SAP Becomes Europe’s Most Valuable Company, Surpassing Novo Nordisk

The German tech giant's cloud strategy and AI advancements have propelled its market value to €314 billion, while Novo Nordisk faces setbacks in the pharmaceutical sector.

• SAP's market capitalization has reached €314 billion, overtaking Novo Nordisk, which now stands at €310 billion.
• The company's shift to a cloud-based business model, initiated by CEO Christian Klein in 2020, has been a key driver of its growth.
• The ongoing boom in artificial intelligence has further boosted SAP's financial recovery and market position.
• Novo Nordisk's market value has halved since its peak in June 2024, due to unmet expectations for its weight-loss drug and increased competition.
• Globally, U.S. companies dominate market capitalization rankings, with SAP being one of only three German firms in the top 100.

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