Shares of German software giant SAP rose by over 5%, pushing its market value up by more than €24 billion (approximately $26 billion) to about €273.1 billion. This growth has positioned SAP as Europe's most valuable tech company, surpassing ASML, which currently has a market value of about €264.37 billion.
The surge in SAP's stock comes after the company significantly increased its forecasts for cloud computing and software revenue, operating profit, and free cash flow for the year. This adjustment follows a substantial rise in sales and profits in its core cloud business.
In contrast, ASML experienced a market value decline of over $60 billion earlier this week. The company issued a warning that recovery in certain segments of its industry might extend into the following year.
