World
logo SAP SE enterprise software development, German multinational software company, International Business Expansion, sustainable development in Technology, Frankfurt, Germany - September 1, 2024
Getty Images
CLOUD NINE

Europe’s most valuable company, SAP, is only extending its lead

The German software giant has seen its market cap skyrocket on the back of US tariffs — the same can’t be said for Novo Nordisk and LVMH.

Millie Giles

Since dethroning Novo Nordisk as Europe’s most valuable company back in March, German software giant SAP has gone from strength to strength — while the Danish Ozempic maker has sunk further in the face of tariff uncertainty.

Specializing in business tech, SAP has been remarkably resilient to the US tariff storm that other European companies have struggled to weather. At the end of April, the company surpassed analyst expectations by posting a huge operating profit of 2.5 billion euros ($2.9 billion) for the first quarter, a 58% year-over-year increase, sending shares soaring.

SAP away

Today, SAP’s market cap stands at ~$365 billion, up 21% from the start of the year and storming ahead of two previous title holders of “Europe’s biggest company.” At the time of writing, Novo is valued at ~$285 billion, while luxury behemoth LVMH is worth ~$281 billion — down 28% and 14%, respectively, since the beginning of 2025.

SAP Novo LVMH May 25
Sherwood News

Continental shift

At the same time that SAP has seen its cloud-based organizational services become more useful to businesses amid tariff turmoil (in its Q1 earnings, SAP said it expects cloud revenue to reach up to 21.9 billion euros this year), Europe’s pharmaceutical industry and luxury sector have been hit particularly hard. 

Indeed, as Novo measures itself up against weight-loss drug competition, it still anticipates export tariffs to dent sales, cutting its full-year and profit guidance this month — the first time it’s done so since launching Wegovy in 2021. Meanwhile, LVMH, once the deluxe darling of the Paris equity market, is now its biggest drag, with consumers pulling back on lavish spending and top-shelf alcohol losing its sparkle.

But, as SAP prepares to host its stateside conference for financial analysts in Florida on Wednesday, the question remains: can Europe’s most valuable stock — one of the only four tech companies in the region worth over $100 billion, compared to the US’s 33 — soar anywhere close to the gargantuan market caps of America’s biggest tech companies?

More World

See all World
world
Tom Jones

The most watched soccer match in US history got less than a third of the views the Super Bowl did

Between a top-spot finish in the group stage, a sweeping performance against Bosnia and Herzegovina in the round of 32, and the president’s controversial intervention, Monday evening’s USMNT game against Belgium had, to put it lightly, shaped up into a box-office clash.

And though the US players’ performance on the pitch might not have lived up to the high drama off it, American soccer fans certainly showed up. According to early estimates, the 4-1 defeat against Belgium was the most watched soccer telecast in US history, hauling some 40 million viewers on average across the coverage on Fox and Telemundo.

That may be a record tally in the US for the sport that much of the world calls some variant of “football” — besting the 36.2 million who tuned in to watch the team’s previous knock-out match — but it’s still peanuts in comparison to the sport that shares the same name in the States.

World cup viewers chart
Sherwood News
Tom Jones
burning question
6/24/26
Over 50% of Americans say climate change is a serious threat; only 10% think their compatriots feel the same

That perception gap on the issue is among the highest in the world, per a new Gallup poll.

Youth Climate Strikes Break Out Across The U.S.
Reddit alien stock exchange

Reddit’s advertising business is getting bigger. It’s already booming.

The platform will plow more money into its ad offerings as it cements itself as a “trove of human intelligence.”

Tom Jones6/22/26
Tom Jones
plane pain
6/22/26
45% of Americans say they’re not taking a summer vacation this year, mostly due to costs

Flight comparison site Skyscanner is recommending some cheaper alternatives closer to home.

Bored annoyed man looking funny and angry during his summer staycations
Tom Jones
6/17/26
Despite slight declines, Japanese tourism figures are still hovering around record highs

Tourism: Still big in Japan.

Aerial view of Tokyo cityscape with Fuji mountain in Japan.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC