SAP becomes Europe’s most valuable company

German software giant SAP overtook Novo Nordisk as Europe’s most valuable public company, reaching a market valuation of $340 billion after its stock jumped 1.6% on Monday.

SAP’s growth is fueled by strong demand for its AI-integrated cloud services for the IT sector. SAP’s shares have surged 42% over the past year.

Meanwhile, Novo’s shares have dropped 16% in 2025 due to disappointing trial results for its new weight-loss drug, CagriSema.

While SAP thrives, other European blue chips are struggling. ASML Holding NV faces declining orders and tighter export controls on chip equipment to China.