SAP Becomes Europe's Most Valuable Public Company

German software giant SAP SE has surpassed Danish pharmaceutical company Novo Nordisk to become Europe's most valuable public company, with a market capitalization of approximately €314 billion ($340 billion). SAP's share price has risen over 40% in the past year, driven by the increasing demand for its AI-enhanced cloud-based enterprise software. In contrast, Novo Nordisk's shares have dropped significantly following disappointing trial results for its new weight-loss drug, CagriSema. This shift in market dominance follows SAP's earlier overtaking of ASML in October, when ASML's shares fell due to fewer than expected orders for its lithography machines. SAP's strategic focus on cloud services and AI integration has fueled optimism among investors, while Novo Nordisk struggles with the market's reaction to its recent pharmaceutical developments.