Nokia Oyj (NYSE:NOK) has inked a multi-year deal with SAP and Microsoft to modernize its ERP landscape, according to a June 30 press release. As part of this deal, Nokia will migrate its ERP portfolio to SAP S/4HANA landscape using the RISE with SAP methodology, and the portfolio will be hosted on Microsoft's Azure cloud platform. With this migration, Nokia stands to benefit from continuous access to innovation and embedded AI capabilities. The portfolio covers data, processes, applications, and operating models. Since SAP will operate and manage Nokia's ERP environment in the cloud, Nokia will be able to concentrate on business outcomes rather than infrastructure management. Separately, Slate Path Capital increased its stake in Nokia stock by 7% during Q1 2026, and the stock accounts for 4.3% of the portfolio. Nokia shares have more than doubled over the past year.