Shares of Finnish telecommunications company Nokia have rallied nearly 30 percent in 2018, and that's largely thanks to two letters: 5G.

The stock still trades well below its sky-high levels during the dotcom boom, when Nokia was the world's top mobile phone seller.

But Nokia is gaining momentum in the mobile communications market as a key player making 5G equipment and software. The company's efforts have helped put Finland on the map in the worldwide race to develop and implement so-called fifth generation wireless technology.

"They (Nokia) are trying to regain some technological leadership here in 5G that was largely lost in the last 15 years through the smartphone era," said Tim Hatt, head of research at GSMA Intelligence, in a phone interview with CNBC.

'It's connecting everything'

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