SAP SE, along with its subsidiaries, provides enterprise application and business solutions worldwide. Its offerings include SAP Business AI, SAP S/4HANA for finance, risk, project management, procurement, manufacturing, supply chain, asset management, and R&D; SAP SuccessFactors for human resources, time, payroll, talent, employee experience, analytics, and planning; and spend management solutions for direct and indirect spend, travel and expense, and external workforce management. The company also offers SAP customer experience solutions, the SAP Business Technology platform, SAP Business Network, SAP Signavio, industry-specific solutions, SAP LeanIX, WalkMe, SAP Enable Now, Taulia solutions for working capital management, and sustainability solutions and services. Additionally, SAP provides services and support solutions, and has a strategic collaboration with Fresenius SE & Co. KGaA and Avelios Medical GmbH to develop a cloud-native hospital information system with AI integration. Founded in 1972, SAP SE is headquartered in Walldorf, Germany.
SAP's AI Push and Cloud Demand Offset Margin and AI Disruption Worries
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SAP expands AI partnerships and wins German security approval SAP announced new AI partnerships (Giotto.ai, Conduct, n8n) and launched Joule Agents, plus received BSI authorization to process restricted data in Germany's sovereign cloud. This opens public sector deals and strengthens its competitive position, supporting future revenue growth.
This is a new positive development that directly boosts SAP's AI and cloud offerings, driving investor optimism.
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Composable HCM market to triple by 2031, benefiting SAP SuccessFactors A new report projects the composable HCM platform market will grow from $10.8 billion in 2026 to $27.4 billion by 2031, with SAP SuccessFactors named as a key modular vendor. This trend supports demand for SAP's HR software and cloud offerings.
This new market forecast highlights a growing opportunity for SAP, which could lift its stock as investors anticipate higher sales.
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Goldman Sachs cuts margin forecasts, citing higher costs and customer pullback Goldman Sachs trimmed SAP's margin and EBIT forecasts due to higher hardware costs and a Middle Eastern customer scaling back cloud spending. The stock has fallen over 8.85% since. This raises concerns about near-term profitability and revenue pressure.
This new analyst action directly lowers earnings expectations, weighing on SAP's share price.
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AI disruption fears drag SAP and peers Investor worries that AI could commoditize software and data hit SAP and other tech stocks, as noted by Aoris Investment Management. This sentiment contributed to SAP's decline, reflecting broader market anxiety about AI's impact on traditional software business models.
This new mention of AI disruption fears explains a key negative force on SAP's stock, even though it's a sentiment-driven factor.
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SAP's AI story gets a reality check as cloud demand stays strong
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Cloud demand remains strong, with AI in most big deals SAP's cloud backlog rose 26% and cloud revenue grew 24% to €6.3 billion, with AI and data in over 90% of its 50 largest deals. This shows customers keep buying SAP's cloud and AI products, which supports future revenue and the share price.
It shows the core demand engine behind SAP's value is still working, which is the main positive force for the stock.
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UBS downgrade: AI agent rollout slower and costlier than hoped UBS cut SAP to neutral, saying AI agents are taking longer to deliver, AI token costs are rising, cloud backlog expectations are softer, and profit guidance was reduced. This raises doubts about how quickly AI will boost earnings, pressuring the stock.
It is the main new negative force this period, directly questioning the pace and profitability of SAP's AI monetization.
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Salesforce results calm software AI fears, lifting SAP SAP jumped about 5% after Salesforce's strong results revived confidence that generative AI strengthens established software platforms rather than disrupting them. This sector-wide relief rally supports SAP's share price by easing fears about AI hurting its business.
It explains a major positive swing in sentiment that directly lifted SAP shares this period.
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Security patches and analyst recognition show product strength SAP fixed critical security flaws and was named a leader in supply chain and AI order management by Gartner and IDC. This supports its reputation and customer trust, but also highlights security risks as it pushes deeper into cloud and AI.
It shows a real product and trust strength that supports the business, while noting the security risk that comes with deeper integration.
Q3 2026
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SAP Q3: Cloud Backlog Jumps, Buyback Launched, Guidance Cut on AI Costs
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Cloud backlog and revenue surge, profit outlook raised SAP's Q2 cloud backlog rose 27% to €22.9bn and cloud revenue grew 22% to €6.28bn, prompting management to raise its 2026 profit outlook. Shares jumped 6–9% on the news, showing strong demand for SAP's cloud services.
This is the main positive force that drove SAP's stock higher during the period.
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€10bn buyback tranche and AI Agent Hub launched SAP launched a €10bn share buyback tranche and an AI Agent Hub, returning cash to shareholders and expanding its AI product lineup. These moves signal confidence and support the stock price.
These new capital and product actions are key drivers of investor sentiment.
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Profit guidance cut on integration costs, hiring freeze, restructuring SAP cut its 2026 profit guidance to €11.8–12.2bn due to over €100m in annual integration costs from Dremio and Prior Labs. It also froze hiring and began a second restructuring, raising concerns about near-term profitability.
This is the main negative force that pressured SAP's stock during the period.
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UBS downgrade on slower AI agent rollout and softer backlog UBS downgraded SAP to neutral, citing a slower and costlier AI agent rollout and softer backlog expectations. This added pressure on the stock, though Salesforce's strong results provided some sector relief.
This analyst action reflects concerns about SAP's AI execution and future growth.
News & notes movingSAP.XETRA
Germany
Artificial Intelligence▲
ORO Labs and SAP to Sell Procurement Orchestration as SAP Solution Extension
ORO Labs announced an agreement with SAP under which its procurement orchestration solution will be sold as a solution extension named SAP Ariba Procurement Orchestration by ORO Labs. The offering gives SAP customers a purpose-built orchestration layer connecting procurement experiences, workflows and systems across complex enterprise environments, spanning both SAP and third-party systems, including current-generation and next-generation SAP Ariba environments, and working with Joule Work as the primary user engagement layer. ORO Labs CEO and Co-founder Sudhir Bhojwani said the partnership brings agentic orchestration to SAP customers by combining SAP Ariba solutions with ORO's procurement orchestration capabilities, while SAP Autonomous Suite President and Chief Product Officer Manoj Swaminathan said the solution extension reflects how the ecosystem lets customers modernize at their own pace. ORO Labs is an SAP Solution Extension partner, and such extensions must pass SAP's qualification process and are SAP-branded, sold and supported. SAP Procurement Orchestration by ORO Labs is planned to be generally available by November 2026.
