubb3c\ub800\ub358 400\uc5b5 \ub2ec\ub7ec \uc218\uc900\uc744 \ud6cc\uca4d \ub6f0\uc5b4\ub118\uc5b4 \uc57d 850\uc5b5 \ub2ec\ub7ec\uc5d0\uc11c 865\uc5b5 \ub2ec\ub7ec \uc218\uc900\uae4c\uc9c0 \ud33d\ucc3d\ud588\uc73c\uba70, \uc774\ub294 \uae30\uc5c5\uc758 \ub0b4\uc7ac \uac00\uce58\uc640 \uc7a0\uc7ac\ub825\uc774 \uc2dc\uc7a5\uc5d0\uc11c \uac15\ub825\ud558\uac8c \uc7ac\ud3c9\uac00\ubc1b\uace0 \uc788\uc74c\uc744 \ubc29\uc99d\ud55c\ub2e4.1<\/sup> \uc5d4\ube44\ub514\uc544(NVIDIA)\uc758 \ub300\uaddc\ubaa8 \ud22c\uc790\ub294 \ub9c8\uce58 \ubc29\ud669\ud558\ub358 \uc2dc\ub2c8\uc5b4 \ud1b5\uc2e0 \uae30\uc5c5\uc5d0\uac8c \uc778\uacf5\uc9c0\ub2a5\uc774\ub77c\ub294 \uac70\ub300\ud55c \uc2dc\ub300\uc801 \uae30\ud68c\ub97c \uc950\uc5ec\uc900 \ubd84\uc218\ub839\uc774 \ub418\uc5c8\uc73c\uba70, \ub178\ud0a4\uc544\ub294 \uc774 \uae30\ud68c\ub97c \ud3ec\ucc29\ud558\uc5ec AI \uc2dc\ub300\uc758 \ub370\uc774\ud130 \ub300\ub3d9\ub9e5\uc744 \ucc45\uc784\uc9c0\ub294 \ud575\uc2ec \ubca4\ub354\ub85c \uc644\ubcbd\ud788 \ud0c8\ubc14\uafc8\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\ubcf8 \ubcf4\uace0\uc11c\ub294 \ub178\ud0a4\uc544\uc758 \ucd5c\uc2e0 \uc0ac\uc5c5 \uad6c\uc870, 2026\ub144 1\ubd84\uae30 \uc7ac\ubb34 \uc2e4\uc801, \uc8fc\uac00 \ubcc0\ub3d9\uc131 \ubc0f \uc218\uae09 \ub9c8\uc774\ud06c\ub85c\uc2a4\ud2b8\ub7ed\ucc98, \ub3d9\uc885 \uc5c5\uacc4 \uc720\uc0ac \uae30\uc5c5\uacfc\uc758 \uc0c1\ub300 \uac00\uce58, \uadf8\ub9ac\uace0 \uc5d4\ube44\ub514\uc544\uc640\uc758 \uc804\ub7b5\uc801 \ud30c\ud2b8\ub108\uc2ed\uc744 \uc2ec\uce35\uc801\uc73c\ub85c \ubd84\uc11d\ud558\uc5ec \uc8fc\uc8fc \uad00\uc810\uc5d0\uc11c\uc758 \ud22c\uc790 \uc801\ud569\uc131\uc744 \ud3c9\uac00\ud55c\ub2e4.<\/p>\n\n\n\n

1.1. \ube44\uc988\ub2c8\uc2a4 \uad6c\uc870 \uac1c\ud3b8\uacfc \ud604\uc7ac\uc758 \uc0ac\uc5c5 \uc601\uc704 \uc601\uc5ed<\/strong><\/h3>\n\n\n\n

\ub178\ud0a4\uc544\ub294 2026\ub144 1\uc6d4 1\uc77c\uc744 \uae30\uc810\uc73c\ub85c \uae30\uc874\uc758 \ub2e4\uc18c \ubd84\uc0b0\ub418\uc5b4 \uc788\ub358 \uc0ac\uc5c5\ubd80\ub97c \ub450 \uac1c\uc758 \uac70\ub300\ud55c \ud575\uc2ec \ucd95\uc73c\ub85c \ud1b5\ud569 \ubc0f \uac1c\ud3b8\ud558\ub294 \uc804\ub7b5\uc801 \uad6c\uc870\uc870\uc815\uc744 \ub2e8\ud589\ud588\ub2e4.3<\/sup> \uc774\ub7ec\ud55c \uc120\uc81c\uc801 \uac1c\ud3b8\uc758 \uc8fc\ub41c \ubaa9\uc801\uc740 \uae30\ud558\uae09\uc218\uc801 \uc131\uc7a5\uc774 \uc608\uc0c1\ub418\ub294 AI \ubc0f \ud074\ub77c\uc6b0\ub4dc \uc778\ud504\ub77c \uc0ac\uc5c5\uacfc, \uc804\ud1b5\uc801\uc774\uace0 \uacbd\uae30 \uc21c\ud658\uc801\uc778 \ud1b5\uc2e0\uc0ac(Telco) \ub300\uc0c1\uc758 \ubaa8\ubc14\uc77c \ube44\uc988\ub2c8\uc2a4\ub97c \ubd84\ub9ac\ud558\uc5ec \uac01\uac01\uc758 \uc2dc\uc7a5 \ud2b8\ub80c\ub4dc\uc5d0 \ucd5c\uc801\ud654\ub41c \uc790\ubcf8 \ubc30\ubd84\uc744 \uc2e4\ud604\ud558\uae30 \uc704\ud568\uc774\ub2e4.3<\/sup><\/p>\n\n\n\n

\uccab \ubc88\uc9f8 \ucd95\uc778 \ub124\ud2b8\uc6cc\ud06c \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98(Network Infrastructure) \ubd80\ubb38\uc740 \uad11\ud1b5\uc2e0 \ub124\ud2b8\uc6cc\ud06c(Optical Networks), IP \ub124\ud2b8\uc6cc\ud06c, \uadf8\ub9ac\uace0 \uace0\uc815\ub9dd(Fixed Networks)\uc73c\ub85c \uad6c\uc131\ub41c\ub2e4. \ud2b9\ud788 2025\ub144 2\uc6d4 28\uc77c \uc131\uacf5\uc801\uc73c\ub85c \uc778\uc218\ub97c \ub9c8\ubb34\ub9ac\ud55c \uc778\ud53c\ub124\ub77c(Infinera)\uc758 \ub3c5\ubcf4\uc801\uc778 \uad11\ud559 \uae30\uc220\ub825\uc774 \uc774 \ubd80\ubb38\uc5d0 \uc644\uc804\ud788 \ud1b5\ud569\ub428\uc5d0 \ub530\ub77c, \ub178\ud0a4\uc544\ub294 \uba54\ud0c0, \ub9c8\uc774\ud06c\ub85c\uc18c\ud504\ud2b8 \ub4f1 \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\ub97c \uaca8\ub0e5\ud55c \ub370\uc774\ud130\uc13c\ud130 \uc0c1\ud638\uc5f0\uacb0(DCI: Data Center Interconnect) \uc2dc\uc7a5\uc5d0\uc11c \uc9c0\ubc30\uc801\uc778 \uc785\uc9c0\ub97c \uad6c\ucd95\ud558\uac8c \ub418\uc5c8\ub2e4.6<\/sup> \ub450 \ubc88\uc9f8 \ucd95\uc778 \ubaa8\ubc14\uc77c \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98(Mobile Infrastructure) \ubd80\ubb38\uc740 \ubb34\uc120 \ub77c\ub514\uc624 \uc561\uc138\uc2a4 \ub124\ud2b8\uc6cc\ud06c(RAN), \ucf54\uc5b4 \ub124\ud2b8\uc6cc\ud06c, \uadf8\ub9ac\uace0 6G \uc120\ud589 \uae30\uc220 \ubd80\ubb38\uc744 \ud3ec\uad04\ud558\uba70, \uae30\uc874 5G\ub9dd\uc758 \uc720\uc9c0\ubcf4\uc218 \ubc0f \ucc28\uc138\ub300 AI-RAN\uc758 \uc0c1\uc6a9\ud654\ub97c \uc8fc\ub3c4\ud558\uace0 \uc788\ub2e4.3<\/sup> \uc774\ub85c\uc368 \ub178\ud0a4\uc544\ub294 \ubb3c\ub9ac\uc801 \ud558\ub4dc\uc6e8\uc5b4 \uc0dd\uc0b0\ubd80\ud130 \ucd5c\uc0c1\uc704 \ub77c\uc6b0\ud305 \uc2e4\ub9ac\ucf58 \uae30\uc220\uae4c\uc9c0 \uc218\uc9c1\uacc4\uc5f4\ud654\ub97c \uc774\ub8e9\ud55c \ucc28\uc138\ub300 \ucef4\ud4e8\ud305 \uc7a5\ube44 \uacf5\uae09\uc0ac\ub85c \uac70\ub4ed\ub0ac\ub2e4.<\/p>\n\n\n\n

1.2. 2026\ub144 1\ubd84\uae30 \uc7ac\ubb34 \uc2e4\uc801 \uc694\uc57d<\/strong><\/h3>\n\n\n\n

2026\ub144 1\ubd84\uae30 \uc2e4\uc801\uc740 \ub178\ud0a4\uc544\uc758 \uad6c\uc870\uc801 \uccb4\uc9c8 \uac1c\uc120\uacfc AI \uc0ac\uc774\ud074\ub85c\uc758 \uc131\uacf5\uc801\uc778 \ud0d1\uc2b9\uc774 \uc2e4\uc81c \ud380\ub354\uba58\ud138 \uac1c\uc120\uc73c\ub85c \ubc1c\ud604\ub418\uace0 \uc788\uc74c\uc744 \uac15\ub825\ud788 \uc99d\uba85\ud588\ub2e4. 1\ubd84\uae30 \ube44\uad50\uac00\ub2a5(Comparable) \uc21c\ub9e4\ucd9c\uc740 44\uc5b5 9,700\ub9cc \uc720\ub85c\ub85c \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uace0\uc815 \ud658\uc728 \ubc0f \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc870\uc815 \uae30\uc900 4% \uc131\uc7a5\ud588\ub2e4.9<\/sup> \uc9c1\uc804 \ubd84\uae30\uc778 2025\ub144 4\ubd84\uae30 \ub300\ube44\ub85c\ub294 \uacc4\uc808\uc801 \uc694\uc778\uc73c\ub85c \uc778\ud574 \ub9e4\ucd9c\uc758 \uc808\ub300 \uaddc\ubaa8\uac00 \uac10\uc18c\ud558\uc600\uc73c\ub098, \uc804\ub144 \ub3d9\uae30\uc640 \ube44\uad50\ud560 \ub54c \ub9c8\uc9c4\uc728\uc758 \uadf9\uc801\uc778 \ud655\uc7a5\uc774 \uc2dc\uc7a5\uc758 \uc608\uc0c1\uc744 \ub6f0\uc5b4\ub118\uc5c8\ub2e4.<\/p>\n\n\n\n

\uc8fc\uc694 \uc7ac\ubb34 \uc9c0\ud45c (\ub2e8\uc704: \ubc31\ub9cc \uc720\ub85c)<\/strong><\/td>2026\ub144 1\ubd84\uae30 (Q1’26)<\/strong><\/td>2025\ub144 1\ubd84\uae30 (Q1’25)<\/strong><\/td>\uc804\ub144 \ub3d9\uae30 \ub300\ube44 \ubcc0\ud654\uc728 (YoY)<\/strong><\/td><\/tr>
\ube44\uad50\uac00\ub2a5 \uc21c\ub9e4\ucd9c (Net Sales)<\/td>4,497<\/td>4,390<\/td>+2% (\ubcf4\uace0 \uae30\uc900), +4% (\ube44\uad50\uac00\ub2a5 \uae30\uc900)<\/td><\/tr>
\ube44\uad50\uac00\ub2a5 \ucd1d\uc774\uc775\ub960 (Gross Margin)<\/td>45.5%<\/td>42.3%<\/td>+320bps<\/td><\/tr>
\ube44\uad50\uac00\ub2a5 \uc601\uc5c5\uc774\uc775 (Operating Profit)<\/td>281<\/td>182<\/td>+54%<\/td><\/tr>
\ube44\uad50\uac00\ub2a5 \uc601\uc5c5\uc774\uc775\ub960 (Operating Margin)<\/td>6.2%<\/td>4.2%<\/td>+200bps<\/td><\/tr>
\ubcf4\uace0 \uae30\uc900 \ud76c\uc11d \uc8fc\ub2f9\uc21c\uc774\uc775 (EPS)<\/td>\u20ac0.02<\/td>-\u20ac0.01<\/td>\ud751\uc790 \uc804\ud658<\/td><\/tr>
\ube44\uad50\uac00\ub2a5 \ud76c\uc11d \uc8fc\ub2f9\uc21c\uc774\uc775 (EPS)<\/td>\u20ac0.05<\/td>\u20ac0.03<\/td>+67%<\/td><\/tr>
\uc789\uc5ec\ud604\uae08\ud750\ub984 (Free Cash Flow)<\/td>629<\/td>–<\/td>\ud751\uc790 \uc804\ud658 \ubc0f \ud604\uae08 \ucc3d\ucd9c\ub825 \ud655\ub300<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\ud45c\uc5d0\uc11c \ub098\ud0c0\ub098\ub4ef 1\ubd84\uae30 \ube44\uad50\uac00\ub2a5 \ucd1d\uc774\uc775\ub960(Gross Margin)\uc740 45.5%\ub85c \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \ubb34\ub824 320bps \uc0c1\uc2b9\ud588\uc73c\uba70, \uc601\uc5c5\uc774\uc775\ub960(Operating Margin) \uc5ed\uc2dc 6.2%\ub85c 200bps \ud655\ub300\ub418\uc5c8\ub2e4.8<\/sup> \uc774\ub7ec\ud55c \uc804\uc0ac\uc801 \ud638\uc2e4\uc801\uc744 \uacac\uc778\ud55c \ud575\uc2ec \ub3d9\ub825\uc740 \ub2e8\uc5f0 \uad11\ud1b5\uc2e0 \ub124\ud2b8\uc6cc\ud06c \ubd80\ubb38\uc774\uc5c8\ub2e4. \uad11\ud1b5\uc2e0 \ubd80\ubb38\uc740 AI \ubc0f \ud074\ub77c\uc6b0\ub4dc \uace0\uac1d\ub4e4\uc758 \ub370\uc774\ud130\uc13c\ud130 \uad6c\ucd95 \uc218\uc694 \ud3ed\ubc1c\uc5d0 \ud798\uc785\uc5b4 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 20%\uc758 \ud3ed\ubc1c\uc801\uc778 \ub9e4\ucd9c \uc131\uc7a5\uc744 \uae30\ub85d\ud588\ub2e4.9<\/sup> \ubc18\uba74 \uace0\uc815\ub9dd \ubd80\ubb38\uc740 \uc758\ub3c4\uc801\uc778 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc870\uc815\uc758 \uc5ec\ud30c\ub85c 13% \uc5ed\uc131\uc7a5\ud588\uc73c\ub098, \uc774\ub294 \uc7a5\uae30\uc801\uc778 \uc774\uc775 \uad6c\uc870 \uac1c\uc120\uc744 \uc704\ud55c \uacfc\ub3c4\uae30\uc801 \ud604\uc0c1\uc73c\ub85c \ud310\ub2e8\ub41c\ub2e4.10<\/sup><\/p>\n\n\n\n

2. \ub178\ud0a4\uc544\uc758 2026\ub144 1\ubd84\uae30 \uc2e4\uc801\uc758 \uad6c\uc870\uc801 \ubd84\ud574 \ubc0f \ub9c8\uc9c4 \ubd84\uc11d<\/strong><\/h2>\n\n\n\n

2026\ub144 1\ubd84\uae30\uc758 \uc0c1\uc138 \uc7ac\ubb34 \uc131\uacfc\ub97c \uad6c\uc870\uc801\uc73c\ub85c \ubd84\ud574\ud574\ubcf4\uba74, \ub178\ud0a4\uc544\uac00 \uacfc\uac70 \uc218\uc2ed \ub144\uac04 \uc5bd\ub9e4\uc5ec \uc788\ub358 \uc804\ud1b5\uc801\uc778 \ud1b5\uc2e0\uc0ac(Telco) \uc790\ubcf8\uc801 \uc9c0\ucd9c(CAPEX) \uc758\uc874\ub3c4\uc5d0\uc11c \ubc97\uc5b4\ub098 \ube45\ud14c\ud06c \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\ub4e4\uc758 \ud3ed\ubc1c\uc801\uc778 AI \uc778\ud504\ub77c \ud22c\uc790 \uc0ac\uc774\ud074\ub85c \uc131\uc7a5 \ub3d9\ub825\uc744 \uc644\ubcbd\ud558\uac8c \uc774\uc804\ud558\uace0 \uc788\uc74c\uc744 \ud655\uc778\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n\n

