German enterprise software development company SAP has become the largest company by market capitalization on the European stock market.
On the 24th (local time), SAP's stock price on the German stock exchange closed at 255.35 euros, up 1.35% from the previous session.
According to market information provider FactSet, based on the closing price that day, SAP's market capitalization reached $342.4 billion, surpassing Danish pharmaceutical company Novo Nordisk ($332 billion), famous for its obesity treatment drug Wegovy, to take the top spot.
SAP, which develops enterprise software such as cloud solutions and supply chain management, leverages a large customer base business data. Wall Street expects business cloud integration to still be in its early stages and to continue for several years.
After launching a major restructuring focused on AI early last year, SAP's cloud revenue increased by 25% compared to the previous year. Christian Klein, SAP's CEO, emphasized in a January interview with CNBC that SAP supports automation in various departments such as sales and procurement through AI tools and is a company that is not dependent on any specific type of large language model (LLM).
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