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Technology
ORO Labs · Demand · Positive ORO Labs' procurement orchestration solution will be sold as an SAP solution extension, giving it access to SAP's customer base
SAP.XETRA · Demand · Positive SAP will sell ORO Labs' procurement orchestration as an SAP-branded solution extension, expanding its Ariba offering to customers
Synthesized Launches Intelligent TDM Platform on SAP Store
Synthesized announced that its enterprise-grade test data management platform is now available on SAP Store, listed as Synthesized: Intelligent TDM. SAP customers can discover, evaluate, and purchase the platform through SAP's marketplace, which provides governed, production-realistic data to test SAP business processes and validate enterprise AI agents across connected systems. The platform supports SAP applications running on HANA and other databases, as well as cloud SAP applications and connected enterprise systems, and combines AI with configurable transformation and provisioning workflows for copying, subsetting, masking, anonymization, and synthetic data generation. Synthesized can be deployed using Kubernetes or Docker in the customer's environment, including supported air-gapped configurations, with a target of a first test data refresh within one working day. In published case studies, Deutsche Bank reduced test data provisioning time by 80%, and the European Commission selected Synthesized through a public tender for privacy-preserving data sharing, with the platform running at service levels above 99.5%.
SAP and NetApp Expand Cloud Infrastructure Partnership
SAP and NetApp announced an expanded partnership focused on deeper cloud native integration into SAP Cloud Infrastructure. The collaboration aims to strengthen security, resilience, and performance for SAP and customer workloads running on SAP Cloud Infrastructure, plugging more of NetApp's storage and data services directly into the platform across multiple regions and availability zones. Both companies plan to explore joint go to market initiatives and assess new technology integrations within SAP Cloud Infrastructure services. SAP, a €213.6 billion software group, sells enterprise applications and business solutions that help large organisations run finance, operations and data heavy workflows. Investors are watching for validation of NetApp Object storage inside SAP Cloud Infrastructure, disclosures on joint go to market deals, and customer case studies showing SAP and non SAP workloads moving onto the platform at scale.
Cloud & Digital Infrastructure › Enterprise Data Storage Systems ▲Technology
Cybersecurity & Digital Trust › Cloud & Workload Security Technology
NTAP · Demand · Positive NetApp's storage and data services are being plugged deeper into SAP Cloud Infrastructure, expanding its platform adoption and opening joint go-to-market opportunities.
SAP.XETRA · Technology · Positive SAP expands its cloud infrastructure partnership with NetApp to strengthen security, resilience, and performance for workloads on SAP Cloud Infrastructure.
Dodge AI Raises $2.65M from Accel and Google to Automate Enterprise Maintenance
Dodge AI has raised $2.65 million to build an AI control plane for enterprise application maintenance, targeting a problem that costs enterprises more than $600 billion a year. The round was led by Accel and Google's venture arm, with participation from New Build Venture Capital, Antler, Schema Ventures and angels from the SAP ecosystem. The platform resolves incidents and change requests across systems including SAP, Salesforce, Microsoft Dynamics, Kinaxis and Oracle JDE, while documenting the custom logic that makes each system unique. Dodge AI is already working with more than a dozen enterprises, half of them publicly listed companies, and fields hundreds of queries every hour. In one case, the company traced a warehouse loading fault across SAP, Kinaxis and internal warehouse software and delivered a fix within minutes; in another, it modernized an overnight inventory planning process to make it 132x faster, freed a team of 10 people maintaining it, and improved order allocation time by 8 hours.
SAP Shares Fall 3.2% as Nvidia Safety Platform Spotlights OpenShell in Joule
SAP shares fell about 3.0% to $204.30 around 9:55 a.m. ET Monday as Nvidia's latest push to make autonomous agents safer put a fresh spotlight on OpenShell, the software SAP is already building into its Joule Studio runtime. SAP's work with Nvidia began months ago, with OpenShell setting technical limits on what an agent can access or execute while SAP adds business roles, approvals and audit controls. That pairing matters when an AI agent moves beyond answering questions and starts acting inside a company's financial or procurement systems. GF Value puts the shares at $257.14, leaving the $204.30 price 20.55% below that estimate, though SAP has yet to put a price, customer count or incremental cloud-backlog figure on this OpenShell integration.
SAP.XETRA · Technology · Negative SAP shares fell as Nvidia's OpenShell safety platform spotlighted SAP's Joule Studio integration, with no price, customer count, or cloud-backlog figures yet attached.
NVDA · Technology · Neutral Nvidia's autonomous-agent safety platform (OpenShell) is the news driver, but the article focuses on SAP's integration rather than any Nvidia-specific development.
SAP Tests AI Finance Agents With ITOCHU as Shares Rise 1%
SAP is working with Japanese trading company ITOCHU on the first use cases for AI agents that handle accounting for complex trades, pushing its AI strategy into finance work where mistakes carry real consequences. The project starts with raw-material transactions, where SAP's system pulls together documents and business context and then suggests the general-ledger account and commission details for a finance specialist to review, a human check the company treats as central because an answer that looks plausible still has to hold up through the close and an audit. SAP's U.S. shares rose about 1% to $211.10 at 11.20am ET on Friday, a price that sits 17.77% below the $256.72 GF Value estimate. SAP has yet to disclose the deployment's price, transaction volume or financial contribution, and the payoff to watch is whether a process built for ITOCHU becomes a product SAP can sell repeatedly.
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Technology
SAP.XETRA · Technology · Positive SAP is testing AI agents for accounting with ITOCHU, advancing its AI product strategy into finance workflows.
8001.JP · Technology · Neutral ITOCHU is the partner piloting SAP's AI accounting agents for raw-material trades, but no financial benefit or terms are disclosed.