2.1. \uc0ac\uc5c5 \ubd80\ubb38\ubcc4 \uc131\uc7a5 \ub2e4\uc774\ub0b4\ubbf9\uc2a4 \ubc0f AI \uc218\uc8fc \ud3ed\ubc1c<\/strong><\/h3>\n\n\n\n

\ub9e4\ucd9c \uad6c\uc870\uc758 \uadfc\ubcf8\uc801\uc778 \ubcc0\ud654\ub294 \uace0\uac1d \uc720\ud615\ubcc4 \ub9e4\ucd9c \ucd94\uc774\uc5d0\uc11c \uba85\ud655\ud558\uac8c \uad00\ucc30\ub41c\ub2e4. 1\ubd84\uae30 \ud1b5\uc2e0\uc0ac \ub300\uc0c1 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 2% \uac10\uc18c\ud558\uba70 5G \ud22c\uc790\uc758 \uc815\uccb4\uae30\ub97c \ubc18\uc601\ud55c \ubc18\uba74, AI \ubc0f \ud074\ub77c\uc6b0\ub4dc \uace0\uac1d \ub300\uc0c1 \ub9e4\ucd9c\uc740 \ubb34\ub824 49% \ud3ed\ub4f1\ud588\ub2e4.11<\/sup> \uc774\ub294 \ub9c8\uc774\ud06c\ub85c\uc18c\ud504\ud2b8, \uad6c\uae00, \uc544\ub9c8\uc874, \uba54\ud0c0 \ub4f1 \uae00\ub85c\ubc8c \ube45\ud14c\ud06c \uae30\uc5c5\ub4e4\uc774 \uac70\ub300\ud55c \ub300\uaddc\ubaa8 \uc5b8\uc5b4 \ubaa8\ub378(LLM)\uc744 \ud6c8\ub828\uc2dc\ud0a4\uae30 \uc704\ud574 \uc218\uc2ed\ub9cc \uac1c\uc758 GPU\ub97c \uc5f0\uacb0\ud574\uc57c \ud558\uace0, \uc774\ub97c \ub4b7\ubc1b\uce68\ud558\uae30 \uc704\ud55c \ub370\uc774\ud130\uc13c\ud130 \uc0c1\ud638\uc5f0\uacb0(DCI) \uc7a5\ube44 \uc218\uc694\uac00 \uae30\ud558\uae09\uc218\uc801\uc73c\ub85c \ud33d\ucc3d\ud558\uace0 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4.12<\/sup><\/p>\n\n\n\n

\ub178\ud0a4\uc544\ub294 \uc774\ub7ec\ud55c \uac15\ub825\ud55c \uc804\ubc29 \uc218\uc694\uc5d0 \ub300\uc751\ud558\uc5ec 2026\ub144 \uc804\uccb4 \ub124\ud2b8\uc6cc\ud06c \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98 \ubd80\ubb38\uc758 \uc5f0\uac04 \ub9e4\ucd9c \uc131\uc7a5 \uac00\uc774\ub358\uc2a4\ub97c \uae30\uc874 6~8%\uc5d0\uc11c 12~14%\ub85c \ub300\ud3ed \uc0c1\ud5a5 \uc870\uc815\ud588\uc73c\uba70, \uc774 \uc911 \uad11\ud1b5\uc2e0 \ubc0f IP \ub124\ud2b8\uc6cc\ud06c \ubd80\ubb38\uc758 \uc131\uc7a5 \uac00\uc774\ub358\uc2a4\ub294 18~20%\ub85c \ud06c\uac8c \ub192\uc600\ub2e4.5<\/sup> \uc131\uc7a5\uc744 \ub2f4\ubcf4\ud558\ub294 \uac00\uc7a5 \ud655\uc2e4\ud55c \uc9c0\ud45c\uc778 \uc218\uc8fc \uc794\uace0(Backlog) \uce21\uba74\uc5d0\uc11c\ub3c4 \uad04\ubaa9\ud560 \ub9cc\ud55c \uc131\uacfc\uac00 \ud655\uc778\ub41c\ub2e4. 1\ubd84\uae30\uc5d0\ub9cc AI \ubc0f \ud074\ub77c\uc6b0\ub4dc \ubd84\uc57c\uc5d0\uc11c 10\uc5b5 \uc720\ub85c \uaddc\ubaa8\uc758 \uc2e0\uaddc \uc8fc\ubb38\uc774 \uc3df\uc544\uc838 \ub4e4\uc5b4\uc624\uba70 \uc218\uc8fc \ucd9c\ud558 \ube44\uc728(Book-to-Bill Ratio)\uc774 1\uc744 \ucd08\uacfc\ud588\ub2e4.13<\/sup> \ud604\uc7ac \ucd08\uace0\uc131\ub2a5 \ub514\uc9c0\ud138 \uc2e0\ud638 \ucc98\ub9ac\uae30(DSP) \uae30\ubc18 \uc2e0\ud615 \uad11\ud559 \uc81c\ud488\uc758 \uacbd\uc6b0 \uc2dc\uc7a5\uc758 \uc218\uc694 \ud3ed\uc99d\uc73c\ub85c \uc778\ud574 \ucd9c\ud558 \ub300\uae30 \uc2dc\uac04(Lead Time)\uc774 2027\ub144\uae4c\uc9c0 \uae38\uc5b4\uc9c0\ub294 \ub4f1 \ubcd1\ubaa9 \ud604\uc0c1\uc774 \ubc1c\uc0dd\ud560 \uc815\ub3c4\ub85c \uc774\ub840\uc801\uc778 \ud638\ud669\uc744 \ub204\ub9ac\uace0 \uc788\ub2e4.13<\/sup><\/p>\n\n\n\n

\ub354\ubd88\uc5b4 \uc720\ub7fd \uc9c0\uc5ed\uc744 \uc911\uc2ec\uc73c\ub85c \ud654\uc6e8\uc774 \ubc0f ZTE \ub4f1 \uc911\uad6d\uc0b0 \ud1b5\uc2e0 \uc7a5\ube44\ub97c \ubcf4\uc548 \uc774\uc288\ub85c \ud1f4\ucd9c\uc2dc\ud0a4\uace0 \uc774\ub97c \uc790\uc0ac \uc7a5\ube44\ub85c \uad50\uccb4\ud558\ub294 \uac70\ub300 \ud504\ub85c\uc81d\ud2b8 \ubb3c\ub7c9\ub4e4\uc774 \ubc31\ub85c\uadf8\uc5d0 \ub2e4\uc218 \ud3b8\uc785\ub418\uc5b4 \uc788\uc73c\uba70, \uae30\uc874 1\ubd84\uae30\uc5d0 13% \ud558\ub77d\ud558\uba70 \ubd80\uc9c4\ud588\ub358 \uace0\uc815\ub9dd \ub9e4\ucd9c\uc744 \uace0\ubd80\uac00 \uac00\uce58\uc758 \uad11\uc12c\uc720 \uc0ac\uc5c5\uc73c\ub85c \uc804\ud658\ud558\ub294 \uc219\uc81c \ub610\ud55c \uc21c\uc870\ub86d\uac8c \uc9c4\ud589\ub418\uace0 \uc788\ub2e4.10<\/sup> \uc774\ucc98\ub7fc \ub2e4\ubcc0\ud654\ub418\uace0 \uac15\ub825\ud55c \ubc31\ub85c\uadf8\ub294 \ud68c\uc0ac\uac00 \ud5a5\ud6c4 \uc218 \ubd84\uae30\uc5d0 \uac78\uccd0 \ub9c9\ub300\ud55c \uc774\uc775\uc744 \uc9c0\uc18d\uc801\uc73c\ub85c \ucc3d\ucd9c\ud560 \uac83\uc774\ub77c\ub294 \ud655\uc2e0\uc744 \uc81c\uacf5\ud55c\ub2e4.<\/p>\n\n\n\n

2.2. \ub9c8\uc9c4 \ud655\uc7a5\uc758 \uadfc\ubcf8 \uc6d0\uc778\uacfc \uc778\ud53c\ub124\ub77c \ud569\ubcd1 \uc2dc\ub108\uc9c0\uc758 \ubc1c\ud604<\/strong><\/h3>\n\n\n\n

\ub178\ud0a4\uc544\uac00 1\ubd84\uae30\uc5d0 \ubcf4\uc5ec\uc900 320bps\uc758 \ucd1d\uc774\uc775\ub960 \uac1c\uc120(42.3%\uc5d0\uc11c 45.5%\ub85c \uc0c1\uc2b9)\uacfc 54%\uc5d0 \ub2ec\ud558\ub294 \uc601\uc5c5\uc774\uc775 \uc99d\uac00\ub294 \uc77c\uc2dc\uc801 \ube44\uc6a9 \ud1b5\uc81c\uc758 \uacb0\uacfc\uac00 \uc544\ub2c8\ub2e4.9<\/sup> \uc774\ub294 \uadfc\ubcf8\uc801\uc778 \uc81c\ud488 \ubbf9\uc2a4(Product Mix) \uac1c\uc120\uc5d0 \uae30\uc778\ud55c\ub2e4. \ub2e8\uac00\uac00 \ub0ae\uace0 \ub9c8\uc9c4\uc774 \ubc15\ud55c \ud558\ub4dc\uc6e8\uc5b4 \ub2e8\ud488\uc758 \ud310\ub9e4 \ube44\uc911\uc774 \ucd95\uc18c\ub41c \ub300\uc2e0, \ub9c8\uc9c4\uc728\uc774 \uc6d4\ub4f1\ud788 \ub192\uc740 \ud575\uc2ec \uc18c\ud504\ud2b8\uc6e8\uc5b4 \uc194\ub8e8\uc158(Core Software \ubd80\ubb38 5% \uc131\uc7a5, Technology Standards \ubd80\ubb38 10% \uc131\uc7a5)\uacfc \ud558\uc774\uc5d4\ub4dc \uad11\ud559 DSP \uce69\uc758 \ud310\ub9e4\uac00 \uc9c0\ubc30\uc801\uc73c\ub85c \uc99d\uac00\ud588\ub2e4.10<\/sup> \uc544\uc6b8\ub7ec \uc804\ub144 \ub3d9\uae30 \uc2e4\uc801\uc744 \uc9d3\ub20c\ub800\ub358 \uc77c\ud68c\uc131 \uacc4\uc57d \uc815\uc0b0 \ube44\uc6a9 \ubc0f \uc778\ub3c4 \ud1b5\uc2e0\uc0ac \uad00\ub828 \uc9c0\ubd84 \ud3c9\uac00\uc190\uc2e4 \ub4f1\uc758 \uae30\uc800\ud6a8\uacfc\uac00 \uc18c\uba78\ub41c \uac83\ub3c4 \ub9c8\uc9c4\uc728 \uc815\uc0c1\ud654\uc5d0 \uae30\uc5ec\ud588\ub2e4.8<\/sup><\/p>\n\n\n\n

\ud2b9\ud788 \uc8fc\ubaa9\ud574\uc57c \ud560 \ub300\ubaa9\uc740 2025\ub144 2\uc6d4 28\uc77c \uc131\uacf5\uc801\uc73c\ub85c \uc778\uc218 \uc808\ucc28\ub97c \uc644\ub8cc\ud55c \uc778\ud53c\ub124\ub77c(Infinera) \ud1b5\ud569 \uc791\uc5c5\uc758 \ucd08\uae30 \uc131\uacfc\ub2e4.6<\/sup> \ubb3c\ub9ac\uc801\uc778 \ud569\ubcd1\uc740 \uc870\uae30\uc5d0 \uc644\ub8cc\ub418\uc5c8\uc73c\ub098 \uc81c\ud488 \ub77c\uc778\uc5c5\uacfc \uc870\uc9c1 \uc735\ud569 \uacfc\uc81c\uac00 \ub0a8\uc544\uc788\ub294 \uc0c1\ud669\uc5d0\uc11c, \uacbd\uc601\uc9c4\uc740 \ub2f9\ucd08 \uc608\uc0c1\ubcf4\ub2e4 \ud1b5\ud569 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\uac00 \ube60\ub974\uac8c \ubc1c\ud604\ub418\uace0 \uc788\ub2e4\uace0 \ubc1d\ud614\ub2e4.15<\/sup> \ub178\ud0a4\uc544\ub294 \uc778\ud53c\ub124\ub77c \uc778\uc218\ub97c \ud1b5\ud574 2027\ub144\uae4c\uc9c0 \uc810\uc9c4\uc801\uc73c\ub85c \uc5f0\uac04 2\uc5b5 \uc720\ub85c \uc774\uc0c1\uc758 \uc21c\ube44\uad50\uac00\ub2a5 \uc601\uc5c5\uc774\uc775 \uc2dc\ub108\uc9c0\ub97c \ub2ec\uc131\ud558\uace0 10% \uc774\uc0c1\uc758 \ud76c\uc11d EPS \uc0c1\uc2b9\ud6a8\uacfc\ub97c \ub0b4\uaca0\ub2e4\ub294 \ubaa9\ud45c\ub97c \uc7ac\ud655\uc778\ud588\ub2e4.16<\/sup> \ub178\ud0a4\uc544\uc758 \uac15\ub825\ud55c 3nm \ub77c\uc6b0\ud305 \uc2e4\ub9ac\ucf58 \uae30\uc220 \uc5ed\ub7c9\uacfc \uc778\ud53c\ub124\ub77c\uac00 \ubcf4\uc720\ud55c \ubbf8\uad6d \uc0b0\ud638\uc138 \uc790\uccb4 \ud339 \uae30\ubc18\uc758 \uc778\ud654\uc778\ub4d0(InP) \ucf54\ud788\ub7f0\ud2b8 \uad11\ud559 \uc81c\uc870 \ub2a5\ub825\uc774 \ubb3c\ub9ac\uc801\uc73c\ub85c \uacb0\ud569\ub418\uba74\uc11c, \uc0dd\uc0b0 \uc218\uc9c1\uacc4\uc5f4\ud654\ub97c \ud1b5\ud55c \uace0\uc815\ube44 \uc808\uac10 \ub808\ubc84\ub9ac\uc9c0\uac00 \uc601\uc5c5\uc774\uc775\ub960 \uac1c\uc120\uc73c\ub85c \uc9c1\uacb0\ub418\uace0 \uc788\ub294 \uac83\uc774\ub2e4.17<\/sup><\/p>\n\n\n\n

3. \uc8fc\uac00 \ubcc0\ub3d9\uc131 \ubc0f \uc218\uae09 \uad6c\uc870 \ubd84\uc11d<\/strong><\/h2>\n\n\n\n

\ub178\ud0a4\uc544\uc758 \uc8fc\uc2dd\uc740 \ud540\ub780\ub4dc \ud5ec\uc2f1\ud0a4 \uc99d\uad8c\uac70\ub798\uc18c(HE:NOKIA)\uc5d0 \uc77c\ubc18 \ubcf8\uc8fc \ud615\ud0dc\ub85c \uc0c1\uc7a5\ub418\uc5b4 \uc788\uc73c\uba70, \uc774\uc640 \ub3d9\uc2dc\uc5d0 \ubbf8\uad6d \ub274\uc695\uc99d\uad8c\uac70\ub798\uc18c(NYSE:NOK)\uc5d0 \ubbf8\uad6d \uc8fc\uc2dd\uc608\ud0c1\uc99d\uc11c(ADR) \ud615\ud0dc\ub85c \uad50\ucc28 \uc0c1\uc7a5\ub418\uc5b4 \uc788\ub2e4.18<\/sup> \ub178\ud0a4\uc544 ADR\uc740 \ubcf8\uc8fc 1\uc8fc\ub2f9 ADR 1\uc8fc\uc758 1:1 \uad50\ud658 \ube44\uc728\uc744 \uac16\ub294\ub2e4.20<\/sup> \uc774 \ub450 \uc2dc\uc7a5 \uac04\uc5d0 \ud615\uc131\ub418\ub294 \uac70\ub798 \ud328\ud134\uc758 \uad34\ub9ac\uc640 \uc218\uae09 \ub9c8\uc774\ud06c\ub85c\uc2a4\ud2b8\ub7ed\ucc98(Microstructure)\ub294 \ucd5c\uadfc \ub178\ud0a4\uc544 \uc8fc\uac00\uc758 \uadf9\uc2ec\ud55c \ubcc0\ub3d9\uc131\uc744 \ud574\uc11d\ud558\ub294 \uac00\uc7a5 \uc911\uc694\ud55c \uc5f4\uc1e0\ub2e4.<\/p>\n\n\n\n

