4 Nordic AI Stocks to Invest in Now

Key Takeaways

• Nokia, Novo Nordisk, Ericsson, and Tietoevry have a meaningful exposure to AI.
• Despite Europe’s large AI fund market, US stocks dominate AI portfolios, highlighting limited geographic diversification.
• Morningstar analysts see three Nordic AI stocks trading below fair value, presenting potential buying opportunities.

Nordic AI Stocks in a US-Dominated Market

As global excitement around artificial intelligence continues to accelerate, investors are pouring unprecedented amounts of capital into AI and Big Data-focused funds. Over the past five years, assets in these funds have surged more than sevenfold.

While the United States continues to dominate in terms of stock representation, Europe is the largest market for AI and Big Data fund assets.

It can be challenging to identify which companies are most relevant for investors looking for AI and Big Data exposure. The activities of these companies may not obviously align with a targeted AI theme. Mega-cap tech companies like Microsoft MSFT, Alphabet GOOG, and Nvidia NVDA may immediately come to mind, but the AI ecosystem is broad, and includes a number of companies that provide supporting infrastructure or apply AI in transformative ways.

According to Morningstar data, four Nordic companies get a consensus score above 70%, indicating high thematic relevance to AI and Big Data.

4 Nordic AI Stocks with Strong AI Exposure

To help identify meaningful exposure to AI, Morningstar employs a consensus holdings-based approach. By using the Artificial Intelligence + Big Data Consensus Score we can identify companies where there is broad investor consensus of relevance to a particular theme. This score indicates that a company is widely held across funds that target the same theme, and helps ensure that companies associated with multiple themes are de-emphasized.

When narrowing the search down to Danish, Finnish, Norwegian or Swedish stocks, we are left with only four names. The Nordic stock with the highest AI and Big Data consensus score is Nokia NOKIA. The Finnish manufacturer of mobile communications equipment and provider of telecommunications and IT services receives a score of 80,5%.

Danish Novo Nordisk NOVO B, the drugmaker behind weight-loss drugs Ozempic and Wegovy, is closely behind with a score of 79,2%. Ericsson ERIC B, a provider of telecommunications network and infrastructure services, is another high scoring AI and Big Data stock, with a 76,6% consensus score. Finnish Tietoevry TIETO, a digital services and software company that provides IT services to public and private enterprises, is the Nordic AI stock with the lowest score. The stock gets a consensus score of 72,2%.

“Investors should be mindful that while the AI theme offers tremendous growth potential, it also carries elevated risks. Concentration in a few dominant names, exposure to rapidly evolving technologies, and valuation concerns are all factors to consider when allocating to this space,” says Kenneth Lamont, principal, manager research at Morningstar.

Undervalued Nordic AI Stocks Offer Diversification Opportunities

All Nordic AI-stocks covered by a Morningstar analyst are currently trading at a discount to its fair value estimate. Here’s a little more about each of the Nordic AI stocks, including commentary from the Morningstar analyst who covers the stock. All data is as of Sep 1.

Ericsson

• Morningstar Rating: ★★★★
• Economic Moat: None
• Morningstar Uncertainty Rating: Medium
• Discount to Fair Value: 25%
• Industry: Communication Equipment

The only Swedish stock in our list of Nordic AI Stocks is Ericsson, provider of telecom equipment and services that are primarily used to build and operate mobile networks. The firm divides its business into three segments: networks, cloud and software services, and enterprise. Wireless carriers have traditionally been the firm’s primary customers, but it is pushing to cater more to enterprises as well, as both try to take advantage of 5G capabilities and utilize “as-a-service” communications platforms. The company also licenses its patents to handset manufacturers.

Ericsson enjoyed success in the early stages of public 5G network buildouts. According to Ericsson, its global radio access network, or RAN, market share, excluding China, jumped from 33% in 2017 to 39% in 2022. However, despite the market share gains, including more than 50% in the US in 2025, the firm is beholden to cyclical spending by telecom carriers. Also, the development of open radio access networks makes equipment within a network interoperable, diminishing the necessity for networks to be consistent in their use of Ericsson equipment.

The viability of generic radios and antennas makes Ericsson’s focus on software more important. The continued refinement of 5G networks provides new opportunities and revenue channels that software can enable. Wireless technologies, such as network slicing, create a more significant need for software, as carriers have greater flexibility in managing their networks at given times and locations.

Read more about Ericsson here.

Novo Nordisk

• Morningstar Rating: ★★★★
• Economic Moat: Wide
• Morningstar Uncertainty Rating: High
• Discount to Fair Value: 21%
• Industry: Drug Manufacturers—General

With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the leading provider of diabetes care products in the world. Based in Denmark, the company manufactures and markets a variety of human and modern insulins, injectable diabetes treatments such as GLP-1 therapy, oral antidiabetic agents, and obesity treatments.

Novo Nordisk integrates AI techniques like advanced analytics, machine learning, and data science to accelerate drug discovery and improve predictive accuracy.

Diabetes’ prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to dominate in diabetes and obesity therapy innovation.

We’re lowering our fair value estimate to DKK 458 per share from DKK 552 after factoring in a significant drop in Novo Nordisk’s 2025 guidance as well as our expectation for continued strong competition in the near term from compounded versions of semaglutide as well as Eli Lilly’s Mounjaro/ Zepbound.We expect Novo to gain USD 55 billion of a USD 200 billion global GLP-1 market in diabetes and obesity by 2031, ahead of semaglutide’s 2032 patent expiration, with Lilly as the key competitor.

Read more about Novo Nordisk here.

Nokia

• Morningstar Rating: ★★★★
• Economic Moat: None
• Morningstar Uncertainty Rating: Medium
• Discount to Fair Value: 28%
• Industry: Communication Equipment

Nokia, founded in 1865 and headquartered in Espoo, Finland, is a manufacturer of mobile communications equipment and provider of telecommunications and IT services. The company operates in four segments: mobile networks, network infrastructure, cloud and network services, and a research division focused on licensing technology for various electronic and IoT products.

We believe Nokia’s artificial intelligence opportunity is real, particularly in network infrastructure, as AI investments necessitate substantial network and data center buildouts.

Our no-moat rating is based on the radio access network equipment industry being very competitive and increasingly commoditized. However, through its network infrastructure and CNS segments, we think Nokia is capitalizing on the most attractive pieces of a growing networking market.

Read more about Nokia here.