SAP Cloud Revenue Jumps 24% as AI Platform Expands
SAP SE reported second-quarter 2026 cloud revenue up 24% to €6.3 billion, with total revenue rising 11% to €9.9 billion and current cloud backlog growing 26% to nearly €23 billion. AI and SAP Business Data Cloud were embedded as key pillars in more than 90% of SAP's 50 largest deals. The company's new Business AI platform is built around three pillars — build, context and reason, and run and govern — spanning Joule Studio, SAP Business Data Cloud, Dremio, Reltio and Prior Labs, and is being extended through Joule Work, a single interface for collaborating with AI agents. Following Sapphire, beta programs for the new platform, Suite and Joule Work were immediately oversubscribed, and SAP plans to release nearly 50 assistants by the end of the third quarter and more than 400 Autonomous Suite agents by year-end. SAP's RISE and GROW with SAP offerings have driven strong uptake of its AI ERP migration toolchain, with customers achieving up to 30% lower ERP migration costs, and management expects outcome-based pricing and value-based monetization of AI agents to accelerate AI cloud revenue over the next 12 months. For 2026, management expects cloud revenue between €25.8 billion and €26.2 billion, cloud and software revenue of €36.3–€36.8 billion and approximately €10 billion in free cash flow.
Cloud & Digital Infrastructure › Horizontal SaaS ▲Demand
Artificial Intelligence › AI Applications & Copilots ▲Demand
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Demand
Cloud & Digital Infrastructure › Data Platforms & Analytics ▲Demand
SAP.XETRA · Capital · Positive SAP guided to 2026 cloud revenue of €25.8–26.2B and ~€10B free cash flow, a financial outlook event.
SAP.XETRA · Demand · Positive SAP's cloud revenue rose 24% with AI embedded in over 90% of its 50 largest deals and oversubscribed beta programs, signaling strong end-customer demand.
Atos has received the SAP Sovereign Cloud Partner designation, reinforcing its Digital Sovereignty strategy. The recognition, announced September 16, 2026, applies currently to Germany, France, the Netherlands and the United Kingdom, with validation for additional locations underway. Atos said the designation strengthens its position to support regulated organizations in adopting cloud and AI solutions from SAP with full control over data, operations and compliance. Florin Rotar, Chief Technology Officer of Atos Group, said the recognition reinforces Atos' strategy to deliver sovereign digital transformation at scale, while Martin Merz, President Sovereign Cloud at SAP, said working with Atos as a validated partner expands the reach of SAP Sovereign Cloud. Atos, a longstanding SAP platinum partner, was recently awarded the golden certificate from SAP, celebrating 20 consecutive years with SAP Certification for Operations Partners as a certified SAP Global Operations Partner, making it only the second SAP partner with global operations certification to receive the golden certificate.
ATO.PA · Demand · Positive Atos wins SAP Sovereign Cloud Partner designation, strengthening its ability to serve regulated organizations with sovereign cloud and AI solutions.
SAP.XETRA · Demand · Positive SAP's Sovereign Cloud reach expands through a newly validated partner, supporting adoption of its cloud/AI offerings in regulated markets.
SAP CEO Christian Klein Says the End of the Keyboard Is Near
SAP CEO Christian Klein predicts that typing data into business systems will end within two to three years at the software giant, calling voice the next workplace advantage. "The end of the keyboard is near," Klein said, pointing to the strength of voice recognition in large language models and saying the remaining work is translating voice into business language and business data. He said SAP coworkers will increasingly use voice to ask analytical questions, trigger operational workflows, and make entries such as performance feedback and pipeline updates, adding that the technological capabilities exist and the challenge is execution. Klein, 44, the youngest CEO of a major company listed on Germany's DAX index, said AI delivers value only when applied horizontally across a whole business rather than as an efficiency hack inside one division, and cited a large consumer goods customer where SAP is building an end-to-end planning scenario with agents that helps optimize inventory by 20%. Speaking at the World Economic Forum meeting in Davos, he also warned that geopolitics is reshaping software requirements, with companies asking how to operate in a more fragmented world of sovereignty rules, geo-locking, and export controls, and said Europe is a superpower in regulation but not in unity.
Artificial Intelligence › AI Applications & Copilots ▲Technology
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Technology
Cloud & Digital Infrastructure › Horizontal SaaS Technology
SAP.XETRA · Technology · Positive SAP CEO says voice/AI will replace keyboard input in SAP's business systems, with AI agents already optimizing a customer's inventory by 20%.
Rimini Street and Datacom Sign Strategic Partnership for ANZ Oracle and SAP Support
Rimini Street Inc. announced a strategic partnership with Datacom under which Datacom will resell Rimini Support for Oracle and SAP software to public and private sector customers across Australia and New Zealand. Under the reseller agreement, Datacom will offer level 4 support services, security and compliance solutions powered by Rimini Street to clients running perpetually licensed versions of Oracle and SAP software, without requiring them to upgrade or give up their licenses. Rimini Street said clients can save up to 90% of total enterprise software support costs and redirect IT budget and talent toward digital transformation, cloud migration and AI-driven projects. Shirley Riddick, GVP and regional GM for ANZ at Rimini Street, called it a first-of-its-kind partnership for the company in the region, saying organisations can deploy Agentic AI in weeks rather than months on top of their existing systems. Dave Payne, director of Core Platforms for Australia and New Zealand at Datacom, said the partnership extends the life and value of clients' enterprise software investments so they can continue on their AI journeys.
Cloud & Digital Infrastructure › Horizontal SaaS Competition
RMNI · Demand · Positive Rimini Street signed a reseller partnership with Datacom to sell its Oracle and SAP support services across Australia and New Zealand.
Datacom Group · Demand · Positive Datacom will resell Rimini Support for Oracle and SAP to public and private sector clients in ANZ, expanding its service offerings.
ORCL · Competition · Neutral Rimini Street/Datacom resell third-party support for perpetually licensed Oracle software, potentially undercutting Oracle's own support revenue in ANZ.
SAP.XETRA · Competition · Neutral The partnership targets SAP customers running perpetually licensed software, offering an alternative to SAP's own support.
EU Regulators Seek Information on Oracle Licensing Practices
European Union antitrust regulators are examining Oracle Corporation's licensing practices, a person familiar with the matter told Reuters on September 1, in a case similar to one involving German rival SAP SE that was settled with concessions in July. The European Commission is seeking information from third parties, which could either help build a case or lead regulators to drop it if no evidence of wrongdoing turns up. Oracle did not immediately respond to a request for comment, and a commission spokesperson said the EU will continue to monitor possible further anticompetitive practices and abusive conduct in this sector but confirmed there is no formal investigation into any company at this stage. In July, SAP agreed to make it easier for customers to switch to rival service providers or end their contracts, averting a potential fine that could have reached 10% of its global annual revenue.