3.1. \ud5ec\uc2f1\ud0a4 \ubcf8\uc8fc\uc640 \ub274\uc695 ADR \uac04\uc758 \uc720\ub3d9\uc131 \ube44\ub300\uce6d \uba54\ucee4\ub2c8\uc998<\/strong><\/h3>\n\n\n\n

\ud540\ub780\ub4dc\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \uc720\ub7fd \uae30\uc5c5\uc784\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc2e4\uc9c8\uc801\uc778 \uc8fc\uac00 \ubc29\ud5a5\uc131\uc744 \uacb0\uc815\uc9d3\ub294 \uc720\ub3d9\uc131\uacfc \uac00\uaca9 \ubc1c\uacac(Price Discovery)\uc758 \uc911\ucd94 \uae30\ub2a5\uc740 \ud5ec\uc2f1\ud0a4\uac00 \uc544\ub2cc \ubbf8\uad6d \ub274\uc695\uc99d\uad8c\uac70\ub798\uc18c\uc5d0 \uc644\uc804\ud788 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4. 2026\ub144 5\uc6d4 \uae30\uc900 \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74, \ub274\uc695\uc99d\uad8c\uac70\ub798\uc18c\uc5d0\uc11c \uac70\ub798\ub418\ub294 \ub178\ud0a4\uc544 ADR\uc758 \uc77c\uc77c \uac70\ub798\ub7c9\uc740 \ucd5c\uc18c 4,000\ub9cc \uc8fc\uc5d0\uc11c \ucd5c\ub300 1\uc5b5 5,000\ub9cc \uc8fc\uc5d0 \uc721\ubc15\ud558\ub294 \uc5c4\uccad\ub09c \uc720\ub3d9\uc131\uc744 \uc790\ub791\ud55c\ub2e4.23<\/sup> \ubc18\uba74, \ud5ec\uc2f1\ud0a4 \ubcf8\uc8fc\uc758 \uc77c\uc77c \uac70\ub798\ub7c9\uc740 \ud3c9\uade0 400\ub9cc \uc8fc\uc5d0\uc11c 600\ub9cc \uc8fc \ub0b4\uc678\uc5d0 \ubd88\uacfc\ud558\uc5ec \ub450 \uc2dc\uc7a5 \uac04\uc758 \uac70\ub798\ub7c9 \ucc28\uc774\uac00 \ucd5c\uc18c 10\ubc30\uc5d0\uc11c \ucd5c\ub300 20\ubc30 \uc774\uc0c1 \ubc8c\uc5b4\uc9c0\ub294 \uadf9\ub2e8\uc801\uc778 \ube44\ub300\uce6d\uc744 \ubcf4\uc5ec\uc900\ub2e4.24<\/sup><\/p>\n\n\n\n

\uac70\ub798 \uc2dc\uc7a5 \uad6c\ubd84<\/strong><\/td>2026\ub144 5\uc6d4 \ud3c9\uade0 \uc77c\uc77c \uac70\ub798\ub7c9<\/strong><\/td>\uc720\ub3d9\uc131 \uc810\uc720\uc728<\/strong><\/td>\uc8fc\uc694 \ud22c\uc790 \uc8fc\uccb4<\/strong><\/td><\/tr>
\ubbf8\uad6d \ub274\uc695\uc99d\uad8c\uac70\ub798\uc18c (NYSE: NOK ADR)<\/td>\uc57d 1\uc5b5 2,772\ub9cc \uc8fc<\/td>90% \uc774\uc0c1<\/td>\uae00\ub85c\ubc8c \ud5e4\uc9c0\ud380\ub4dc, AI \ud328\uc2dc\ube0c ETF, \uc815\ubcf4 \uae30\ubc18 \uae30\uad00 \ud22c\uc790\uc790, \ubbf8\uad6d \ub9ac\ud14c\uc77c<\/td><\/tr>
\ud540\ub780\ub4dc \ud5ec\uc2f1\ud0a4 \uc99d\uad8c\uac70\ub798\uc18c (HE: NOKIA)<\/td>\uc57d 630\ub9cc \uc8fc<\/td>10% \ubbf8\ub9cc<\/td>\ud540\ub780\ub4dc \uad6d\ub0b4 \uc5f0\uae30\uae08, \ubc30\ub2f9 \uc9c0\ud5a5\ud615 \ud328\uc2dc\ube0c \ud380\ub4dc, \uc720\ub3d9\uc131 \uacf5\uae09\uc790<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\uc774\ub7ec\ud55c \ub9c9\ub300\ud55c \uc720\ub3d9\uc131 \ubd88\uade0\ud615\uc740 \ud559\uc220\uc801 \ubbf8\uc2dc\uad6c\uc870 \uc5f0\uad6c\uc778 ‘\uc624\ud1a0\ub808\uadf8\ub808\uc2dc\ube0c \uc870\uac74\ubd80 \uc9c0\uc18d\uae30\uac04(ACD: Autoregressive Conditional Duration) \ud504\ub808\uc784\uc6cc\ud06c’ \ubd84\uc11d\uc5d0\uc11c\ub3c4 \ub69c\ub837\ud558\uac8c \uc99d\uba85\ub41c\ub2e4.27<\/sup> \uc5f0\uad6c \uacb0\uacfc\uc5d0 \ub530\ub974\uba74 \ubbf8\uad6d \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uac70\ub798\ub7c9\uc774 \uae09\uc99d\ud560 \ub54c \uc8fc\uac00 \ubcc0\ub3d9\uc758 \uc2dc\uac04\uc801 \uac04\uaca9(Price Duration)\uc774 \uc720\uc758\ubbf8\ud558\uac8c \ub2e8\ucd95\ub418\uba70 \uac00\uaca9\uc5d0 \uc0c8\ub85c\uc6b4 \ube44\uacf5\uac1c \uc815\ubcf4(Private Information)\uac00 \uc989\uac01\uc801\uc73c\ub85c \ubc18\uc601\ub418\ub294 \ubc18\uba74, \ud5ec\uc2f1\ud0a4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc774\ub7ec\ud55c \uc778\uacfc\uad00\uacc4\uac00 \uc131\ub9bd\ud558\uc9c0 \uc54a\uc558\ub2e4.27<\/sup> \uc774\ub294 \ub178\ud0a4\uc544\uc5d0 \ub300\ud55c \uc120\ub3c4\uc801\uc778 \uc815\ubcf4 \uc6b0\uc704\ub97c \uc9c0\ub2cc \uae00\ub85c\ubc8c \ud380\ub4dc\uc640 \uae30\uad00 \ud22c\uc790\uc790(Informed Investors)\ub4e4\uc774 \uc555\ub3c4\uc801\uc778 \uc720\ub3d9\uc131\uc744 \uc81c\uacf5\ud558\ub294 \ubbf8\uad6d ADR \uc2dc\uc7a5\uc744 \uc8fc\ubb34\ub300\ub85c \ud65c\uc6a9\ud558\uba70, \ud5ec\uc2f1\ud0a4 \uc2dc\uc7a5\uc740 \uae30\uacc4\uc801\uc778 \uc720\ub3d9\uc131 \uc9c0\ud5a5(Liquidity-oriented) \uac70\ub798\uc5d0 \uba38\ubb3c\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.29<\/sup><\/p>\n\n\n\n

3.2. \uae30\uad00 \uc218\uae09\uc758 \ud3ed\ubc1c\uacfc \uc8fc\uac00 \ub7a0\ub9ac\ub97c \uacac\uc778\ud558\ub294 \ucd09\ub9e4<\/strong><\/h3>\n\n\n\n

2026\ub144 \ub4e4\uc5b4 \ub178\ud0a4\uc544\uc758 \uc8fc\uac00\ub294 \uac15\ub825\ud55c \ub7a0\ub9ac\ub97c \ud3bc\uce58\uba70 5\uc6d4 \uae30\uc900 \uc8fc\ub2f9 $15.47 \uc218\uc900\uae4c\uc9c0 \uce58\uc19f\uc558\uace0, \uc774\uc5d0 \ub530\ub77c \uc2dc\uac00\ucd1d\uc561\uc740 \uacfc\uac70 416\uc5b5 \ub2ec\ub7ec\ub85c \ud3c9\uac00\ubc1b\ub358 \uc2e4\uae30\uc5c5\uac00\uce58\ub97c \ud6e8\uc52c \ub6f0\uc5b4\ub118\ub294 850\uc5b5~865\uc5b5 \ub2ec\ub7ec \uc218\uc900\uae4c\uc9c0 \ud33d\ucc3d\ud588\ub2e4.1<\/sup> \ud55c \ub2ec \ub9cc\uc5d0 \uc2dc\uac00\ucd1d\uc561\uc774 60% \uc774\uc0c1 \uae09\uc99d\ud558\ub294 \ud3ed\ubc1c\uc801 \ubcc0\ub3d9\uc131\uc774 \ub098\ud0c0\ub09c \uadfc\uc800\uc5d0\ub294 \uc5d4\ube44\ub514\uc544\uc758 \uc9c0\ubd84 \ubcf4\uc720 \uc0ac\uc2e4\uc774 \uae30\ud3ed\uc81c\ub85c \uc791\uc6a9\ud588\ub2e4.2<\/sup> \uc5d4\ube44\ub514\uc544\uac00 \uacf5\uc2dc\ud55c 13F \ubb38\uc11c\uc5d0\uc11c \ub178\ud0a4\uc544 \uc8fc\uc2dd\uc744 \uc57d 13\uc5b5 4\ucc9c\ub9cc \ub2ec\ub7ec \uaddc\ubaa8(\uc5d4\ube44\ub514\uc544 \ud22c\uc790 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \uc57d 7.28%)\ub098 \uc950\uace0 \uc788\ub2e4\ub294 \uc0ac\uc2e4\uc774 \ub300\uc911\uc5d0\uac8c \uacf5\uac1c\ub418\uba74\uc11c 14<\/sup>, AI \ubc0f \ub370\uc774\ud130\uc13c\ud130 \ubc38\ub958\uccb4\uc778\uc5d0 \ud3b8\uc2b9\ud558\ub824\ub294 \uae00\ub85c\ubc8c \ud56b\uba38\ub2c8\uc640 \uc54c\uace0\ub9ac\uc998 \uae30\ubc18 \ud328\uc2dc\ube0c \uc790\uae08\uc774 ADR \uc2dc\uc7a5\uc73c\ub85c \ud64d\uc218\ucc98\ub7fc \uc720\uc785\ub418\uc5c8\ub2e4.<\/p>\n\n\n\n

\ub354\ubd88\uc5b4 \ubbf8\uad6d ADR \ubcf4\uc720 \uc2dc \ub204\ub9b4 \uc218 \uc788\ub294 \uc678\uad6d\uc778 \uc138\uae08 \uacf5\uc81c(Foreign Tax Exclusion) \ud61c\ud0dd\uc740 \ubbf8\uad6d \ub9ac\ud14c\uc77c \uac1c\uc778 \ud22c\uc790\uc790\ub4e4\uc758 \uc9c4\uc785 \uc7a5\ubcbd\uc744 \ub300\ud3ed \ub0ae\ucd94\uc5c8\uc73c\uba70 30<\/sup>, \uc635\uc158 \uc2dc\uc7a5\uc5d0\uc11c \ud48b\/\ucf5c \ube44\uc728(Put\/Call Ratio)\uc774 0.24 \uc218\uc900\uc73c\ub85c \uadf9\ub2e8\uc801\uc778 \ucf5c\uc635\uc158 \uc3e0\ub9bc \ud604\uc0c1(\uac15\uc138\uc7a5 \ud3b8\ud5a5)\uc744 \ubcf4\uc784\uc5d0 \ub530\ub77c \uc20f \uc2a4\ud034\uc988(Short Squeeze)\uc640 \ub871 \uac10\ub9c8 \ud604\uc0c1\uc774 \uc8fc\uac00 \uc0c1\uc2b9\uc758 \uae30\uc6b8\uae30\ub97c \ub354\uc6b1 \uac00\ud30c\ub974\uac8c \ub9cc\ub4e4\uc5c8\ub2e4.19<\/sup> \ub2e4\ub9cc, \uc8fc\ub2f9 0.02\ub2ec\ub7ec \uc218\uc900\uc758 \ubc30\ub2f9\uae08 \uc218\uc218\ub8cc \uc9d5\uc218 \ub4f1 ADR \ud2b9\uc720\uc758 \uc720\uc9c0 \ube44\uc6a9\uc774 \uc874\uc7ac\ud558\ubbc0\ub85c \uc7a5\uae30 \ubc30\ub2f9 \ud22c\uc790\uc790\uc5d0\uac8c\ub294 \ubcf4\uc774\uc9c0 \uc54a\ub294 \ub9c8\ucc30 \ube44\uc6a9\uc774 \ubc1c\uc0dd\ud55c\ub2e4\ub294 \uc810\uc744 \uc5fc\ub450\uc5d0 \ub450\uc5b4\uc57c \ud55c\ub2e4.30<\/sup><\/p>\n\n\n\n

4. \ud540\ub780\ub4dc \uc678 \uc720\uc0ac \uae30\uc5c5\uacfc\uc758 \uc0c1\ub300 \uac00\uce58 \ube44\uad50 \ubd84\uc11d<\/strong><\/h2>\n\n\n\n

\ub178\ud0a4\uc544\uc758 \ud3ed\ubc1c\uc801\uc778 \uc2dc\uac00\ucd1d\uc561 \ud33d\ucc3d\uc774 \uad6c\uc870\uc801 \uc7ac\ud3c9\uac00(Re-rating)\uc778\uc9c0 \ud639\uc740 \uc77c\uc2dc\uc801\uc778 \ud14c\ub9c8\uc131 \uac70\ud488(Bubble)\uc778\uc9c0\ub97c \uc9c4\ub2e8\ud558\uae30 \uc704\ud574\uc11c\ub294, \ub2e8\uc21c\ud788 \uacfc\uac70\uc758 \ud1b5\uc2e0 \uc7a5\ube44 \uacbd\uc7c1\uc0ac\ub4e4\uc744 \ub118\uc5b4\uc11c \uc0c8\ub86d\uac8c \uc8fc\ub825 \uc2dc\uc7a5\uc73c\ub85c \ub5a0\uc624\ub978 \uad11\ud1b5\uc2e0 \ubc0f AI \uc778\ud504\ub77c \uc139\ud130\uc758 \uc8fc\uc694 \uae00\ub85c\ubc8c \ud50c\ub808\uc774\uc5b4\ub4e4\uacfc \ub2e4\uac01\uc801\uc778 \ub2e4\uc911 \ubc38\ub958\uc5d0\uc774\uc158(Multiple Valuation) \ube44\uad50\uac00 \ud544\uc218\uc801\uc774\ub2e4.<\/p>\n\n\n\n

4.1. \uad11\ud1b5\uc2e0 \uc139\ud130 (\uc2dc\uc5d0\ub098, \ucf54\ud788\ub7f0\ud2b8)\uc640\uc758 \uadf9\uba85\ud55c \uac00\uce58 \ud3c9\uac00 \uad34\ub9ac<\/strong><\/h3>\n\n\n\n

\uac00\uc7a5 \uadf9\uc801\uc778 \ub300\ube44\ub97c \ubcf4\uc5ec\uc8fc\ub294 \ubd84\uc57c\ub294 \ub370\uc774\ud130\uc13c\ud130 \uc0c1\ud638\uc5f0\uacb0(DCI)\uc744 \uc8fc\ub3c4\ud558\ub294 \uad11\ud1b5\uc2e0 \ub124\ud2b8\uc6cc\ud06c \uc139\ud130\ub2e4. \uc774 \ubd84\uc57c\uc758 \uc21c\uc218 \ud575\uc2ec \uacbd\uc7c1\uc0ac\uc778 \uc2dc\uc5d0\ub098(Ciena, CIEN)\uc758 \uacbd\uc6b0, \ucd5c\uadfc 1.6T \uad11\ud559 \ubaa8\ub4c8 \uc218\uc694\uc758 \ud3ed\ubc1c\ub85c \uc778\ud574 12\uac1c\uc6d4\uac04 \uc8fc\uac00\uac00 \ubb34\ub824 569% \ud3ed\ub4f1\ud558\uba70 \ubc38\ub958\uc5d0\uc774\uc158\uc774 \ucc9c\uc815\ubd80\uc9c0\ub85c \uce58\uc19f\uc558\ub2e4.31<\/sup> 2026\ub144 5\uc6d4 \uae30\uc900 \uc2dc\uc5d0\ub098\ub294 \ud6c4\ud589 12\uac1c\uc6d4 \ub9e4\ucd9c \ub300\ube44 P\/S(\uc8fc\uac00\ub9e4\ucd9c\ube44\uc728) 12.7\ubc30, \uc8fc\uac00\uc218\uc775\ube44\uc728(P\/E) 335\ubc30, EV\/EBITDA\ub294 \ucd94\uc801\uc744 \ubd88\ud5c8\ud560 \uc815\ub3c4\ub85c \uadf9\ub2e8\uc801\uc73c\ub85c \uace0\ud3c9\uac00\ub41c \ubc38\ub958\uc5d0\uc774\uc158\uc744 \uc801\uc6a9\ubc1b\uace0 \uc788\ub2e4.31<\/sup> \ub610 \ub2e4\ub978 \uacbd\uc7c1\uc0ac\uc778 \ucf54\ud788\ub7f0\ud2b8(Coherent) \uc5ed\uc2dc \ub9c9\ub300\ud55c \uba40\ud2f0\ud50c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud5a5\uc720\ud558\uace0 \uc788\ub2e4.14<\/sup><\/p>\n\n\n\n

