Europe lacks necessary infrastructure for AI data centers and risks losing companies to China and the US, says Nokia CEO. As major tech firms invest billions in AI infrastructure this year, Europe lags due to regulatory and energy constraints. Nokia’s CEO, Justin Hotard, praised some EU initiatives but highlighted Europe’s infrastructure shortcomings. Data centers consume 3% of EU electricity demand and may increase due to AI. Amazon faced delays in connecting to the power grid for data center expansions in Europe. Nokia, once a top phone manufacturer, now sees success in AI and cloud services, with 8% of group sales and a projected 27% annual growth in addressable market until 2028. Hotard emphasized the importance of building infrastructure to prevent companies and developers from moving elsewhere, noting China and the US as current AI leaders.
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