SAP Canada Study Finds 97% of Firms Unready for Agentic AI
A new study from SAP SE and Oxford Economics finds that while 66 per cent of Canadian organizations are already piloting agentic AI, 97 per cent admit they are not fully prepared to deploy and govern these tools. The average Canadian organization expects to spend CA$39.4 million on AI this year, anticipating a 20 per cent return on investment that is projected to nearly double to 38 per cent within two years, unlocking an additional CA$20.2 million in value per company. Among the 200 Canadian businesses surveyed, 82 per cent believe agentic AI has moderate to high potential, yet 64 per cent report higher-than-expected integration effort, 54 per cent cite reliability or quality issues as usage scaled, 48 per cent say agents took incorrect actions, and 44 per cent saw inconsistent outcomes for the same process. Seventy per cent of leaders admit they are deploying AI agents faster than their governance can keep up, and 46 per cent lack a human-in-the-loop process for autonomous workflows. The report also found that only 18 per cent of Canadian companies take a centralized, strategic approach to AI, 73 per cent struggle with incomplete or inconsistent data, and 78 per cent of leaders are not convinced their upskilling efforts are keeping pace with AI's evolution.
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Demand
Artificial Intelligence › AI Tooling, Data & MLOps ▲Demand
SAP.XETRA · · Neutral SAP co-authored the study on Canadian firms' agentic AI readiness; it reports market gaps and spending plans but no company-specific financial or product development for SAP.
Oxford Economics · · Neutral Oxford Economics co-produced the survey; the article reports its findings but no development directly affecting the firm.
Trifork Expands SAP Partnership With New Customer Experience Reseller Agreement
Trifork Group AG has expanded its nearly 20-year collaboration with SAP through a new reseller agreement for SAP Customer Experience, with an initial focus on SAP Sales Cloud v2. The agreement adds SAP CX to Trifork's existing portfolio of SAP partnerships and capabilities, strengthening its ability to connect customer-facing processes with the broader business and technology landscape. Trifork said the timing reflects growing customer demand for customer experience solutions that link sales, marketing and customer data with core business processes, while SAP rapidly advances its CX portfolio around AI, data and integrated business execution. Trifork also uses SAP Sales Cloud v2 and SAP Engagement Cloud across its own business, giving its teams first-hand experience of the technology. Jørn Larsen, Founder and CEO of Trifork, said the company sees a clear opportunity to combine SAP's CX technology with Trifork's products, engineering capabilities and implementation expertise. Julia Knutti, Chief Revenue Officer Customer Experience MEE at SAP, said Trifork combines strong technology expertise with hands-on experience of SAP CX solutions. Trifork's SAP Customer Experience business is led by Juliane Laske, Sales Director SAP, who is responsible for developing the partnership and growing the SAP CX business. Trifork, listed on Nasdaq Copenhagen under the ticker TRIFOR, has 1,118 FTEs across 16 countries.
Cloud & Digital Infrastructure › Horizontal SaaS Competition
Trifork Group AG · Demand · Positive New reseller agreement adds SAP CX (Sales Cloud v2) to Trifork's portfolio, expanding its addressable customer offerings.
SAP.XETRA · Demand · Positive Trifork's new reseller agreement for SAP Customer Experience (Sales Cloud v2) expands SAP's partner-driven distribution of its CX portfolio.
SAP CEO sees 'once-in-a-lifetime opportunity' in AI
SAP CEO Christian Klein said the company is seizing a 'once-in-a-lifetime opportunity' to reinvent businesses with AI, as its new platform becomes generally available in the fall. The platform allows customers to build AI agents with any large language model, enriched with a business context layer and governance features. Klein noted that early customer feedback has been positive, and he expects the technology to enable autonomous supply chains and AI-driven financial analysis. He emphasized that within 12 months, the strategy must deliver strong financial results for customers, showcasing how SAP can redefine business operations.
Cloud & Digital Infrastructure › Horizontal SaaS ▲Technology
Artificial Intelligence › AI Applications & Copilots ▲Technology
SAP.XETRA · Technology · Positive SAP's new AI platform becomes generally available, with positive early customer feedback and expectations of transformative business impact.
PwC and Palantir Expand Alliance to Scale Enterprise AI
PwC US and Palantir Technologies announced an expansion of their strategic alliance to help organizations scale enterprise AI across critical business functions. The collaboration combines Palantir's AI and data platforms with PwC's industry and transformation expertise, targeting areas such as supply chain, customer lifecycle management, and cyber risk. They also introduced the industry's first AI-native deals IT platform, built on Palantir Foundry and AIP, which aims to execute M&A deals up to 50% faster and cut one-time transaction costs by up to 45%. Additionally, the alliance will leverage PwC's SAP expertise with Palantir's AIP to improve data quality and transformation decisions. Patrick Pugh, PwC's Global Alliances & Ecosystem Leader, emphasized that AI's greatest opportunity lies in transforming enterprise operations, not isolated use cases.
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Competition
Artificial Intelligence › AI Applications & Copilots ▲Demand
Cloud & Digital Infrastructure › Horizontal SaaS Competition
PLTR · Demand · Positive Palantir's AI/data platforms (Foundry, AIP) are being deployed through an expanded alliance with PwC, driving enterprise adoption.
PricewaterhouseCoopers US · Demand · Positive PwC US expands its strategic alliance with Palantir and launches an AI-native deals IT platform to grow its enterprise AI services.
SAP.XETRA · Demand · Positive The alliance will leverage PwC's SAP expertise with Palantir's AIP, implying continued SAP-related enterprise work.
Digital Product Passport Market to Hit $28.80 Billion by 2035
The global Digital Product Passport market is projected to grow from USD 3.24 billion in 2025 to USD 28.80 billion by 2035, at a CAGR of 24.43% from 2026 to 2035, according to SNS Insider. Growth is driven by increasing regulations on product transparency, circular economy initiatives, and demand for material traceability and supply chain visibility. In 2025, SAP SE partnered with a leading logistics company to integrate DPP generation and compliance workflows into SAP S/4HANA. Regionally, Europe is the largest market, with Germany accounting for 27.84% of its revenue, while Asia Pacific is the fastest-growing at over 40% CAGR. The U.S. market, a sub-component of North America, is expected to grow from $0.60 billion in 2025 to $5.32 billion by 2035, while Europe, the largest regional market, is projected to expand from $1.46 billion to $10.94 billion over the same period.
AI Startup Rillet Challenges Oracle, SAP, and Workday with Real-Time ERP
Rillet, a private AI-native ERP startup, is challenging legacy software giants Oracle, SAP, and Workday by replacing batch-processed financials with real-time continuous accounting data. Co-founder and CEO Nicolas Kopp, appearing on CNBC with investor Roelof Botha, explained that Rillet's AI agents work 24/7 in the background, giving CFOs faster and more accurate financial information. Botha, who invested in May 2025, estimated that rivals would need 4 to 5 years to catch up, comparing the difficulty of replacing entrenched ERP systems to open-heart surgery. Rillet aims to fill a staffing gap in accounting, allowing teams to scale more leanly. The company's challenge underscores a broader industry shift toward AI-native architecture, where continuous processing may eventually outweigh the switching costs that have long protected incumbents.
SAP Faces AI Rollout Concerns Amid ESOP Share Sale
SAP SE has filed a shelf registration for US$1.04 billion covering 5,000,000 ordinary shares for an ESOP-related offering, while UBS downgraded the company citing slower-than-expected AI agent rollout, higher AI token costs, softer cloud backlog expectations, and reduced EBIT guidance. These developments highlight a tension between SAP's ambition to embed AI across its platform and investor concerns about the current pace and economics of that monetization effort. The ESOP share sale is seen as immaterial to the investment thesis, but the AI-related concerns are more significant. SAP's recognition on TrustRadius for its Sales, Service, and Commerce Cloud products shows customers using AI-powered workflows at scale, offering a counterpoint to worries about slow agent rollout. However, rising AI token costs could pressure margins, and the company's narrative projects €53.0 billion revenue and €11.2 billion earnings by 2029, requiring 11.5% yearly revenue growth and about a €3.4 billion earnings increase from €7.8 billion today. Optimistic analysts had assumed revenue could reach about €56.2 billion and earnings €12.5 billion, but the latest news may prompt a rethink of that AI-driven uplift.
Artificial Intelligence › AI Applications & Copilots ▼Technology
Artificial Intelligence › Agentic AI & Autonomous Workflows ▼Technology
SAP.XETRA · Capital · Negative UBS downgraded SAP citing slower AI agent rollout, higher AI token costs, softer cloud backlog, and reduced EBIT guidance.
TrustRadius · Demand · Positive SAP's recognition on TrustRadius for Sales, Service, and Commerce Cloud shows customers using AI-powered workflows at scale.
UBSG.SW · Capital · Neutral UBS is the analyst firm that downgraded SAP; the article reports its rating action, not news about UBS itself.
SAP Jumps 5% as Salesforce Breaks Software's AI Panic
SAP SE surged approximately 4.8% to $221.93 on Thursday, as Salesforce's strong results revived confidence across the software sector, signaling that generative AI may strengthen established platforms rather than disrupt them. SAP entered the rally with 22.93 billion in current cloud backlog, and its second-quarter cloud revenue jumped 24% at constant currencies to 6.28 billion, with backlog expanding 26%. Management maintained its 2026 cloud-revenue target of 25.8 billion to 26.2 billion despite lowering its profit outlook after acquisitions. The stock trades 15.67% below its GF Value estimate of $263.18, suggesting potential upside, but SAP must convert backlog into revenue, generate returns from acquisitions, and use AI to drive new sales, not just protect existing contracts.
Midday movers: Abercrombie surges, Intuit slides on weak guidance
Abercrombie & Fitch soared 37% after trouncing fiscal second-quarter estimates and raising its full-year outlook, with adjusted earnings of $2.42 per share and revenue up 5% to $1.27 billion, helped by tariff refunds and stronger growth at its Abercrombie unit. Intuit fell 4% after offering disappointing fiscal year 2027 guidance of $23.3 billion to $23.5 billion in revenue, below the $23.7 billion analyst estimate, though its fiscal fourth-quarter earnings and revenue beat expectations. Meta Platforms jumped 3% after reaching a settlement with state attorneys general in a case alleging it made its apps addictive to teenagers. Zoom Communications dropped 7% after its third-quarter forecast of $1.46 to $1.48 earnings per share missed the $1.50 estimate. Kohl's rose 2% after raising its full-year outlook, partly due to $150 million in tariff refunds, and announced share buybacks of up to $100 million in 2026. J.M. Smucker climbed 3% on fiscal first-quarter revenue of $2.22 billion, topping the $2.13 billion consensus. SolarEdge Technologies jumped nearly 8% after a UBS upgrade to buy, citing an FCC policy expected to boost market share and pricing power. Semtech rose over 8% on second-quarter earnings beat, with adjusted EPS of 71 cents versus 61 cents expected. Boston Scientific fell 5% after reporting a cybersecurity incident causing product disruptions. SAP declined 3% after a UBS downgrade to neutral, citing slow delivery of agentic AI.
Intuit, Zoom, Kohl's Lead Premarket Declines; SolarEdge, Semtech Rise
Intuit shares plunged 11% in premarket trading after the financial technology platform issued fiscal 2027 revenue guidance of $23.279 billion to $23.512 billion, below the $23.7 billion analysts expected, though its fiscal fourth-quarter earnings and revenue beat estimates. The disappointing outlook dragged other software stocks lower, with the iShares Expanded Tech-Software ETF down over 1%, ServiceNow off more than 2.5%, and Workday and Salesforce each down 2%. Zoom Communications fell 7% after its third-quarter earnings per share guidance of $1.46 to $1.48 came in short of the $1.50 FactSet consensus. Kohl's declined 5% after reporting a 0.9% drop in second-quarter comparable sales, worse than the 0.6% decline expected, but the retailer raised its full-year outlook, partly due to $150 million in tariff refunds, and restarted share buybacks of up to $100 million in 2026. On the upside, J.M. Smucker climbed 5.6% after fiscal first-quarter revenue of $2.22 billion topped the LSEG consensus of $2.13 billion, SolarEdge jumped nearly 7% following a UBS upgrade to buy on a new FCC policy, and Semtech rose more than 5% after beating earnings estimates with adjusted EPS of 71 cents versus 61 cents expected. Box gained over 2% on revenue beat, while Boston Scientific fell more than 3% after disclosing a cybersecurity incident causing product disruptions, and SAP dropped almost 4% after a UBS downgrade to neutral on slow agentic AI delivery.
Stock futures were mixed Wednesday as investors awaited key U.S. inflation data and Nvidia's quarterly results. Among the biggest movers, Semtech gained 3.2% after reporting second-quarter earnings and revenue that beat estimates, with adjusted EPS of $0.71 and revenue up 32.7% to $341.9 million. HEICO rose 2.5% after fiscal third-quarter revenue hit a record $1.41 billion, beating consensus by about 4.7%. On the downside, Spyre Therapeutics fell about 12% after its phase 2 data for SPY072 in rheumatoid arthritis showed mixed results, with the low dose meeting the primary endpoint but the high dose missing. Intuit dropped 11.7% after issuing fiscal 2027 guidance well below consensus, with non-GAAP EPS expected between $22.68 and $23.12 versus the $27.30 estimate. SAP declined 4.8% after UBS downgraded the stock to neutral, citing slow progress in delivering AI products to customers.
Insi Achieves SAP PartnerEdge Sell Status in US and Canada
Insi has achieved SAP PartnerEdge Sell status in both the United States and Canada, authorizing the company to sell SAP Cloud ERP solutions directly across North America. The accreditation extends Insi's role from implementation partner to full commercial partner and is part of a five-year, $5 million USD investment through 2030 to unify its U.S. and Canadian operations. Insi is focusing on oil, gas and energy, agribusiness, and mill products and mining, with priority territories in the U.S. South and Canada. The move comes as SAP's mainstream maintenance for legacy ERP ends December 31, 2027, driving what Insi expects to be the largest ERP renewal cycle North America has seen.
Aoris Investment Management Highlights SAP SE's AI Monetization Through Joule and Data Cloud
Aoris Investment Management highlighted SAP SE's AI monetization strategy in its Q2 2026 investor letter. The firm noted that SAP's systems should increase in value because AI requires accurate data, business context, and established workflows, and SAP can layer on additional services that could add 20% or more to customer spending. Examples include its Business Data Cloud, which combines SAP and non-SAP data for real-time analysis, and its Joule AI agent, which automates work using customers' existing data structures and processes. SAP SE closed at $218.68 per share on August 21, 2026, with a market capitalization of $256.39 billion.
SAP Business Data Cloud Gains Traction as AI Strategy Pillar
SAP SE's SAP Business Data Cloud is emerging as a key pillar of the company's AI strategy, with AI and the data platform featuring in more than 90% of SAP's 50 largest deals in the second quarter. SAP's current cloud backlog increased 26%, while cloud revenues grew 24% to €6.3 billion in the quarter. The company is strengthening the platform through Dremio's Apache Iceberg-native technology, Reltio's data governance, and Prior Labs' tabular AI capabilities, with management planning to monetize agentic AI through value-priced agents. SAP's new RISE with SAP and GROW with SAP offering saw strong uptake, with customers achieving up to 30% lower ERP migration costs. Shares of SAP have gained 11.7% in the past six months, underperforming the Zacks Computer and Technology sector's 18.7% appreciation, and the stock trades at a trailing 12-month price-to-earnings ratio of 28.53X versus the Zacks Computer - Software industry average of 26.83X.
SAP Issues Critical Security Patches and Earns Supply Chain Leadership Recognition
SAP issued critical security patches for its Commerce Cloud and Manufacturing Integration and Intelligence solutions, addressing severe vulnerabilities for enterprise users. The company was also named a Leader in the inaugural Gartner Magic Quadrant for Supply Chain Management Suites and recognized as a Leader in the IDC MarketScape for AI-Enabled Order Orchestration and Fulfillment Applications. These developments highlight how quickly AI-driven and cloud-heavy supply chains are evolving, with SAP's €208.3 billion market position placing it at the center of enterprise applications and business solutions. The rapid response to maximum severity issues signals the risk that security gaps pose to SAP's push for deeper customer integration and higher recurring revenue from cloud and AI offerings, while the leadership positions support the narrative that SAP is becoming more embedded in digital and autonomous supply chains.
Artificial Intelligence › AI Applications & Copilots ▲Competition
SAP.XETRA · Technology · Positive SAP issued critical security patches and was recognized as a Leader in Gartner and IDC reports, highlighting its strong product and technology position.
European Markets Rise on Earnings and Economic Data
European stock markets closed higher on Friday as mostly encouraging earnings updates and decent economic data helped offset concerns about Middle East tensions. The pan European Stoxx 600 climbed 0.31%, Germany's DAX moved up 0.69%, France's CAC 40 gained 0.17%, and the UK's FTSE 100 ended 0.31% up. Weak U.S. jobs data showing a drop of 23,000 jobs in July against expectations of a 70,000 gain raised hopes the Federal Reserve will not hike interest rates soon. In corporate news, SAP, Scout24, Infineon, Siemens and BMW gained 2% to 4% in Germany, while Daimler Truck Holding shed nearly 3% despite reporting a bottom line of EUR1.457 billion, up from EUR277 million a year earlier. Allianz closed lower by about 1.6% after second-quarter earnings fell to EUR2.595 billion from EUR2.841 billion, and Munich RE dropped 1.4% even as net profit rose to €2.211 billion from €2.085 billion.
Khimji Ramdas Group cuts SAP support costs by 80% with Rimini Street
Omani conglomerate Khimji Ramdas Group has selected Rimini Support for SAP, reducing its total SAP support costs by 80% and reinvesting the savings in AI-driven innovation. The company, one of Oman's largest privately held conglomerates with over 150 years of history, relies on SAP ECC 6 to support finance, supply chain, sales, and other critical operations across its diversified portfolio. Facing pressure to migrate to SAP S/4HANA, Khimji Ramdas sought a cost-effective path that would preserve its more than 700 custom codes and allow leadership to determine its IT roadmap on business priorities rather than vendor timelines. Since moving to Rimini Street, the company has experienced zero SAP downtime over four years and has been able to fund new initiatives including a Salesforce CRM program, expanded e-commerce capabilities, and development of an in-house large language model. Rimini Street also helped the group address a complex HR and payroll compliance challenge tied to Omani labor regulations, strengthening its compliance framework and helping avoid potential fines.