\ub9cc\uc57d \ub178\ud0a4\uc544\uc758 ‘\uad11\ud1b5\uc2e0 \ubc0f IP \ub124\ud2b8\uc6cc\ud06c’ \uc0ac\uc5c5\ubd80\uc758 2026\ub144 \ucd94\uc815 \ud569\uc0b0 \ub9e4\ucd9c\uc561 \uc57d 56\uc5b5 \uc720\ub85c(\uad11\ud1b5\uc2e0 30.19\uc5b5 \uc720\ub85c + IP 25.94\uc5b5 \uc720\ub85c)\uc5d0 \uc2dc\uc5d0\ub098\uc640 \ub3d9\uc77c\ud55c 12.7\ubc30\uc758 P\/S \uba40\ud2f0\ud50c\uc744 \uae30\uacc4\uc801\uc73c\ub85c \uc801\uc6a9\ud55c\ub2e4\uba74, \ub178\ud0a4\uc544 \uc804\uccb4\uac00 \uc544\ub2cc \uc774 \ub450 \uc0ac\uc5c5\ubd80\uc758 \ub3c5\ub9bd\uc801\uc778 \uac00\uce58(SOTP: Sum-of-the-parts)\ub9cc\uc73c\ub85c\ub3c4 \uc57d 710\uc5b5 \uc720\ub85c(\uc57d 760\uc5b5 \ub2ec\ub7ec)\uc5d0 \ub2ec\ud55c\ub2e4\ub294 \uacc4\uc0b0\uc774 \ub098\uc628\ub2e4.33<\/sup> \ub178\ud0a4\uc544\uc758 \ud604\uc7ac \uc804\uccb4 \uc2dc\uac00\ucd1d\uc561\uc774 850\uc5b5 \ub2ec\ub7ec \uc218\uc900\uc784\uc744 \uac10\uc548\ud560 \ub54c, \uc5ec\uc804\ud788 \uae08\uc735 \uc2dc\uc7a5\uc758 \uc0c1\ub2f9\uc218 \ud22c\uc790\uc790\ub4e4\uc740 \ub178\ud0a4\uc544\uc758 \ubcf8\uc9c8\uc744 ‘\ubd80\uc9c4\ud55c \ub808\uac70\uc2dc \ubb34\uc120 \ud1b5\uc2e0 \ud68c\uc0ac’\ub85c \uc624\ud310\ud558\uc5ec \uad11\ud1b5\uc2e0 \ubd80\ubb38\uc774 \uc9c0\ub2cc \ud3ed\ubc1c\uc801 \uc131\uc7a5 \uac00\uce58\ub97c \uc8fc\uac00\uc5d0 \uc628\uc804\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud558\uace0 \uc788\uc74c\uc744 \ub17c\ub9ac\uc801\uc73c\ub85c \ucd94\ub860\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n\n

4.2. \uc804\ud1b5 6G \ubc0f \ubb34\uc120 \ud1b5\uc2e0 \uc139\ud130 (\uc5d0\ub9ad\uc2a8) \ub300\ube44 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4<\/strong><\/h3>\n\n\n\n

\uc804\ud1b5\uc801\uc778 \ub77c\uc774\ubc8c \uae30\uc5c5\uc778 \uc2a4\uc6e8\ub374\uc758 \uc5d0\ub9ad\uc2a8(Ericsson, ERIC)\uacfc \ube44\uad50\ud558\uba74 \uada4\uc801\uc774 \uc644\uc804\ud788 \uc5c7\uac08\ub9ac\uace0 \uc788\uc74c\uc744 \uc54c \uc218 \uc788\ub2e4. \uc5d0\ub9ad\uc2a8\uc758 \uc2dc\uac00\ucd1d\uc561\uc740 \uc57d 400\uc5b5 \ub2ec\ub7ec \uc218\uc900\uc5d0 \uc815\uccb4\ub418\uc5b4 \uc788\uc73c\uba70, \uc120\ud589 \uc8fc\uac00\uc218\uc775\ube44\uc728(P\/E)\uc740 \uc57d 14\ubc30, EV\/EBITDA\ub294 21.6\ubc30 \uc218\uc900\uc73c\ub85c \ub178\ud0a4\uc544\uc758 \uc2dc\uac00\ucd1d\uc561(850\uc5b5 \ub2ec\ub7ec) \ub300\ube44 \uc808\ubc18 \uc774\ud558\uc758 \uac00\uce58\ub97c \ud3c9\uac00\ubc1b\uace0 \uc788\ub2e4.1<\/sup><\/p>\n\n\n\n

\uae30\uc5c5\uba85<\/strong><\/td>\uc8fc\uc694 \uc601\uc704 \ube44\uc988\ub2c8\uc2a4<\/strong><\/td>\uc2dc\uac00\ucd1d\uc561 (2026\ub144 5\uc6d4)<\/strong><\/td>2026\ub144 \uc120\ud589 EV\/EBITDA<\/strong><\/td>P\/E Ratio<\/strong><\/td>\uc2dc\uc7a5\uc758 \ub0b4\ub7ec\ud2f0\ube0c<\/strong><\/td><\/tr>
\ub178\ud0a4\uc544 (Nokia)<\/td>\uad11\ud1b5\uc2e0, AI-RAN, IP\ub77c\uc6b0\ud305, 6G<\/td>\uc57d $85.0B ~ $86.5B<\/td>21.0x<\/td>96.1x<\/td>AI \ud558\ub4dc\uc6e8\uc5b4 \uc778\ud504\ub77c \ubc0f \uad11\ud559 \ubca4\ub354<\/td><\/tr>
\uc5d0\ub9ad\uc2a8 (Ericsson)<\/td>\ub808\uac70\uc2dc RAN, \ud1b5\uc2e0\uc0ac \uc778\ud504\ub77c<\/td>\uc57d $40.0B<\/td>21.6x<\/td>14.0x ~ 33.5x<\/td>\uc131\uc7a5\uc774 \uc815\uccb4\ub41c \uc804\ud1b5\uc801 \ud1b5\uc2e0 \uc7a5\ube44\uc0ac<\/td><\/tr>
\uc2dc\uc5d0\ub098 (Ciena)<\/td>\uc21c\uc218 \uad11\ud1b5\uc2e0 \ud558\ub4dc\uc6e8\uc5b4 (DCI)<\/td>\ub370\uc774\ud130 \uc0dd\ub7b5<\/td>\ub9e4\uc6b0 \ub192\uc74c<\/td>335.0x<\/td>\ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec \ub370\uc774\ud130\uc13c\ud130 \uc218\ud61c\uc8fc<\/td><\/tr>
\uc544\ub9ac\uc2a4\ud0c0 (Arista)<\/td>AI \ub370\uc774\ud130\uc13c\ud130 \uc774\ub354\ub137 \uc2a4\uc704\uce6d<\/td>\uc57d $181.6B<\/td>33.0x<\/td>\ub370\uc774\ud130 \uc0dd\ub7b5<\/td>AI \ub124\ud2b8\uc6cc\ud06c \ud328\ube0c\ub9ad\uc758 \uc808\ub300 \uac15\uc790<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\uc5d0\ub9ad\uc2a8\uc740 \ucca0\uc800\ud55c \ube44\uc6a9 \uc808\uac10\uacfc \uc790\uc0ac\uc8fc \ub9e4\uc785\uc5d0 \uce58\uc911\ud558\uba70, \ubc94\uc6a9 AI GPU\uac00 \uc544\ub2cc \ub9de\ucda4\ud615 ASIC \uae30\ubc18\uc758 ‘\uc778\ub77c\uc778(Inline) \uac00\uc18d’\uc774\ub77c\ub294 \uc804\ud1b5\uc801 \ud1b5\uc2e0 \uae30\uc220 \ub178\uc120\uc744 \uace0\uc9d1\ud558\uace0 \uc788\ub2e4.35<\/sup> \ubc18\uba74 \ub178\ud0a4\uc544\ub294 \uc778\ud53c\ub124\ub77c\ub97c \uc804\uaca9 \uc778\uc218\ud558\uace0 \uc5d4\ube44\ub514\uc544\uc758 \ubc94\uc6a9 GPU \uac00\uc18d\uae30\ub97c \uae30\ubc18\uc73c\ub85c \ud55c AI-RAN \uc778\ud504\ub77c\ub85c \uacfc\uac10\ud558\uac8c \ubc29\ud5a5\ud0c0\ub97c \uc120\ud68c\ud588\ub2e4. \ud604\uc7ac \uc5d0\ub9ad\uc2a8 \ub300\ube44 \ub192\uac8c \ud615\uc131\ub41c \ub178\ud0a4\uc544\uc758 P\/E \uba40\ud2f0\ud50c\uc740 \ub2e8\uae30\uc801\uc778 \uc21c\uc774\uc775 \ub454\ud654 \ucc29\uc2dc \ud604\uc0c1\uc77c \ubfd0, \uc624\ud788\ub824 \ub178\ud0a4\uc544\uac00 \ud1b5\uc2e0\uc8fc\ub77c\ub294 \ud55c\uacc4\ub97c \ub118\uc5b4 AI \ud558\ub4dc\uc6e8\uc5b4 \uc778\ud504\ub77c \uae30\uc5c5\uc73c\ub85c \ud658\uace8\ud0c8\ud0dc\ud558\uba74\uc11c \ubc38\ub958\uc5d0\uc774\uc158 \ub9ac\ub808\uc774\ud305(Re-rating)\uc774 \uc815\ub2f9\ud558\uac8c \ubc1c\uc0dd\ud558\uace0 \uc788\ub294 \uacfc\uc815\uc774\ub2e4.34<\/sup> \ud654\uc6e8\uc774 \ubc0f ZTE \ub4f1 \uc911\ud654\uad8c \uc7a5\ube44\uc758 \uae00\ub85c\ubc8c \ud1f4\ucd9c\ub85c \ubc18\uc0ac\uc774\uc775\uc744 \uc5bb\ub294 \ud658\uacbd\uc740 \ub3d9\uc77c\ud558\uc9c0\ub9cc, \ubd80\uac00\uac00\uce58\ub97c \ucc3d\ucd9c\ud558\ub294 \uae30\uc220 \ubc29\ud5a5\uc131\uc774 \ub178\ud0a4\uc544\uc758 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc815\ub2f9\ud654\ud55c\ub2e4.<\/p>\n\n\n\n

4.3. AI \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98 \ubc0f \uacf5\uc7a5 \uc790\ub3d9\ud654 \uc0dd\ud0dc\uacc4 (\uc544\ub9ac\uc2a4\ud0c0 \ub4f1)<\/strong><\/h3>\n\n\n\n

\ucd5c\uadfc \uc8fc\uc2dd \uc2dc\uc7a5\uc758 \ud328\uad8c\uc740 \uacfc\uac70 20\ub144\uac04 \uad70\ub9bc\ud588\ub358 \uc18c\ud504\ud2b8\uc6e8\uc5b4(SaaS) \uc911\uc2ec\uc5d0\uc11c, \ub9c9\ub300\ud55c AI \ubaa8\ub378 \uc5f0\uc0b0\uc744 \ub4b7\ubc1b\uce68\ud558\uae30 \uc704\ud574 \ubb3c\ub9ac\uc801 \ud558\ub4dc\uc6e8\uc5b4 \uc7a5\ube44\ub97c \uc0dd\uc0b0\ud558\ub294 \ubca4\ub354\ub4e4\uc5d0\uac8c\ub85c \ube60\ub974\uac8c \uc774\ub3d9\ud558\ub294 ‘\ud558\ub4dc\uc6e8\uc5b4 \ub974\ub124\uc0c1\uc2a4’ \ud604\uc0c1\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4.39<\/sup> \uacf5\uae09\ub9dd \ud1b5\uc81c, \uc790\uccb4 \ud339 \uc218\uc9c1\uacc4\uc5f4\ud654, \uadf8\ub9ac\uace0 \ud2b9\ud5c8 \uc7a5\ubcbd \uce21\uba74\uc5d0\uc11c \ud558\ub4dc\uc6e8\uc5b4\uac00 \ub2e4\uc2dc \uc0b0\uc5c5\uc758 \uc8fc\ub3c4\uad8c\uc744 \uc954 \uac83\uc774\ub2e4.39<\/sup> \ub370\uc774\ud130\uc13c\ud130 \uc2a4\uc704\uce6d \ubd84\uc57c\uc758 \ucd5c\uac15\uc790\uc778 \uc544\ub9ac\uc2a4\ud0c0 \ub124\ud2b8\uc6cd\uc2a4(Arista Networks, ANET)\uc758 \uacbd\uc6b0 2026\ub144 \uae30\uc900 \uc120\ud589 EV\/EBITDA\uac00 \ubb34\ub824 33\ubc30\uc5d0 \ub2ec\ud558\uba70, 2027\ub144 \uae30\uc900 \ucd94\uc815\uce58\ub3c4 26.6\ubc30\uc5d0 \uc774\ub978\ub2e4.40<\/sup> \ub178\ud0a4\uc544\uc758 2026\ub144 \uc120\ud589 EV\/EBITDA\uac00 \uc57d 21\ubc30 \uc218\uc900\uc784\uc744 \uace0\ub824\ud560 \ub54c 41<\/sup>, \ud5a5\ud6c4 \ud1b5\uc2e0 \uc778\ud504\ub77c\uc640 AI \ub124\ud2b8\uc6cc\ud0b9\uc758 \uc735\ud569 \uc2dc\ub098\ub9ac\uc624\ub97c \uace0\ub824\ud55c\ub2e4\uba74 \ub178\ud0a4\uc544\ub294 \ub3d9\uc885 AI \uc778\ud504\ub77c \uae30\uc5c5 \ub300\ube44 \uc5ec\uc804\ud788 \uc0c1\ub300\uc801\uc778 \ubc38\ub958\uc5d0\uc774\uc158 \ub9e4\ub825\uc744 \ubcf4\uc720\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\ub610\ud55c \ub178\ud0a4\uc544\ub294 \uc815\ubd80\uc640 \ud611\ub825\ud558\uc5ec \ud540\ub780\ub4dc \uad6d\uac00 \ub2e8\uc704\uc758 6G \ud14c\uc2a4\ud2b8\ubca0\ub4dc\ub97c \uad6c\ucd95\ud558\uba70 \uc0b0\uc5c5 \uc0dd\ud0dc\uacc4 \ud655\uc7a5\uc5d0 \uc55e\uc7a5\uc11c\uace0 \uc788\ub2e4. \ud574\ub2f9 \ud14c\uc2a4\ud2b8\ubca0\ub4dc\ub294 \ub2e8\uc21c\ud55c \ub300\uc5ed\ud3ed \ud655\uc7a5\uc744 \ub118\uc5b4 \uc0b0\uc5c5\uc6a9 \uba54\ud0c0\ubc84\uc2a4, Sub-100m \ucd08\uc815\ubc00 \uc13c\uc11c \ub124\ud2b8\uc6cc\ud06c, \ubb34\uc804\uc6d0 \uae30\uae30 \ud1b5\uc2e0, \ubaa8\ubc14\uc77c \ub85c\ubd07 \uc2a4\uc6dc(\uad70\uc9d1 \ub85c\ubd07) \uc81c\uc5b4, \uc6d0\uaca9 \uc758\ub8cc \ud640\ub85c\uadf8\ub7a8 \ub4f1 \uacf5\uc7a5 \uc790\ub3d9\ud654\uc640 \ubbf8\ub798 \uc0b0\uc5c5 \uc778\ud504\ub77c\ub97c \uc704\ud55c \ub9dd \uc2e4\uc99d \uc0ac\ub840\ub97c \ucc3d\ucd9c\ud558\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c ‘\ub124\ud2b8\uc6cc\ud06c \uc790\uccb4\uac00 \uac70\ub300\ud55c \uc13c\uc11c\uac00 \ub418\ub294 6G \ube44\uc804’\uc740 \ub178\ud0a4\uc544\uac00 \ub2e8\uc21c B2B \ud1b5\uc2e0 \uc7a5\ube44\uc0ac\ub97c \ub118\uc5b4 \uc2a4\ub9c8\ud2b8 \ud329\ud1a0\ub9ac\uc640 \uc0b0\uc5c5 \uc778\ud504\ub77c \uc790\ub3d9\ud654 \uc194\ub8e8\uc158\uc758 \uc911\ucd94\uac00 \ub420 \uac83\uc784\uc744 \uac15\ub825\ud788 \uc2dc\uc0ac\ud55c\ub2e4.<\/p>\n\n\n\n

