SAP SE claimed the title of Europe’s most valuable public company, replacing Danish weight-loss drug maker Novo Nordisk A/S.
Shares of SAP, which have been powered by growing investor optimism over its cloud-based software, rose 1,6% on Monday, valuing the German company at about €314 billion ($340 billion). That tipped it past Novo Nordisk, whose shares have declined 16% this year as trials of the firm’s next-generation weight-loss shot, CagriSema, have disappointed.
SAP shares have risen 42% in the past year, fueled by customers’ accelerating pivot from traditional on-site servers to IT infrastructure on the cloud. That process has allowed the company to sell more lucrative products bundled with artificial intelligence features, boosting revenue growth.
TIL: SAP is still around. That name makes me think of the nineties.