The market cap measures sentiment, not reality. It's not that Nokia's underlying value went from 38 billion to 9 billion in that time, it's that people figured

The market cap measures sentiment, not reality. It's not that Nokia's underlying value went from 38 billion to 9 billion in that time, it's that people figured out they're only worth 9 billion and sold down the stock. The fundamentals affecting Nokia were already in play long before that 'burning platform' speech.