5. \uc5d4\ube44\ub514\uc544\uc640\uc758 \ud611\uc5c5 \uad00\uacc4 \uc2ec\uce35 \ubd84\uc11d<\/strong><\/h2>\n\n\n\n

\uacfc\uac70 1\uc138\ub300 \ubaa8\ubc14\uc77c \uc6b4\uc601\uccb4\uc81c \uacbd\uc7c1\uc5d0\uc11c \ud328\ubc30\ud558\uc5ec \uc1e0\ub77d\uc758 \uae38\uc744 \uac78\uc5c8\ub358 \ub178\ud0a4\uc544\uac00 \ub2e4\uc2dc \uae00\ub85c\ubc8c IT \uc0b0\uc5c5 \uc0dd\ud0dc\uacc4\uc758 \ud328\uad8c\uc744 \uc704\ud611\ud560 \uc218 \uc788\uac8c \ub41c \uacb0\uc815\uc801 \uacc4\uae30\ub294 \ub2e8\uc5f0 ‘AI \uce69\uc758 \uc81c\uc655’ \uc5d4\ube44\ub514\uc544(NVIDIA)\uc640\uc758 \uad73\uac74\ud55c \ud608\ub9f9\uc774\ub2e4. \uc591\uc0ac\uc758 \ud30c\ud2b8\ub108\uc2ed\uc740 \uc9c0\ubd84 \ud22c\uc790\ub97c \ub9e4\uac1c\ub85c \ud55c \uc790\ubcf8\uc758 \uc735\ud569\uc744 \ub118\uc5b4, \ucc28\uc138\ub300 6G \ud1b5\uc2e0\ub9dd\uc758 \ud45c\uc900 \uc544\ud0a4\ud14d\ucc98\uc640 \uae00\ub85c\ubc8c AI \ub370\uc774\ud130\uc13c\ud130\uc758 \uadfc\ubcf8\uc801\uc778 \ud615\ud0dc\ub97c \uc7ac\uaddc\uc815\ud558\ub294 \uac70\ub300\ud55c \uae30\uc220\uc801 \uc5f0\ud569\uc774\ub2e4.<\/p>\n\n\n\n

5.1. 10\uc5b5 \ub2ec\ub7ec\uc758 \uc804\ub7b5\uc801 \ud22c\uc790\uc640 AI-RAN \uae30\uc220\uc758 \ud30c\uad34\ub825<\/strong><\/h3>\n\n\n\n

2025\ub144 10\uc6d4 28\uc77c, \uc5d4\ube44\ub514\uc544\ub294 \ub178\ud0a4\uc544\uc758 \uc2e0\uc8fc\ub97c \uc8fc\ub2f9 6.01\ub2ec\ub7ec\uc5d0 \ucd1d 10\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\ub85c \ub9e4\uc785\ud558\ub294 \ub300\uaddc\ubaa8 \uc9c0\ubd84 \ud22c\uc790\ub97c \uc804\uaca9 \ub2e8\ud589\ud588\ub2e4.42<\/sup> \uc774\ub294 \uc5d4\ube44\ub514\uc544\uac00 \ud1b5\uc2e0 \uc778\ud504\ub77c \uc2dc\uc7a5 \uc804\uc5ed\uc5d0 \uc790\uc0ac\uc758 AI \uc0dd\ud0dc\uacc4\uc640 CUDA \ud50c\ub7ab\ud3fc\uc744 \uc774\uc2dd\ud558\uae30 \uc704\ud574 \ubb3c\ub9ac\uc801 \uad11\ud559 \uc7a5\ube44\uc640 \ub77c\uc6b0\ud305\uc758 \ucd5c\uac15\uc790\uc778 \ub178\ud0a4\uc544\ub97c \uac00\uc7a5 \uc774\uc0c1\uc801\uc778 \uc804\uc9c4 \uae30\uc9c0\ub85c \uc120\ud0dd\ud588\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4. \uc774 \ud22c\uc790 \ubc1c\ud45c\uc640 \ud568\uaed8 \uc5d4\ube44\ub514\uc544\uc758 6G \uc9c0\uc6d0 \ud1b5\uc2e0 \ucef4\ud4e8\ud305 \ud50c\ub7ab\ud3fc\uc778 ‘Arc Aerial RAN Computer’\uc640 \ub178\ud0a4\uc544\uc758 \ud558\ub4dc\uc6e8\uc5b4\uac00 \uc735\ud569\ub41c \uc0c1\uc6a9 AI-RAN \uc81c\ud488 \uac1c\ubc1c\uc774 \uac00\uc18d\ud654\ub418\uc5c8\ub2e4.42<\/sup><\/p>\n\n\n\n

\ub178\ud0a4\uc544\ub294 \ubaa8\ubc14\uc77c \uc6d4\ub4dc \ucf69\uadf8\ub808\uc2a4(MWC) 2026\uc5d0\uc11c \ub378 \ud14c\ud06c\ub180\ub85c\uc9c0\uc2a4(Dell), \ub808\ub4dc\ud587(Red Hat) \ub4f1\uacfc \ud568\uaed8 \uc0dd\ud0dc\uacc4\ub97c \uad6c\ucd95\ud558\uace0, T-Mobile, SoftBank, Indosat \ub4f1 \uae00\ub85c\ubc8c \ud575\uc2ec \ud1b5\uc2e0\uc0ac\ub4e4\uacfc \uc5d4\ube44\ub514\uc544 GPU \uae30\ubc18\uc758 AI-RAN \uc18c\ud504\ud2b8\uc6e8\uc5b4(anyRAN)\uc5d0 \ub300\ud55c \uc2e4\uc81c \uc0c1\uc6a9\ub9dd \uae30\ub2a5 \ud14c\uc2a4\ud2b8\ub97c \uc131\uacf5\uc801\uc73c\ub85c \ub9c8\ubb34\ub9ac\ud588\ub2e4\uace0 \ubc1c\ud45c \uc9c0\ud45c\ub97c \ub0b4\ub193\uc558\ub2e4.45<\/sup> \ud2b9\ud788 \ubbf8\uad6d T-Mobile\uc758 OTA(Over-the-Air) \ub7a9 \ud658\uacbd\uc5d0\uc11c\ub294 \ub2e8\uc77c \uc5d4\ube44\ub514\uc544 \uadf8\ub808\uc774\uc2a4 \ud638\ud37c 200(Grace Hopper 200) \uc11c\ubc84 \uc704\uc5d0\uc11c \ud1b5\uc2e0\ub9dd\uc758 \ubb34\uc120 \uc2e0\ud638 \ucc98\ub9ac(RAN) \uc791\uc5c5\uacfc \uc0dd\uc131\ud615 AI \ube44\ub514\uc624 \ucea1\uc158 \ub4f1 \uc77c\ubc18 AI \ucd94\ub860 \uc6cc\ud06c\ub85c\ub4dc\uac00 \uc790\uc6d0 \ucda9\ub3cc \uc5c6\uc774 \ub3d9\uc2dc\uc5d0 \uad6c\ub3d9\ub428\uc744 \uc2e4\uc99d\ud574\ub0c8\ub2e4.46<\/sup> \uae30\uc874\uc758 \ub9de\ucda4\ud615 \ud1b5\uc2e0 \uce69\uc774 \ucc98\ub9ac\ud558\ub358 \uae30\uc9c0\uad6d \uc5c5\ubb34\ub97c \ubc94\uc6a9 GPU \ud658\uacbd\uc73c\ub85c \ub04c\uc5b4\ub4e4\uc784\uc73c\ub85c\uc368, \ud1b5\uc2e0\uc0ac\ub4e4\uc774 \uc218\ub9cc \uac1c\uc758 \uae30\uc9c0\uad6d\uc744 \uac70\ub300\ud55c \ubd84\uc0b0\ud615 AI \ucef4\ud4e8\ud305 \ub178\ub4dc\ub85c \ud65c\uc6a9\ud558\uc5ec \uc0c8\ub85c\uc6b4 \uc218\uc775 \ubaa8\ub378\uc744 \ucc3d\ucd9c\ud560 \uc218 \uc788\ub294 \uae30\uc220\uc801 \uccad\uc0ac\uc9c4\uc744 \uc81c\uc2dc\ud55c \uac83\uc774\ub2e4.45<\/sup><\/p>\n\n\n\n

\ub098\uc544\uac00 \uc5d4\ube44\ub514\uc544\uc758 \ud22c\uc790\uc640 \ud611\ub825 \ubc1c\ud45c\ub294 \uae00\ub85c\ubc8c \ud1b5\uc2e0\uc0ac\ub4e4\uc5d0\uac8c \uac15\ub825\ud55c \uc2e0\ub8b0 \ubcf4\uc99d \uc218\ud45c\ub85c \uc791\uc6a9\ud558\uc5ec \uc804 \uc138\uacc4\uc801\uc778 \uc5f0\uc1c4 \uacc4\uc57d\uc744 \uc774\ub04c\uc5b4\ub0c8\ub2e4. \ubbf8\uad6d T-Mobile\uacfc\uc758 6G \uacf5\ub3d9 \uac1c\ubc1c \uc678\uc5d0\ub3c4, \uad6c\uae00 \ud074\ub77c\uc6b0\ub4dc(Google Cloud)\uc640 Agentic AI\ub97c \ub178\ud0a4\uc544 \ub124\ud2b8\uc6cc\ud06c API\uc640 \uacb0\ud569\ud558\ub294 \uacc4\uc57d, \ud504\ub791\uc2a4 Orange \uadf8\ub8f9\uacfc \uc720\ub7fd \ub0b4 AI-RAN \ud601\uc2e0 \ub85c\ub4dc\ub9f5 \uacf5\uc720, \uc720\ub7fd Vodafone\uc744 \ub300\uc0c1\uc73c\ub85c \ud55c 5\uac1c\uad6d \ub124\ud2b8\uc6cc\ud06c API \uae30\ubc18 \uc0ac\uae30\ubc29\uc9c0 \uc194\ub8e8\uc158 \uacf5\uae09, \uc77c\ubcf8 Rakuten Mobile\uacfc\uc758 \ubcf4\uc548 \ud30c\ud2b8\ub108\uc2ed, \uce90\ub098\ub2e4 TELUS \ubc0f \ud544\ub9ac\ud540 Globe \ud1b5\uc2e0\uc0ac\uc640\uc758 \uc218\uc775\ud654 \uacf5\ub3d9 \uac1c\ubc1c\uc5d0 \uc774\ub974\uae30\uae4c\uc9c0 \uc804\ubc29\uc704\uc801\uc778 \uae00\ub85c\ubc8c \uc0dd\ud0dc\uacc4 \uc7a5\uc545\uc774 \uc774\ub8e8\uc5b4\uc9c0\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

5.2. \ub2e8\uc21c \ubb34\uc120\ub9dd(RAN)\uc744 \ub118\uc5b4\uc120 \uc9c4\ud654: ‘AI Grid’\uc640 \ucf54\uc5b4 \ub124\ud2b8\uc6cc\ud06c \ud601\uba85<\/strong><\/h3>\n\n\n\n

\ud22c\uc790\uc790 \uad00\uc810\uc5d0\uc11c \uac00\uc7a5 \uc2ec\ub3c4 \uc788\uac8c \uc9da\uace0 \ub118\uc5b4\uac00\uc57c \ud560 \ud575\uc2ec\uc801 \ud1b5\ucc30\uc740, \ub178\ud0a4\uc544\uc640 \uc5d4\ube44\ub514\uc544\uc758 \ud30c\ud2b8\ub108\uc2ed\uc774 \uad6d\uc18c\uc801\uc778 \uae30\uc9c0\uad6d \ub2e8\uc758 ‘AI-RAN’\uc5d0\ub9cc \uad6d\ud55c\ub418\uc9c0 \uc54a\ub294\ub2e4\ub294 \uad6c\uc870\uc801 \uc0ac\uc2e4\uc774\ub2e4. 2026\ub144 \ub3c5\uc77c \ubb8c\ud5e8\uc5d0\uc11c \uac1c\ucd5c\ub41c \ub178\ud0a4\uc544\uc758 \uc81c32\ud68c \ucf54\uc5b4 \uc720\uc800 \uadf8\ub8f9(CUG2026) \ud589\uc0ac\uc5d0\uc11c \ub178\ud0a4\uc544\ub294 \uc2dc\uc7a5\uc758 \uc608\uc0c1\uc744 \uae68\uace0 \uc5d4\ube44\ub514\uc544 GPU \uac00\uc18d\uae30\ub97c \ud1b5\uc2e0\uc0ac\uc758 ‘\ucf54\uc5b4 \ub124\ud2b8\uc6cc\ud06c(Core Network)’ \uc911\uc2ec\ubd80\uc5d0 \uc9c1\uc811 \ud1b5\ud569\ud558\ub294 \ud68d\uae30\uc801\uc778 ‘AI Grid’ \ucee8\uc149\uc744 \ucd5c\ucd08\ub85c \uacf5\uac1c\ud588\ub2e4.47<\/sup><\/p>\n\n\n\n

\uc774\ub7ec\ud55c \uc804\uaca9\uc801\uc778 \ubc1c\ud45c\ub294 \ucd5c\uadfc \uc5d4\ube44\ub514\uc544\uac00 \uc790\uc0ac\uc758 \ub370\uc774\ud130\uc13c\ud130 \ube44\uc988\ub2c8\uc2a4 \ub9e4\ucd9c \uad6c\uc870\ub97c \ub2e8\uc21c \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec(Hyperscaler) \ud0c0\uae43\uc5d0\uc11c \ubc97\uc5b4\ub098 ACIE(AI \ud074\ub77c\uc6b0\ub4dc, \uc0b0\uc5c5, \uc5d4\ud130\ud504\ub77c\uc774\uc988 \ubc0f \uc18c\ubc84\ub9b0 AI) \ubd80\ubb38\uc73c\ub85c \uc7ac\uc815\uc758\ud558\uace0, \ud5a5\ud6c4 \uc774 \uc2dc\uc7a5\uc774 \uae30\uc874 \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec \uc2dc\uc7a5\ubcf4\ub2e4 \ub354\uc6b1 \uac70\ub300\ud574\uc9c8 \uac83\uc774\ub77c\uace0 \uc120\uc5b8\ud55c \uac83\uacfc \uc815\ud655\ud788 \uada4\ub97c \uac19\uc774\ud55c\ub2e4.49<\/sup> \ud1b5\uc2e0\uc0ac\ub4e4\uc740 \ub9c9\ub300\ud55c \uc790\ubcf8\uc774 \uc18c\uc694\ub418\ub294 \uc911\uc559 \uc9d1\uc911\ud615 \ub300\ud615 \ub370\uc774\ud130\uc13c\ud130\uac00 \uc544\ub2cc \uc5e3\uc9c0 \ucf54\uc5b4(Edge Core) \ud1b5\uc2e0 \uc2dc\uc124\ub9dd \uc790\uccb4\uc5d0 AI \ud1a0\ud070 \ucc98\ub9ac \uae30\ub2a5\uc744 \ub0b4\uc7a5\ud558\uac8c \ub41c\ub2e4. \uc774\ub294 20km \uc774\ub0b4\ub85c \uc81c\ud55c\ub418\ub294 \ud1b5\uc2e0 \uc2e0\ud638 \uc774\ub3d9 \uc9c0\uc5f0 \uc2dc\uac04(Latency)\uc758 \ubb3c\ub9ac\uc801 \ud55c\uacc4\ub97c \uc644\ubcbd\ud788 \uadf9\ubcf5\ud558\uba74\uc11c 36<\/sup>, \uc2a4\ub9c8\ud2b8 \ud329\ud1a0\ub9ac, \uc790\uc728\uc8fc\ud589, \ubb3c\ub9ac\uc801 AI \ub85c\ubd07 \ub4f1 \uc0b0\uc5c5 \uc804\ubc18\uc5d0 \ucd08\uc800\uc9c0\uc5f0 \uc18c\ubc84\ub9b0 AI(Sovereign AI) \uc778\ud37c\ub7f0\uc2a4 \uc11c\ube44\uc2a4\ub97c \uc784\ub300\ud574 \uc904 \uc218 \uc788\ub294 \uae38\uc744 \uc5f0\ub2e4.<\/p>\n\n\n\n