Europe's established tech firms emerge as unexpected AI winners
Europe's largest established technology companies are emerging as unexpected beneficiaries of the AI boom, according to recent earnings. SAP, Capgemini, Sopra Steria, and OVHcloud have all reported stronger demand, faster growth, or upgraded outlooks as large organizations move from experimenting with artificial intelligence to deploying it across their operations. SAP's cloud backlog rose 26% at constant currencies to €22.9 billion, while Capgemini raised its annual growth target after bookings climbed 9.2% and Sopra Steria upgraded its outlook following organic growth acceleration to 5.3%. OVHcloud's public-cloud revenue rose 20.2% in its third quarter, providing early evidence that demand for European-controlled AI infrastructure is translating into commercial growth. The trend reflects the growing complexity of making AI work with existing software, data, and business processes, as well as rising demand for greater control over AI deployment in sectors such as defense, aerospace, and critical infrastructure.
SAP Launches AI Agent Hub to Tackle Governance and Agent Sprawl
SAP has launched an AI Agent Hub designed to manage and control autonomous AI agents inside large enterprises, addressing governance, security, and oversight challenges linked to rising AI agent sprawl. The hub allows customers already using SAP software for core workflows to centrally manage autonomous agents across areas such as procurement, finance, and supply chain, aligning with board-level and regulatory attention on AI accountability. The move positions SAP against competing platforms from Microsoft, Oracle, and Salesforce, reinforcing its role as the system of record for business-critical AI agents. Investors should watch for integration into large cloud or RISE with SAP deals, partnerships with third-party agents, and adoption in regulated industries as signals of the hub's strategic importance.
Teradata Appoints Bernd Leukert to Board of Directors
Teradata Corporation has appointed Bernd Leukert to its Board of Directors, effective August 1, 2026. Mr. Leukert will serve as a Class II director with a term expiring at the 2027 Annual Meeting of Stockholders and will join the Board's Nominating and Governance Committee. As part of the Board's ongoing refreshment plan, the Board will expand from nine to ten directors, and Class II directors will expand from three to four. Mr. Leukert brings more than 30 years of experience in technology and financial services, having most recently led global technology, data, and innovation initiatives at Deutsche Bank AG and previously served on the Executive Board of SAP.
Vulcan Value Partners Added to SAP Position During Second Quarter
Vulcan Value Partners increased its stake in SAP SE during the second quarter of 2026, citing strong first-quarter results and a significantly discounted share price. The investment firm highlighted that SAP's total revenue rose 12 percent and EBIT climbed 16 percent, while cloud revenue grew 27 percent and the cloud backlog expanded 25 percent. SAP also repurchased 2.6 billion euros of stock in the quarter and maintained its full-year guidance. Vulcan Value Partners views the company's deeply undervalued shares as an excellent opportunity for patient investors.
SAP Ties Cloud ERP to AI and Data in Autonomous Enterprise Push
SAP is embedding AI across its cloud ERP suite to drive customers from legacy systems into an autonomous enterprise model. The company’s Business Data Cloud generated approximately €2 billion in total contract value within its first year, and more than 90% of SAP’s 50 largest second-quarter deals included AI and that data platform. SAP reaffirmed its expectation for approximately €10 billion in 2026 free cash flow and announced a €10 billion share repurchase program running through the end of 2027, with more than 16.28 million shares already repurchased for approximately €2.6 billion as of June 30. However, second-quarter software license revenues declined 32% year over year to €0.13 billion and services revenues fell 3% to €1 billion, while acquisitions Dremio and Prior Labs are expected to reduce 2026 operating profit by more than €100 million. The stock currently carries a Zacks Rank #4 (Sell), with a Momentum Score of F and a Value Score of D, suggesting investors should separate long-term platform potential from weaker near-term valuation and estimate-revision signals.
SAP Stock Faces Investor Debate After 2026 Profit Outlook Cut and Sharp Selloff
SAP SE faces a harder investor debate after a steep share-price reset and a reduced profit outlook for 2026. The stock has fallen 29.6% year to date and 40.5% over the trailing 12 months, pulling its forward earnings multiple to 18.68 times. The company lowered its 2026 non-IFRS operating profit guidance from a range of €11.9 billion to €12.3 billion to a new range of €11.8 billion to €12.2 billion, while integration costs from Dremio and Prior Labs are expected to reduce annual profit by more than €100 million. SAP's current cloud backlog of €22.9 billion, up 27% year over year, provides visibility into future cloud revenues, but the profit cut and modest implied upside to a $184 price target from a $171.01 share price argue for selectivity. The stock carries a Zacks Rank of 4, equivalent to Sell, with a Value Score of D, Growth Score of C, Momentum Score of F, and VGM Score of D.
Cloud & Digital Infrastructure › Horizontal SaaS ▼Pricing
SAP.XETRA · Capital · Negative SAP lowered its 2026 non-IFRS operating profit guidance and faces integration costs from acquisitions, leading to a sharp selloff.
AUTOBACS SEVEN Marks 10 Years of System Stability and Self-Funded Innovation with Rimini Street
AUTOBACS SEVEN has marked a decade-long partnership with Rimini Street, using the support provider to stabilize its core SAP ECC and Oracle Database systems while freeing resources for innovation. The Japanese automotive aftermarket retailer, which operates roughly 1,300 domestic and 150 overseas stores, first switched to Rimini Support for SAP ECC 6 in 2016 and later expanded the engagement to include Oracle Database. The move delivered immediate 50% savings on annual support fees and up to 90% lower total cost of ownership, along with a 15-year guarantee on its SAP ECC 6 and Oracle Database environments. AUTOBACS SEVEN now plans to leverage Rimini Smart Path to fuel a planned doubling of its business, using the savings to attract AI specialists and fund new digital capabilities without disruptive system overhauls.
9832.JP · Capital · Positive Autobacs Seven achieved 50% savings on support fees and plans to reinvest in AI and digital capabilities.
RMNI · Demand · Positive Rimini Street's decade-long partnership with Autobacs Seven is highlighted, demonstrating customer retention and expansion.
SAP.XETRA · Competition · Negative Autobacs Seven uses Rimini Street support instead of SAP's own support, indicating a loss of support revenue for SAP.
