AT&T and Verizon saw their share prices dip, yet they outperformed the wider market. Their status as defensive, evergreen assets shielded them from the sharper volatility affecting growth-heavy sectors. Meanwhile, Nokia is pushing forward with a $30 million expansion of its semiconductor testing and packaging facilities in Allentown, Pennsylvania, signaling a commitment to infrastructure despite the cooling appetite for AI-linked stocks.

In Sweden, Ericsson is bracing for a leadership transition. Chief Executive Officer Borje Ekholm is stepping down after a nine-year tenure. The company has tapped veteran Per Narvinger to take the helm, marking a significant shift for the telecom equipment manufacturer during a period of turbulent market sentiment.