\uacb0\ub860\uc801\uc73c\ub85c, \uc5d4\ube44\ub514\uc544\ub294 \uc804 \uc138\uacc4\uc5d0 \ud54f\uc904\ucc98\ub7fc \ubed7\uc5b4\uc788\ub294 \ub178\ud0a4\uc544\uc758 \ud1b5\uc2e0 \ucf54\uc5b4 \ubc0f \uc5e3\uc9c0 \ub9dd\uc744 \ud65c\uc6a9\ud574 \uc790\uc0ac AI \ubc18\ub3c4\uccb4\uc758 \uc601\ud1a0\ub97c \uc5d4\ud130\ud504\ub77c\uc774\uc988\uc640 \uad6d\uac00 \ub2e8\uc704(Sovereign)\ub85c \uae30\ud558\uae09\uc218\uc801\uc73c\ub85c \ud655\uc7a5\ud560 \uc218 \uc788\uc73c\uba70, \ub178\ud0a4\uc544\ub294 \uace0\ubd80\uac00 \uac00\uce58\uc758 \ub77c\uc6b0\ud305 \uc7a5\ube44\uc640 \uc778\ud504\ub77c \ud558\ub4dc\uc6e8\uc5b4\ub97c \uc804 \uc138\uacc4 \ud1b5\uc2e0\uc0ac\uc5d0 \ub3c5\uc810\uc801\uc73c\ub85c \uacf5\uae09\ud558\ub294 \uc644\ubcbd\ud55c \uc708-\uc708(Win-Win) \uad00\uacc4\ub97c \uad73\uac74\ud788 \uad6c\ucd95\ud558\uac8c \ub41c \uac83\uc774\ub2e4.<\/p>\n\n\n\n

6. \uc8fc\uc8fc \uad00\uc810\uc5d0\uc11c \ud22c\uc790 \uc801\ud569\uc131 \ubc0f \ud5a5\ud6c4 \ubaa9\ud45c\uac00 \uc804\ub9dd<\/strong><\/h2>\n\n\n\n

\ub178\ud0a4\uc544\uc758 \uc804\ub840 \uc5c6\ub294 \uc804\ub7b5\uc801 \uc804\ud658\uc740 \uc0c8\ub85c\uc6b4 \ub9ac\ub354\uc2ed\uc758 \ubd80\uc0c1, \uac15\ub825\ud558\uace0 \ud22c\uba85\ud55c \uc8fc\uc8fc \ud658\uc6d0 \uc815\ucc45, \uadf8\ub9ac\uace0 \ud0c0\uc758 \ucd94\uc885\uc744 \ubd88\ud5c8\ud558\ub294 \uae30\uc220\uc801 \ud574\uc790\uc5d0 \uae30\ubc18\ud558\uc5ec 2026\ub144 \uae00\ub85c\ubc8c \uc8fc\uc2dd \uc2dc\uc7a5\uc5d0\uc11c \uac00\uc7a5 \ud3ed\ubc1c\uc801\uc778 \ud22c\uc790 \ub9e4\ub825\ub3c4\ub97c \ucc3d\ucd9c\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

6.1. \ube44(\u975e)\ud1b5\uc2e0 \uc804\ubb38\uac00, \uc800\uc2a4\ud2f4 \ud638\ud0c0\ub4dc(Justin Hotard) CEO \uccb4\uc81c\uc758 \uc0c1\uc9d5\uc131<\/strong><\/h3>\n\n\n\n

2025\ub144 4\uc6d4 1\uc77c, \ub178\ud0a4\uc544\ub294 \uc804\uc784 \ud398\uce74 \ub8ec\ub4dc\ub9c8\ud06c(Pekka Lundmark)\uc758 \uc131\uacf5\uc801\uc778 \ud134\uc5b4\ub77c\uc6b4\ub4dc \uc784\ubb34\ub97c \uc774\uc5b4\ubc1b\uc744 \ud6c4\uc784\uc73c\ub85c \uc800\uc2a4\ud2f4 \ud638\ud0c0\ub4dc(Justin Hotard)\ub97c \uc0c8\ub85c\uc6b4 \ud68c\uc0ac\uc758 \uc218\uc7a5(CEO)\uc73c\ub85c \uc804\uaca9 \uc784\uba85\ud588\ub2e4.52<\/sup> \ud638\ud0c0\ub4dc CEO\uc758 \uc774\ub825\uc740 \ub178\ud0a4\uc544\uac00 \ud5a5\ud6c4 \ub098\uc544\uac08 \ubc29\ud5a5\uc131\uc744 \uc815\ud655\ud558\uac8c \ub300\ubcc0\ud55c\ub2e4. \uadf8\ub294 \ud734\ub81b\ud329\ucee4\ub4dc \uc5d4\ud130\ud504\ub77c\uc774\uc988(HPE)\uc758 \uace0\uc131\ub2a5 \ucef4\ud4e8\ud305(HPC) \ubc0f AI \ub7a9\uc2a4 \ucd1d\uad04\uc744 \uac70\uccd0, \uc9c1\uc804\uae4c\uc9c0 \uc778\ud154(Intel)\uc758 \ub370\uc774\ud130\uc13c\ud130 \ubc0f AI \uadf8\ub8f9 \uc218\uc11d \ubd80\uc0ac\uc7a5\uc744 \uc5ed\uc784\ud558\uba70 \ubc29\ub300\ud55c \ub370\uc774\ud130\uc13c\ud130 \uc778\ud504\ub77c \uc0ac\uc5c5\uc744 \uc9c0\ud718\ud574 \uc628 \uc778\ubb3c\uc774\ub2e4.53<\/sup><\/p>\n\n\n\n

\uc804\ud1b5\uc801\uc778 \ud154\ub808\ucf64 \ubc0f \ud1b5\uc2e0\ub9dd \uad6c\ucd95 \uc804\ubb38\uac00\uac00 \uc544\ub2cc \uc2e4\ub9ac\ucf58 \ubc18\ub3c4\uccb4\uc640 \ub300\uaddc\ubaa8 \ub370\uc774\ud130\uc13c\ud130 \uc11c\ubc84 \uc804\ubb38\uac00\ub97c \uae00\ub85c\ubc8c \ud1b5\uc2e0 \uc7a5\ube44 1\uc704 \uae30\uc5c5\uc758 \ucd5c\uace0\uacbd\uc601\uc790\ub85c \uc601\uc785\ud55c \uac83\uc740, \ub178\ud0a4\uc544\uc758 \ubcf8\uc9c8\uc774 \ub354 \uc774\uc0c1 \ub2e8\uc21c\ud55c \ubb34\uc120 \uae30\uc9c0\uad6d \ud68c\uc0ac\uac00 \uc544\ub2c8\ub77c ‘AI \ubc0f \ud074\ub77c\uc6b0\ub4dc \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\ub97c \uc704\ud55c \ub124\ud2b8\uc6cc\ud0b9 \ud558\ub4dc\uc6e8\uc5b4 \uc778\ud504\ub77c\uc2a4\ud2b8\ub7ed\ucc98 \ucef4\ud37c\ub2c8’\ub85c \uc7ac\ud3b8\ub418\uc5c8\uc74c\uc744 \uc804 \uc138\uacc4 \uc2dc\uc7a5\uacfc \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \ucc9c\uba85\ud558\ub294 \uac00\uc7a5 \uac15\ub825\ud55c \uc804\ub7b5\uc801 \uc2dc\uadf8\ub110\uc774\ub2e4.<\/p>\n\n\n\n

6.2. \uc804\ub7b5\uc801 \uc790\ubcf8 \ubc30\ubd84 \uc815\ucc45 \ubc0f R&D \uc9c0\ucd9c\uc758 \ud6a8\uc728\uc131<\/strong><\/h3>\n\n\n\n

\ud22c\uc790 \ub300\uc0c1\uc73c\ub85c\uc11c \ub178\ud0a4\uc544\uc758 \uac00\uc7a5 \ud070 \ub9e4\ub825 \uc911 \ud558\ub098\ub294, \uace0\uc131\uc7a5 \ud14c\ud06c \uc778\ud504\ub77c \uae30\uc5c5\uc784\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc7ac\ubb34 \uad6c\uc870\uac00 \uadf9\ub3c4\ub85c \uac74\uc804\ud558\uba70 \uc8fc\uc8fc \uac00\uce58 \ud658\uc6d0\uc5d0 \uba85\ud655\ud55c \uae30\uc900\uc744 \uc81c\uc2dc\ud558\uace0 \uc788\ub2e4\ub294 \uc810\uc774\ub2e4. 2026\ub144 \ud68c\uacc4\uc5f0\ub3c4 \uae30\uc900, \ub178\ud0a4\uc544 \uacbd\uc601\uc9c4\uc740 \ube44\uad50\uac00\ub2a5 \uc601\uc5c5\uc774\uc775 \ub300\ube44 \uc789\uc5ec\ud604\uae08\ud750\ub984 \uc804\ud658\uc728(Free Cash Flow Conversion) \uac00\uc774\ub358\uc2a4\ub97c 55%~75% \uc218\uc900\uc73c\ub85c \ub9e4\uc6b0 \uc790\uc2e0 \uc788\uac8c \uc81c\uc2dc\ud588\uc73c\uba70, \uc7a5\uae30\uc801\uc73c\ub85c\ub294 \uc774 \uc9c0\ud45c\ub97c 65%~75%\ub77c\ub294 \uc881\uc740 \ubc34\ub4dc \ub0b4\uc5d0\uc11c \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ud560 \uacc4\ud68d\uc774\ub2e4.5<\/sup> \uc2e4\uc81c\ub85c 1\ubd84\uae30\uc5d0 \uc774\ubbf8 6\uc5b5 2,900\ub9cc \uc720\ub85c\uc5d0 \ub2ec\ud558\ub294 \ub9c9\ub300\ud55c \uc789\uc5ec\ud604\uae08\uc744 \ucc3d\ucd9c\ud558\uc600\uace0, \ubd84\uae30 \ub9d0 \uae30\uc900 37\uc5b5 8,800\ub9cc \uc720\ub85c\uc758 \uc21c\ud604\uae08(Net Cash)\uc744 \ubcf4\uc720\ud558\uc5ec \uae08\ub9ac \ubcc0\ub3d9\uae30\uc5d0\ub3c4 \uc7ac\ubb34\uc801 \ucda9\uaca9\uc744 \ubc29\uc5b4\ud560 \uc218 \uc788\ub294 \uc694\uc0c8\ub97c \uad6c\ucd95\ud588\ub2e4.8<\/sup><\/p>\n\n\n\n

\ubbf8\ub798 AI \uc8fc\ub3c4\uad8c\uc744 \uc7a1\uae30 \uc704\ud574 \ub9e4\ub144 \uc81c\uc870 \uc124\ube44 \uc99d\uc124, \ud339 \ub77c\uc778 \uc815\ube44, R&D \uc778\ub825 \ud655\ubcf4 \ub4f1\uc5d0 \ub9c9\ub300\ud55c \uc790\ubcf8\uc801 \uc9c0\ucd9c(CAPEX)\uc744 \ub2e8\ud589\ud558\uace0 \uc788\uc73c\uba70, 2026\ub144 \uc5f0\uac04 \uae30\uc900 9\uc5b5 \uc720\ub85c\uc5d0\uc11c 10\uc5b5 \uc720\ub85c\uc5d0 \ub2ec\ud558\ub294 \ud604\uae08\uc744 \ud22c\uc790\ud560 \uacc4\ud68d\uc774\ub2e4.9<\/sup> \uc774\ub7ec\ud55c \ub2e8\uae30 \ube44\uc6a9 \uc99d\uac00\ub294 \uc6b0\ub824\uc758 \uc694\uc778\uc774 \ub420 \uc218 \uc788\uc73c\ub098, \ucc3d\ucd9c\ub41c \uc789\uc5ec\ud604\uae08\uc744 1) \uc120\ud589 R&D \uc7ac\ud22c\uc790, 2) \ube44\uc720\uae30\uc801 \uc131\uc7a5(Infinera\uc640 \uac19\uc740 \uc804\ub7b5\uc801 \ud339 M&A), 3) \uc8fc\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09, 4) \ucd08\uacfc \uc790\ubcf8 \ubc1c\uc0dd \uc2dc \uacf5\uaca9\uc801\uc778 \uc790\uc0ac\uc8fc \ub9e4\uc785(Buybacks)\uc758 \uc21c\uc11c\ub85c \ud22c\uc785\ud558\uaca0\ub2e4\ub294 \uacbd\uc601\uc9c4\uc758 \ud22c\uba85\ud55c \uc790\ubcf8 \ubc30\ubd84 \uc6d0\uce59\uc740 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \uae4a\uc740 \uc2e0\ub8b0\ub97c \uc2ec\uc5b4\uc900\ub2e4.15<\/sup> \ud604\uc7ac 2026\ub144 \uae30\uc900 \uc2dc\uac00\ubc30\ub2f9\ub960\uc740 \uc57d 0.90% \uc218\uc900\uc73c\ub85c \ub2e4\uc18c \ub0ae\uc73c\ub098 56<\/sup>, \uae30\uc5c5\uc758 \ubb34\uac8c\uc911\uc2ec\uc774 \uace0\ubc30\ub2f9\uc8fc\uc5d0\uc11c \uace0\uc131\uc7a5 \uc790\ubcf8 \uc774\ub4dd(Capital Gain) \uc9c0\ud5a5\ud615 \ud558\ub4dc\uc6e8\uc5b4 \uc8fc\ub85c \uc644\uc804\ud788 \uc62e\uaca8\uac14\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4.<\/p>\n\n\n\n

6.3. \ud0c0\uc758 \ucd94\uc885\uc744 \ubd88\ud5c8\ud558\ub294 \uae30\uc220\uc801 \ud574\uc790: \uc804\ub825 \ubd80\uc871 \uc2dc\ub300\ub97c \uad6c\uc6d0\ud560 PSE-6s<\/strong><\/h3>\n\n\n\n

\ub178\ud0a4\uc544\uac00 \ub3d9\uc885 \uc5c5\uacc4\ub97c \uc555\ub3c4\ud558\ub294 \ucd5c\uace0\uc758 \ud380\ub354\uba58\ud138\uc801 \ubb34\uae30\ub294 \ub0b4\ubd80\uc801\uc73c\ub85c \uc124\uacc4\ud55c \ub77c\uc6b0\ud305 \uc2e4\ub9ac\ucf58(FP6)\uacfc \uc778\ud53c\ub124\ub77c M&A\ub97c \ud1b5\ud574 \ud655\ubcf4\ud55c \uc778\ud654\uc778\ub4d0(InP) \uad11\ud559 \ubaa8\ub4c8 \uc81c\uc870 \uc5ed\ub7c9\uc774 \uacb0\ud569\ub41c \uacb0\uc815\uccb4, ‘PSE-6s(6\uc138\ub300 \uad11\ud559 DSP \uc5d4\uc9c4)’ \uce69\uc14b \uae30\uc220\uc774\ub2e4.17<\/sup> 2026\ub144 \ud604\uc7ac \uc804 \uc138\uacc4 AI \ub370\uc774\ud130\uc13c\ud130 \uc778\ud504\ub77c\uac00 \ub9de\ub2e5\ub728\ub9b0 \uac00\uc7a5 \uc2ec\uac01\ud55c \uc704\uae30\ub294 \ub2e8\uc21c\ud55c \ub370\uc774\ud130 \uc804\uc1a1 \ub300\uc5ed\ud3ed\uc758 \ubd80\uc871\uc774 \uc544\ub2c8\ub77c, \uc0c1\uc0c1\uc744 \ucd08\uc6d4\ud558\ub294 ‘\uc804\ub825 \uc18c\ubaa8\ub7c9\uacfc \ubc1c\uc5f4\uc758 \ubb3c\ub9ac\uc801 \ud55c\uacc4’\uc774\ub2e4.17<\/sup><\/p>\n\n\n\n

\ud1b5\uc2e0 \uacbd\uc7c1\uc0ac\uc778 \uc2dc\uc5d0\ub098\uac00 1.6Tbps\uc758 \ub370\uc774\ud130 \uc804\uc1a1 \uc18d\ub3c4\ub97c \ub2e8\uc77c \ud30c\uc7a5(Single Wavelength)\uc5d0 \ubb34\ub9ac\ud558\uac8c \uad6c\uaca8 \ub123\uae30 \uc704\ud574 \ub9c9\ub300\ud55c \uc804\ub825\uc744 \uc18c\ubaa8\ud558\ub294 \ub514\uc9c0\ud138 \uc2e0\ud638 \ucc98\ub9ac\uae30(DSP) \uc5f0\uc0b0\ub825\uc5d0 \uadf9\ub3c4\ub85c \uc758\uc874\ud558\ub294 \ubc18\uba74, \ub178\ud0a4\uc544\uc758 PSE-6s\ub294 \uc811\uadfc \ubc29\uc2dd \uc790\uccb4\uac00 \ub2e4\ub974\ub2e4. 1.2Tbps \uc6a9\ub7c9\uc758 \ud30c\uc7a5 \ub450 \uac1c\ub97c \ubcd1\ub82c\ub85c \ubb36\uc5b4 \ucd5c\ub300 2.4Tbps\uc758 \uad34\ubb3c \uac19\uc740 \uc804\uc1a1 \uc18d\ub3c4\ub97c \uad6c\ud604\ud558\uba74\uc11c\ub3c4, \uce69\ub2f9 \ubb3c\ub9ac\uc801 \uc804\ub825 \uc18c\ube44\ub7c9\uacfc \ubc1c\uc5f4\ub7c9\uc744 \uadf9\uc801\uc73c\ub85c \ub0ae\ucd94\ub294 \ud601\uc2e0\uc801 \uc544\ud0a4\ud14d\ucc98 \uc124\uacc4\ub97c \uc644\uc131\ud588\ub2e4.17<\/sup> \ub370\uc774\ud130\uc13c\ud130\uc758 \uc5f4 \uad00\ub9ac \ud6a8\uc728\uc131\uacfc \uc804\ub825 \ud560\ub2f9\ub7c9 \ucd5c\uc801\ud654\uac00 \ube45\ud14c\ud06c \uc0dd\uc874\uc758 \ud575\uc2ec \uc9c0\ud45c\uac00 \ub41c \ud604\uc2dc\uc810\uc5d0\uc11c, \ub178\ud0a4\uc544\uc758 \uc218\uc9c1 \uacc4\uc5f4\ud654\ub41c \uc800\uc804\ub825 \ucd08\uace0\uc18d \uad11\ud559 \uc778\ud504\ub77c\ub294 \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\ub4e4\uc758 \ud3ed\ubc1c\uc801 \uc218\uc694 \ubb3c\ub7c9\uc744 \uc911\uc7a5\uae30\uc801\uc73c\ub85c \uc0ac\uc2e4\uc0c1 \ub3c5\uc810\ud560 \uc218 \uc788\ub294 \ub9c9\uac15\ud55c \uae30\uc220\uc801 \ud574\uc790(Moat)\ub97c \uad6c\uc131\ud55c\ub2e4.17<\/sup><\/p>\n\n\n\n

7. \uc99d\uad8c\uac00 \ucee8\uc13c\uc11c\uc2a4\uc640 \ubc38\ub958\uc5d0\uc774\uc158 \ucd94\uc774<\/strong><\/h2>\n\n\n\n

\ubbf8\uad6d\uacfc \uc720\ub7fd\uc744 \uc544\uc6b0\ub974\ub294 \uae00\ub85c\ubc8c \uc8fc\uc694 \ud22c\uc790\uc740\ud589\uacfc \ub9ac\uc11c\uce58 \uae30\uad00\ub4e4\uc740 \ucd5c\uadfc \ub178\ud0a4\uc544\uac00 \ubcf4\uc5ec\uc900 \uad11\ud559 \ubd80\ubb38\uc758 \uc218\uc8fc \ud3ed\ubc1c\uacfc \uc131\uacf5\uc801\uc778 \uc778\ud53c\ub124\ub77c \ud1b5\ud569, \uadf8\ub9ac\uace0 \uc5d4\ube44\ub514\uc544\uc640\uc758 \ucc28\uc138\ub300 \ucf54\uc5b4\ub9dd \ud611\ub825\uc744 \uae30\ubc18\uc73c\ub85c \ud55c \uad6c\uc870\uc801 \uccb4\uc9c8 \uac1c\uc120\uc744 \uc8fc\uac00 \ubaa8\ub378\uc5d0 \ubc18\uc601\ud558\uba70 \ud22c\uc790\uc758\uacac\uacfc \ubaa9\ud45c\uc8fc\uac00\ub97c \uacbd\uc7c1\uc801\uc73c\ub85c \uc0c1\ud5a5 \uc870\uc815\ud558\ub294 \uac15\ub825\ud55c \ub7a0\ub9ac \ubaa8\uba58\ud140\uc744 \ud615\uc131\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

7.1. \uc560\ub110\ub9ac\uc2a4\ud2b8 \ubaa9\ud45c\uac00 \uc0c1\ud5a5 \ub9b4\ub808\uc774 \ubc0f \ucee8\uc13c\uc11c\uc2a4 \ub3d9\ud5a5<\/strong><\/h3>\n\n\n\n

2026\ub144 4\uc6d4 \ub9d0 \uae30\uc900, \uc800\uba85\ud55c \ub3c5\ub9bd \ub9ac\uc11c\uce58 \uae30\uad00\uc778 \uc544\uac70\uc2a4 \ub9ac\uc11c\uce58(Argus Research)\ub294 \ub178\ud0a4\uc544\uc5d0 \ub300\ud55c \ud22c\uc790\uc758\uacac\uc744 \uae30\uc874 ‘\ubcf4\uc720(Hold)’\uc5d0\uc11c ‘\ub9e4\uc218(Buy)’\ub85c \uc0c1\ud5a5 \uc870\uc815\ud558\uba70 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \ucd5c\uace0 \uc218\uc900\uc778 $15.00\uc758 \ubaa9\ud45c \uc8fc\uac00\ub97c \uacf5\uaca9\uc801\uc73c\ub85c \uc81c\uc2dc\ud588\ub2e4.60<\/sup> \ud574\ub2f9 \uc5c5\uadf8\ub808\uc774\ub4dc\uc758 \ud575\uc2ec \uadfc\uac70\ub294 AI \ub370\uc774\ud130\uc13c\ud130 \uc99d\uc124\uc5d0 \ub530\ub978 \uad11\ud1b5\uc2e0 \ubc0f IP \ub124\ud2b8\uc6cc\ud0b9 \uc7a5\ube44 \uc218\uc694\uc758 \ud3ed\ubc1c\uc801 \uac00\uc18d\ud654\uc640 1\ubd84\uae30\uc5d0\ub9cc 10\uc5b5 \uc720\ub85c\uc5d0 \ub2ec\ud558\ub294 \uc2e0\uaddc \uc218\uc8fc(Backlog) \ubb3c\ub7c9 \ud655\uc778\uc774\uc5c8\ub2e4.60<\/sup> \ubcf4\uc218\uc801\uc778 \ud3c9\uac00\ub97c \uc720\uc9c0\ud558\ub358 \uae00\ub85c\ubc8c \ud22c\uc790\uc740\ud589 \uace8\ub4dc\ub9cc \uc0ad\uc2a4(Goldman Sachs) \uc5ed\uc2dc \ub178\ud0a4\uc544\uc5d0 \ub300\ud55c \ube44\uad00\uc801\uc778 \uc2dc\uac01\uc744 \ucca0\ud68c\ud558\uace0 ‘\ub9e4\ub3c4(Sell)’\uc5d0\uc11c ‘\uc911\ub9bd(Neutral)’\uc73c\ub85c \ud22c\uc790\uc758\uacac\uc744 \ub450 \ub2e8\uacc4 \uc804\uaca9 \uc0c1\ud5a5\ud588\uc73c\uba70, \ubaa9\ud45c\uac00 \ub610\ud55c \uc720\ub85c\ud654 \uae30\uc900 3.50\uc720\ub85c\uc5d0\uc11c 8.00\uc720\ub85c(ADR \ud658\uc0b0 \uc2dc \uc720\uc0ac \uc218\uc900)\ub85c 2\ubc30 \uc774\uc0c1 \ub300\ud3ed \uc0c1\ud5a5\ud588\ub2e4.62<\/sup> JP \ubaa8\uac74(JPMorgan)\uc740 14.00\ub2ec\ub7ec\uc758 \ubaa9\ud45c\uac00\ub97c \uc720\uc9c0\ud558\ub294 \ub4f1, \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \uc560\ub110\ub9ac\uc2a4\ud2b8 18\uba85\uc758 \uc885\ud569 \ud22c\uc790\uc758\uacac \ucee8\uc13c\uc11c\uc2a4\ub294 \ud655\uace0\ud55c ‘\uc801\uadf9 \ub9e4\uc218(Moderate Buy)’\ub85c \uac15\ub825\ud558\uac8c \uc218\ub834\ud558\uace0 \uc788\ub2e4.56<\/sup><\/p>\n\n\n\n

\ud22c\uc790 \uae30\uad00 \uba85<\/strong><\/td>\ud22c\uc790\uc758\uacac (Action)<\/strong><\/td>\ubaa9\ud45c \uc8fc\uac00 (USD \ud658\uc0b0 \uae30\uc900)<\/strong><\/td>\uc758\uacac \uc81c\uc2dc \ubc0f \uac31\uc2e0 \uc2dc\uae30<\/strong><\/td><\/tr>
Argus Research<\/td>\ub9e4\uc218 (Buy) \/ \uc0c1\ud5a5<\/td>$15.00<\/td>2026\ub144 4\uc6d4 26\uc77c<\/td><\/tr>
JPMorgan<\/td>\ub9e4\uc218 (Buy) \/ \uc720\uc9c0<\/td>$14.00<\/td>2026\ub144 4\uc6d4 26\uc77c<\/td><\/tr>
Goldman Sachs<\/td>\uc911\ub9bd (Neutral) \/ 2\ub2e8\uacc4 \uc0c1\ud5a5<\/td>\uc57d $8.70 (\u20ac8.00)<\/td>2026\ub144 5\uc6d4 \uacbd<\/td><\/tr>
BofA Securities<\/td>\ub9e4\uc218 (Buy) \/ \uc720\uc9c0<\/td>$12.70<\/td>2026\ub144 4\uc6d4 22\uc77c<\/td><\/tr>
Raymond James<\/td>\ub9e4\uc218 (Buy) \/ \uc720\uc9c0<\/td>$12.00<\/td>2026\ub144 4\uc6d4 22\uc77c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

7.2. \ub0b4\uc7ac \uac00\uce58(DCF) \ub300 \uc2dc\uc7a5 \uac00\uaca9\uc758 \uad34\ub9ac: \uac70\ud488\uc778\uac00, \ub9ac\ub808\uc774\ud305\uc778\uac00?<\/strong><\/h3>\n\n\n\n

\ub178\ud0a4\uc544 \uc8fc\uac00\uac00 2026\ub144 5\uc6d4 \ub4e4\uc5b4 \uae30\uad00 \uc218\uae09\uc758 \ud3ed\ubc1c\ub85c $15.47 \uc218\uc900\uae4c\uc9c0 \uae09\ub4f1\ud568\uc5d0 \ub530\ub77c, \uacfc\uac70 \uc7ac\ubb34 \uc9c0\ud45c\uc758 \ud3c9\uade0\uce58\ub9cc\uc744 \uae30\uacc4\uc801\uc73c\ub85c \ub300\uc785\ud558\ub294 \ub2e8\uc21c \ud604\uae08\ud750\ub984\ud560\uc778(DCF: Discounted Cash Flow) \ubc38\ub958\uc5d0\uc774\uc158 \ubaa8\ub378\uc0c1\uc758 \uc801\uc815 \ub0b4\uc7ac \uac00\uce58\uc778 \uc57d $12.96\ub97c \uc0c1\ud68c\ud558\ub294 \uc0c1\ud669\uc774 \ubc1c\uc0dd\ud588\ub2e4.38<\/sup> \uc774\ub85c \uc778\ud574 \uc77c\ubd80 \ud000\ud2b8 \ubaa8\ub378\uc774\ub098 \uae30\uc220\uc801 \ubd84\uc11d\uac00\ub4e4 \uc0ac\uc774\uc5d0\uc11c\ub294 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 \uc57d 19.4% \ub2e8\uae30 \uace0\ud3c9\uac00(Overvalued)\ub418\uc5b4 \uc788\ub2e4\ub294 \ubcf4\uc218\uc801 \uacbd\uace0\uac00 \uc81c\uae30\ub418\uace0 \uc788\uc73c\uba70, \uacf5\ub9e4\ub3c4 \uc138\ub825 \ubc0f \ucc28\uc775 \uc218\uc775 \uc2e4\ud604\uc744 \uaca8\ub0e5\ud55c \uae30\uc220\uc801 \ud53c\ubcf4\ub098\uce58 \ud655\uc7a5 \uc800\ud56d\uc120\uc73c\ub85c $21.82 \ubd80\uadfc\uc744 \uc124\uc815\ud558\uace0 \ub300\uc751\ud558\ub294 \ud2b8\ub808\uc774\ub354\ub4e4\uc758 \uc6c0\uc9c1\uc784\ub3c4 \uad00\ucc30\ub41c\ub2e4.38<\/sup><\/p>\n\n\n\n

\uadf8\ub7ec\ub098 \ud22c\uc790\uc790\ub4e4\uc740 DCF \ubaa8\ub378\uc758 \ud0dc\uc0dd\uc801 \ud55c\uacc4\ub97c \uc9c1\uc2dc\ud574\uc57c \ud55c\ub2e4. \ud1b5\uc0c1\uc801\uc778 DCF \ubaa8\ub378\uc740 \uacfc\uac70 5\ub144\uac04\uc758 \ub454\ud654\ub418\uc5c8\ub358 \ud1b5\uc2e0 \uc7a5\ube44 \ub9c8\uc9c4\uc728 \uada4\uc801\uc5d0 \ub192\uc740 \uac00\uc911\uce58\ub97c \ub450\uae30 \ub54c\ubb38\uc5d0, \ud5a5\ud6c4 \uc5d4\ube44\ub514\uc544\uc640\uc758 \ucc28\uc138\ub300 \ucf54\uc5b4\ub9dd \ud611\ub825 \ubcf8\uaca9\ud654, \uc778\ud53c\ub124\ub77c \uc218\uc9c1\uacc4\uc5f4\ud654 \ud569\ubcd1\uc744 \ud1b5\ud574 2027\ub144 \uc774\ud6c4 \ubc1c\uc0dd\ud560 \uad6c\uc870\uc801 \ub9c8\uc9c4 \uc810\ud504 \ud6a8\uacfc(\uc5f0\uac04 \ucd5c\uc18c 2\uc5b5 \uc720\ub85c \uc774\uc0c1\uc758 \uc21c\uc774\uc775 \uc2dc\ub108\uc9c0)\ub97c \uc120\uc81c\uc801\uc774\uace0 \uc628\uc804\ud558\uac8c \ubc18\uc601\ud558\uc9c0 \ubabb\ud558\ub294 \ud6c4\ud589\uc801 \ud2b9\uc131\uc744 \ub764\ub2e4.<\/p>\n\n\n\n

