SAP has crossed a major milestone, becoming Europe’s largest company, surpassing Danish Novo Nordisk in the process.

According to Reuters, SAP achieved $340 billion in market capitalization at the beginning of the week, representing a 7% gain for 2025. Since 2022, the company’s stock is up a total of 160%, significantly outperforming the broader European market.

SAP is reaping the rewards of its pivot to the cloud and AI. In mid-2024, CFO Dominik Asam discussed the changes the company was making in response to AI’s transformative impact.

“The advent of AI has clearly propelled the story of the transformation to the cloud,” Asam noted.

“We have more than 27,000 customers using AI-powered use cases,” Asam added.

SAP’s bet is certainly paying off in a big way for the company.