DCLA’s Sarat Sethi says Alphabet has many levers to toggle on AI spending
DCLA managing partner Sarat Sethi expressed concern about massive AI capital expenditure plans at tech companies outside of Alphabet, while calling Alphabet a core portfolio holding because its diversified businesses give it many levers to toggle. He pointed to YouTube, Cloud, and Gemini as reasons Alphabet can adjust spending if returns on investment do not materialize. Sethi noted a divergence between hardware and software spending, with customers holding back on hardware while continuing to invest in software and security, citing IBM and SAP commentary. He said Microsoft faces particular scrutiny and must show return on investment faster than others, as the stock is already down double digits this year. Beyond tech, Sethi highlighted a rotation into high-quality, cash-flow-generating healthcare companies such as Stryker, Thermo Fisher, and Johnson & Johnson, noting the healthcare sector has shrunk to its smallest S&P 500 weighting ever.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▼Capital
Artificial Intelligence › AI Data Center & Build-out ▼Capital
Artificial Intelligence › AI Server OEM & System Integration ▼Demand
Artificial Intelligence › AI Compute Cloud & Neoclouds ▼Capital
GOOG · Capital · Positive Sethi calls Alphabet a core holding with diversified businesses (YouTube, Cloud, Gemini) that give it levers to adjust AI spending if returns don't materialize, implying lower risk.
MSFT · Capital · Negative Sethi says Microsoft faces particular scrutiny and must show ROI faster than others, with stock already down double digits this year.
SYK · Demand · Positive Sethi highlights rotation into high-quality healthcare companies like Stryker, implying increased investor demand.
IBM · Demand · Neutral Mentioned as example of customers holding back on hardware but continuing software/security spending; not a central focus.
JNJ · Demand · Positive Article notes rotation into high-quality healthcare companies like Johnson & Johnson, implying increased investor demand.
SAP.XETRA · Demand · Neutral Mentioned as example of customers continuing software/security spending; not a central focus.
ASML slides on China chip tool report, Forte Bio surges on Argenx buyout
ASML dropped 8% after The Information reported China began mass production of domestically made deep ultraviolet chipmaking tools. Memory chip stocks were mixed as CXMT soared more than 466% in its Shanghai debut, while SK Hynix fell over 8%, SanDisk slid 11%, and Micron Technology lost 5%. SAP jumped more than 7% after announcing the second part of a 10 billion-euro stock buyback. Forte Biosciences rallied about 40% on a $2.2 billion cash acquisition by Argenx at $77 per share, a 40% premium to Friday's close. Brown-Forman climbed almost 4% after rejecting a $15 billion unsolicited takeover offer from Sazerac at $32 per share. Baker Hughes gained 6% on better-than-expected second-quarter earnings and revenue, while Amkor Technology fell 7% ahead of its quarterly report. D-Wave Quantum added 5% on a partnership with AT&T to use annealing quantum computers for AI, and MapLight Therapeutics plunged 68% after a Phase 2 schizophrenia trial missed its primary endpoint.
688825.CG · Technology · Positive China began mass production of domestically made deep ultraviolet chipmaking tools, a technological achievement for CXMT.
ARGX · Capital · Positive Argenx acquires Forte Bio for $2.2B cash at $77/share, a 40% premium.
ASML.AS · Competition · Negative China began mass production of domestically made deep ultraviolet chipmaking tools, directly competing with ASML's products.
BF-B · Capital · Positive Rejected a $15 billion unsolicited takeover offer at a premium, signaling potential value.
BKR · Capital · Positive Better-than-expected Q2 earnings and revenue.
FBRX · Capital · Positive Acquired by Argenx for $2.2 billion cash at a 40% premium.
Dow edges higher while Nvidia drop weighs on Nasdaq
The Dow Jones Industrial Average edged higher at midday on July 27, while the Nasdaq Composite slipped as a decline in Nvidia shares offset optimism from cooling geopolitical tensions. The Dow was up 0.13% to 52,017.19, the S&P 500 fell 0.33% to 7,387.76, and the Nasdaq dropped 0.44% to 24,840.43. RTX Corp climbed 2.61% to $218.28 on strong second-quarter earnings, and SAP surged 7.4% to $171.79, extending last week's gains after beating earnings expectations. Reddit rose 6.7% to $171.79 on optimism ahead of its upcoming earnings report. Oil prices fell sharply, with WTI crude down almost 7% to $83.15 a barrel, following news of a pause in strikes between the U.S. and Iran, which helped lift the Dow slightly. Investors are bracing for further volatility and will be watching the Federal Reserve meeting this week, where rates are widely expected to remain unchanged, though inflationary pressures could prompt a rate increase before year-end. Renewed artificial intelligence valuation concerns also weighed on markets ahead of earnings from Microsoft, Meta Platforms, Apple, and Amazon, with investors focused on capital expenditure plans.
European stocks close higher, boosted by strong SAP results driving DAX surge
European stock markets closed higher on Friday, recovering from the sharp drop in the previous session, supported by strong corporate earnings. The STOXX 600 index closed at 644.51 points, up 0.82%, while Germany's DAX index surged 1.36% after SAP shares jumped 10% on higher-than-expected growth in cloud order backlog for the second quarter. European technology stocks rose 1.7%, rebounding from earlier declines, despite disappointing results from STMicroelectronics and BE Semiconductor. Deutsche Bank analysts warned that capital spending by tech giants is no longer supported solely by free cash flow, and low-cost open-source AI is seriously threatening business models. Meanwhile, three European Central Bank policymakers signaled that another rate hike may be necessary due to persistent inflation risks, with markets pricing in around a 70% chance of a 0.25% increase by the end of 2026. Valmet shares surged 22% after results beat expectations and the company announced plans to spin off a business, while Securitas shares fell 11% after profit missed forecasts, and Neste dropped 6.4% on a slight earnings miss.
European Stocks Rebound, Weekly Gains on SAP Surge and Financials Strength
European stock markets closed higher on the 24th. The STOXX Europe 600 Index rose 0.82% to 644.51, extending its weekly gain to 0.46%. German software giant SAP soared 9.3% after its latest quarterly cloud business backlog growth exceeded market expectations, lifting the technology sector index by 1.49%. In London, financial heavyweight HSBC gained 1.7% after agreeing to sell its Singapore life insurance business to Germany's Allianz. The mid-cap FTSE 250 Index closed 0.74% higher, while the FTSE 100 Index ended up 0.91%. Meanwhile, oil and gas stocks were weak as crude prices fell, with the STOXX Europe 600 Oil & Gas Index down 0.76%. Finland's Neste dropped 6.4% after its core profit missed estimates. In eurozone bond markets, the German 10-year bond yield fell 2.7 basis points to 3.1845%, as crude oil prices dropped below 100 dollars per barrel.
Germany
