Thought Leadership
Shares in the Walldorf-based technology group have been benefiting from the cloud strategy for some time now. The AI boom is also driving the stock market value. But this is not the only reason why SAP is currently in first place in the ranking.
The software company SAP has replaced the Danish pharmaceutical giant Novo Nordisk as the most valuable company in Europe. The Walldorf-based technology group is now worth 314 billion euros on the stock exchange, while Novo Nordisk is still worth the equivalent of around 310 billion euros.
SAP shares have recently extended their recovery and have therefore moved to the top spot in terms of market capitalization in Europe. The Walldorf-based company is also benefiting from the weakness of the previous leader Novo Nordisk, which has persisted since mid-2024.
Walldorf benefits from cloud strategy and AI boom
SAP shares have long benefited from the Group’s cloud strategy, i.e. the shift in the business model from the traditional sale of software licenses to a form of cloud-based leasing. Added to this is the boom in artificial intelligence.
Novo Nordisk shares, on the other hand, have lost around half their value since their record high last June. A large part of the share price rally driven by the business success of GLP-1 weight loss drugs has thus been lost. More and more competitors want to profit from the boom with the weight loss injection. In addition, Novo’s study data on a planned weight loss drug also failed to meet expectations, some of which were very high.
US companies dominate worldwide
US companies dominate the global stock market rankings unchallenged. According to a study by auditing and consulting firm EY, only three German companies made it into the top 100 most valuable stock market groups in the world in 2024: SAP, Siemens and Deutsche Telekom. According to the study, 62 of the 100 most expensive companies in the world are based in the USA.
dpa
