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By Danilo Masoni
MILAN, Jan 21 (Reuters) – Shares in Germany’s SAP prolonged a months-long downtrend on Wednesday, falling to their lowest since August 2024 and bringing the loss in market worth since final yr’s file excessive to round $130 billion.
The decline is a part of a broader selloff that has hit software program shares in Europe and on Wall Road on the again of rising fears of AI disruption, though most analysts stay upbeat on Europe’s largest software program group.
By 1334 GMT, the inventory was down 2.4% in Frankfurt, valuing SAP at about 233 billion euros ($273 billion), in contrast with 344 billion euros at its lifetime excessive in February 2025. “A few of the considerations out there are justified, not concerning the firm’s existential future, however concerning the worth of its providers,” mentioned Banor SIM portfolio supervisor Angelo Meda, including that it was essential for SAP to speed up its cloud transition.
“With AI, many modules can develop into simpler to develop and replicate, so the danger is that the typical promoting worth of providers and billable hours falls,” he added.
SAP in October forecast full-year cloud income on the decrease finish of its outlook vary, although working revenue was anticipated towards the higher finish. The corporate studies outcomes subsequent week. “Software program sentiment has not often been decrease,” Jefferies analyst Brent Thill wrote in a word on Monday, including that SAP’s valuation was now approaching its historic trough.
One Frankfurt‑based mostly dealer mentioned some shoppers have been taking lengthy positions forward of subsequent week’s outcomes, however added that charts have been nonetheless flashing recent “promote indicators”. The S&P 500 software program index has misplaced 7.2% up to now in 2026.
($1 = 0.8522 euros)
(Reporting by Danilo Masoni; Enhancing by Amanda Cooper)
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