SAP shares rise after Nvidia CEO backs company

After a prolonged decline that left the German software giant SAP down more than 40% on a year‑to‑date basis and trading around €162.5, the stock posted a near‑5% gain in the DAX. The rally was sparked by comments from Nvidia CEO Jensen Huang, who projected strong demand for software amid the AI boom and singled out SAP as a potential beneficiary.

Analysts see the move as part of a broader rotation from semiconductor stocks to software firms, driven by expectations that cloud adoption and artificial‑intelligence integration will boost SAP’s recurring‑revenue streams. Despite the uplift, technical indicators show the share price still below its 200‑day moving average and volatility remains high, with an annualized swing of roughly 37%. Market observers note that a genuine trend reversal has not yet materialised, and short‑term forecasts keep the stock within a €127‑€177 corridor.

The episode underscores investor sensitivity to high‑profile endorsements in the AI sector and highlights the ongoing challenge for SAP to meet its cloud‑growth targets while contending with competitive pressures.