\ub354\uc6b1\uc774 \ub178\ud0a4\uc544\uc758 \ucc28\uae30 \ub144\ub3c4 \uc120\ud589 EV\/EBITDA\uac00 2026\ub144 21\ubc30 \uc218\uc900\uc5d0\uc11c 2027\ub144 18.3\ubc30, 2028\ub144 16.6\ubc30 \uc218\uc900\uc73c\ub85c \uc601\uc5c5\uc774\uc775 \ud33d\ucc3d\uc5d0 \ub530\ub77c \ube60\ub974\uac8c \uc548\uc815\ud654\ub420 \uac83\uc73c\ub85c \uc804\ub9dd\ub418\ub294 \uc810 41<\/sup>, \uadf8\ub9ac\uace0 \uad11\ud1b5\uc2e0 \uc804\ubb38 \ud575\uc2ec \uacbd\uc7c1\uc0ac\uc778 \uc2dc\uc5d0\ub098(Ciena)\ub098 AI \ud328\ube0c\ub9ad \ub300\uc7a5\uc8fc\uc778 \uc544\ub9ac\uc2a4\ud0c0(Arista)\uac00 \ud5a5\uc720\ud558\uace0 \uc788\ub294 \ucc9c\ubb38\ud559\uc801\uc778 \ud504\ub9ac\ubbf8\uc5c4 \uba40\ud2f0\ud50c(P\/S 10\ubc30 \uc774\uc0c1)\uc744 \uc785\uccb4\uc801\uc73c\ub85c \uace0\ub824\ud560 \ub54c, \ud604\uc7ac \ub178\ud0a4\uc544\uc5d0\uc11c \ubc1c\uc0dd\ud558\uace0 \uc788\ub294 \uac00\ud30c\ub978 \uc8fc\uac00 \uc0c1\uc2b9\ubd84\uc740 \uacb0\ucf54 \uc2e4\uccb4 \uc5c6\ub294 ‘\uac70\ud488(Bubble)’\uc774 \uc544\ub2c8\ub2e4. \uc624\ud788\ub824 \uacfc\uac70 10\ub144\uac04 \ub808\uac70\uc2dc \ud154\ub808\ucf64 \ud1b5\uc2e0 \uc7a5\ube44\uc8fc\ub77c\ub294 \ub0a1\uc740 \uc139\ud130\uc5d0 \ubb36\uc5ec \ubd80\ub2f9\ud558\uac8c \uc801\uc6a9\ubc1b\ub358 \uadf9\ub2e8\uc801 \ubc38\ub958\uc5d0\uc774\uc158 \ub514\uc2a4\uce74\uc6b4\ud2b8(Discount)\uc758 \ud544\uc5f0\uc801\uc778 \uc815\uc0c1\ud654 \uacfc\uc815\uc774\uc790, \uc804 \uc138\uacc4 AI \ub370\uc774\ud130\uc13c\ud130 \ud14c\ud06c \uc778\ud504\ub77c \uc2dc\uc7a5\uc744 \uc120\ub3c4\ud558\ub294 \ud575\uc2ec \ud50c\ub808\uc774\uc5b4\ub85c\uc11c\uc758 \uc815\ub2f9\ud55c ‘\ub9ac\ub808\uc774\ud305(Re-rating)’ \ucd08\uc785 \uad6d\uba74\uc73c\ub85c \ud574\uc11d\ud558\ub294 \uac83\uc774 \ub17c\ub9ac\uc801\uc73c\ub85c \uac00\uc7a5 \ud0c0\ub2f9\ud55c \ubd84\uc11d\uc774\ub2e4. \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\ub4e4\uc758 \ub370\uc774\ud130\uc13c\ud130 \ud655\uc7a5\uc774\ub77c\ub294 \uac70\ub300\ud55c \uc790\ubcf8 \uc9c0\ucd9c \uc0ac\uc774\ud074\uc774 \ud5a5\ud6c4 \uc218\ub144\uac04 \uc9c0\uc18d\ub418\ub294 \ud55c, \ub178\ud0a4\uc544\ub294 \uc7a5\uae30 \uc9c0\ud5a5\uc801 \ud22c\uc790\uc790\ub4e4\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ub0b4\uc5d0\uc11c \ub9e4\uc6b0 \ud0c1\uc6d4\ud558\uace0 \uad6c\uc870\uc801\uc778 \uc218\uc775\ub960 \uae30\ud68c\ub97c \uc9c0\uc18d\uc801\uc73c\ub85c \uc81c\uacf5\ud558\ub294 \ud22c\uc790\ucc98\uac00 \ub420 \uac83\uc774\ub2e4.<\/p>\n\n\n\n

\n\n\n\n

\ucc38\uace0 \uc790\ub8cc<\/strong><\/h4>\n\n\n\n
    \n
  1. Nokia Market Cap 2012-2025 | NOK – Macrotrends, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.macrotrends.net\/stocks\/charts\/NOK\/nokia\/market-cap<\/a><\/li>\n\n\n\n
  2. Nokia (NOK) Market Cap Today: Live Data & Historical Trends, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/public.com\/stocks\/nok\/market-cap<\/a><\/li>\n\n\n\n
  3. 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/businesscaseweekly.substack.com\/p\/bcw-23-nokia#:~:text=Effective%20January%201%2C%202026%2C%20Nokia,from%20the%20cyclical%20mobile%20business.<\/a><\/li>\n\n\n\n
  4. Nokia provides recast comparative segment results for 2025 and 2024 reflecting new operating and financial reporting structure, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/nokia-provides-recast-comparative-segment-results-for-2025-and-2024-reflecting-new-operating-and-financial-reporting-structure\/<\/a><\/li>\n\n\n\n
  5. Nokia Corporation – SEC.gov, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.sec.gov\/Archives\/edgar\/data\/924613\/000110465925113946\/tm2531737d1_6k.htm<\/a><\/li>\n\n\n\n
  6. Nokia’s acquisition of Infinera is a strategic move – Analysys Mason, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.analysysmason.com\/research\/content\/articles\/nokia-infinera-acquisition-rma07\/<\/a><\/li>\n\n\n\n
  7. file: tm257943d1_6k.htm – SEC.gov, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.sec.gov\/Archives\/edgar\/data\/924613\/000110465925018857\/tm257943d1_6k.htm<\/a><\/li>\n\n\n\n
  8. Interim Report for Q1 2026 – Nokia, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/system\/files\/2026-04\/nokia_results_2026_q1.pdf<\/a><\/li>\n\n\n\n
  9. Nokia Corporation Interim Report for Q1 2026, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/nokia-corporation-interim-report-for-q1-2026\/<\/a><\/li>\n\n\n\n
  10. Financial highlights in Q1 2026 | Nokia, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/system\/files\/2026-04\/nokia_factsheet_2026_q1.pdf<\/a><\/li>\n\n\n\n
  11. Q1 2026 Financial Results – Nokia, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/system\/files\/2026-04\/nokia_slides_2026_q1.pdf<\/a><\/li>\n\n\n\n
  12. Nokia Bets Big on Networking for AI and Cloud – Futuriom, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.futuriom.com\/articles\/news\/nokia-bets-big-on-networking-for-ai-and-cloud\/2026\/04<\/a><\/li>\n\n\n\n
  13. Nokia Q1 2026 Earnings Report – MarketBeat, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.marketbeat.com\/earnings\/reports\/2026-4-24-nokia-co-stock\/<\/a><\/li>\n\n\n\n
  14. Nvidia Is Betting Big on Nokia \u2014 Here’s Why NOK Surged 116% This Year – Moomoo, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.moomoo.com\/community\/feed\/nvidia-is-betting-big-on-nokia-here-s-why-nok-116612326883334<\/a><\/li>\n\n\n\n
  15. NOKIA Q1-2026 Earnings Call – Alpha Spread, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.alphaspread.com\/security\/omxh\/nokia\/investor-relations\/earnings-call\/q1-2026<\/a><\/li>\n\n\n\n
  16. Nokia completes acquisition of Infinera to create innovation powerhouse in optical networks, with the scale to power the data center revolution, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/nokia-completes-acquisition-of-infinera-to-create-innovation-powerhouse-in-optical-networks-with-the-scale-to-power-the-data-center-revolution\/<\/a><\/li>\n\n\n\n
  17. Nokia + Infinera: a vertical play on power efficiency in AI data centers : r\/Nok – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nok\/comments\/1r883l2\/nokia_infinera_a_vertical_play_on_power\/<\/a><\/li>\n\n\n\n
  18. NOKIA Stock Price and Chart \u2014 OMXHEX:NOKIA – TradingView, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.tradingview.com\/symbols\/OMXHEX-NOKIA\/<\/a><\/li>\n\n\n\n
  19. nokia oyj adr each repr 1 ord npv – NYSE, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nyse.com\/quote\/XNYS:NOK<\/a><\/li>\n\n\n\n
  20. FAQs – Citi’s Depositary Receipt Services, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/depositaryreceipts.citi.com\/adr\/faq\/faq.aspx?pageId=8&subpageid=102<\/a><\/li>\n\n\n\n
  21. Depositary’s Notice of Annual General Meeting of Nokia Corporation, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/sites\/default\/files\/2020-04\/Nokia%20Corporation%20Dep%20Notice%202020.pdf<\/a><\/li>\n\n\n\n
  22. Nokia Corporation – SEC.gov, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.sec.gov\/Archives\/edgar\/data\/924613\/000110465905006360\/a05-3205_16k.htm<\/a><\/li>\n\n\n\n
  23. NOK Comparison for Nokia Corp ADR Stock – Barchart.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.barchart.com\/stocks\/quotes\/NOK\/comparison<\/a><\/li>\n\n\n\n
  24. Nokia Oyj Stock Price History – Investing.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.investing.com\/equities\/nokia-finland-historical-data<\/a><\/li>\n\n\n\n
  25. Nokia ADR Stock Price History – Investing.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.investing.com\/equities\/nokia-corp-exch-historical-data<\/a><\/li>\n\n\n\n
  26. Nokia Oyj Stock Components – Investing.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.investing.com\/equities\/nokia-finland-related-indices<\/a><\/li>\n\n\n\n
  27. Trading Nokia: The Roles of the Helsinki vs. the New York Stock Exchanges* – Nordic Journal of Business, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/njb.fi\/wp-content\/uploads\/2015\/05\/lta_2005_03_a2.pdf<\/a><\/li>\n\n\n\n
  28. Trading Nokia: The Roles of the Helsinki vs the New York Stock Exchanges – ResearchGate, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.researchgate.net\/publication\/5094000_Trading_Nokia_The_Roles_of_the_Helsinki_vs_the_New_York_Stock_Exchanges<\/a><\/li>\n\n\n\n
  29. Trading Nokia: The Roles of the Helsinki vs. the New York Stock Exchanges, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/lta.lib.aalto.fi\/2005\/3\/lta_2005_03_s2.pdf<\/a><\/li>\n\n\n\n
  30. Did you know when you buy NOK you’re not actually buying stock in Nokia?? If not, read on and add some wrinkles to your brain! – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nok\/comments\/mplyoc\/did_you_know_when_you_buy_nok_youre_not_actually\/<\/a><\/li>\n\n\n\n
  31. Ciena (CIEN) | Trefis, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.trefis.com\/data\/companies\/CIEN<\/a><\/li>\n\n\n\n
  32. Ciena (CIEN) | Trefis, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.trefis.com\/data\/companies\/CIEN?from=CIEN_implied_volatility_2026-05-20<\/a><\/li>\n\n\n\n
  33. Thought experiment: Nokia vs Ciena valuation : r\/Nok – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nok\/comments\/1sgql1q\/thought_experiment_nokia_vs_ciena_valuation\/<\/a><\/li>\n\n\n\n
  34. Nokia: Cash flow-based valuation is not attractive – Inderes, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.inderes.fi\/en\/research\/nokia-cash-flow-based-valuation-not-attractive<\/a><\/li>\n\n\n\n
  35. Telefonaktiebolaget LM Ericsson (publ) Stock Price: Quote, Forecast, Splits & News (ERIC), 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.perplexity.ai\/finance\/ERIC?comparing=ERIC,CLS,ALAB,LHX,STM,3711.TW<\/a><\/li>\n\n\n\n
  36. Ericsson and Nokia are diverging like never before on AI-RAN – Light Reading, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.lightreading.com\/5g\/ericsson-and-nokia-are-diverging-like-never-before-on-ai-ran<\/a><\/li>\n\n\n\n
  37. EV \/ EBITDA For Nokia Corp ADR (NOK) – Finbox, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/finbox.com\/NYSE:NOK\/explorer\/ev_to_ebitda_ltm\/<\/a><\/li>\n\n\n\n
  38. Nokia Oyj (NYSE:NOK) Stock Valuation, Peer Comparison & Price Targets – Simply Wall St, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/simplywall.st\/stocks\/us\/tech\/nyse-nok\/nokia-oyj\/valuation<\/a><\/li>\n\n\n\n
  39. Software’s crown is at risk \u2014 hardware is king again – Carlsquare, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/carlsquare.com\/insights\/softwares-crown-is-at-risk-hardware-is-king-again\/<\/a><\/li>\n\n\n\n
  40. ANET EV\/EBITDA – Arista Networks Inc – Alpha Spread, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.alphaspread.com\/security\/nyse\/anet\/relative-valuation\/ratio\/enterprise-value-to-ebitda<\/a><\/li>\n\n\n\n
  41. ev\/ebitda – Nokia Oyj – Alpha Spread, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.alphaspread.com\/security\/omxh\/nokia\/relative-valuation\/ratio\/enterprise-value-to-ebitda<\/a><\/li>\n\n\n\n
  42. Nokia partners with Nvidia, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/nokia-partners-with-nvidia\/<\/a><\/li>\n\n\n\n
  43. NVIDIA and Nokia to Pioneer the AI Platform for 6G \u2014 Powering America’s Return to Telecommunications Leadership – NVIDIA Investor Relations, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/investor.nvidia.com\/news\/press-release-details\/2025\/NVIDIA-and-Nokia-to-Pioneer-the-AI-Platform-for-6G–Powering-Americas-Return-to-Telecommunications-Leadership\/default.aspx<\/a><\/li>\n\n\n\n
  44. Inside Information: NVIDIA to make USD 1.0 billion equity investment in Nokia in addition to new strategic partnership \u2013 Nokia’s Board resolved on directed share issuance to NVIDIA, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/inside-information-nvidia-to-make-usd-1-billion-equity-investment-in-nokia-in-addition-to-new-strategic-partnership-nokias-board-resolved-on-directed-share-issuance-to-nvidia\/<\/a><\/li>\n\n\n\n
  45. Nokia accelerates AI-RAN momentum with new partnerships driving path to AI-Native 6G #MWC26, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/nokia-accelerates-ai-ran-momentum-with-new-partnerships-driving-path-to-ai-native-6g-mwc26\/<\/a><\/li>\n\n\n\n
  46. Nokia accelerates AI-RAN momentum with new partnerships driving path to AI-Native 6G #MWC26 – Elisa, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/elisa.com\/corporate\/news-room\/press-releases\/nokia-accelerates-ai-ran-momentum-with-new-partnerships-driving-path-to-ai-native-6g–mwc26\/25725178522096\/<\/a><\/li>\n\n\n\n
  47. AI will be a turning point for CSPs disappointed with 5G, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.communicationstoday.co.in\/ai-will-be-a-turning-point-for-csps-disappointed-with-5g\/<\/a><\/li>\n\n\n\n
  48. Dell’Oro Group Article From Nokia’s 32nd Core User Group 2026 (Munich) : r\/Nok – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nok\/comments\/1tlfoa2\/delloro_group_article_from_nokias_32nd_core_user\/<\/a><\/li>\n\n\n\n
  49. NVIDIA’s shift beyond hyperscalers may have significant implications for Nokia – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nok\/comments\/1tlk376\/nvidias_shift_beyond_hyperscalers_may_have\/<\/a><\/li>\n\n\n\n
  50. NVIDIA’s shift beyond hyperscalers may have significant implications for Nokia : r\/Nokia_stock – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nokia_stock\/comments\/1tlk3p6\/nvidias_shift_beyond_hyperscalers_may_have\/<\/a><\/li>\n\n\n\n
  51. r\/Nokia_stock – Reddit, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.reddit.com\/r\/Nokia_stock\/rising\/?after=dDNfMXNsa2t2cw%3D%3D&sort=best&t=DAY<\/a><\/li>\n\n\n\n
  52. Justin Hotard – Nokia Corporation – MWC Barcelona, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.mwcbarcelona.com\/agenda\/speakers\/17906-justin-hotard<\/a><\/li>\n\n\n\n
  53. Justin Hotard, President and CEO | Nokia.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/we-are-nokia\/leadership-and-governance\/group-leadership-team\/justin-hotard\/<\/a><\/li>\n\n\n\n
  54. Inside information: Nokia announces a leadership transition \u2013 Justin Hotard appointed as successor to Pekka Lundmark, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/inside-information-nokia-announces-a-leadership-transition—justin-hotard-appointed-as-successor-to-pekka-lundmark\/<\/a><\/li>\n\n\n\n
  55. Report for Q4 and full year 2025 – Nokia, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/system\/files\/2026-01\/nokia_results_2025_q4.pdf<\/a><\/li>\n\n\n\n
  56. Nokia Stock Price Today | NYSE: NOK Live – Investing.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.investing.com\/equities\/nokia-corp-exch<\/a><\/li>\n\n\n\n
  57. PSE-6s: A new frontier in scale, performance and sustainability | Nokia.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/optical-networks\/pse-6s\/<\/a><\/li>\n\n\n\n
  58. Nokia and Aramco successfully achieve first 2.4Tbps optical transmission, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.nokia.com\/newsroom\/nokia-and-aramco-successfully-achieve-first-24tbps-optical-transmission_20250422153510117\/<\/a><\/li>\n\n\n\n
  59. Nokia 2026: From Telecom Giant to AI Connectivity Leader | RockFlow, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/rockflow.ai\/blog\/Nokia-Revenge-2026<\/a><\/li>\n\n\n\n
  60. Nokia Oyj Stock Price: Quote, Forecast, Splits & News (NOK) – Perplexity, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.perplexity.ai\/finance\/NOK<\/a><\/li>\n\n\n\n
  61. Nokia Stock (NOK) Opinions on Recent Insider Buying – Quiver Quantitative, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.quiverquant.com\/news\/Nokia+Stock+%28NOK%29+Opinions+on+Recent+Insider+Buying<\/a><\/li>\n\n\n\n
  62. Goldman Sachs upgrades Nokia stock rating on AI infrastructure growth – Investing.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.investing.com\/news\/analyst-ratings\/goldman-sachs-upgrades-nokia-stock-rating-on-ai-infrastructure-growth-93CH-4586256<\/a><\/li>\n\n\n\n
  63. Nokia (NOK) Stock Forecast and Price Target 2026 – MarketBeat, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.marketbeat.com\/stocks\/NYSE\/NOK\/forecast\/<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

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