Just five months after surpassing ASML, German software giant SAP has overtaken Novo Nordisk to become Europe\u2019s most valuable listed company.<\/span><\/p>\n SAP\u2019s shares rose 1.6% on Monday, bringing its market cap to \u20ac313bn. That was just enough to nudge Danish weight loss drugmaker Novo off the top spot.\u00a0<\/span><\/p>\n SAP\u2019s stock has risen more than 40% in the past year, amid booming demand for its AI-driven enterprise resource planning software (ERP). The cloud-based software centralises business data, allowing multiple departments to access and share information in one place.<\/span><\/p>\n In contrast, Novo is having a tougher time on the stock market. Novo\u2019s flagship product is Ozempic, a <\/span>weight loss drug<\/span> championed by celebrities and the ultra-wealthy, including <\/span>Elon Musk<\/span>. However, trials of the firm\u2019s newest weight loss therapy, <\/span>CagriSema, haven\u2019t generated the same excitement. T<\/span>he drug was shown to be <\/span>less effective<\/span><\/a> than anticipated, causing shares to drop 50% from their 2024 high.\u00a0<\/span><\/p>\n 3 free tickets to TNW Conference? Get them now!<\/p>\n For a limited time, groups can get up to three extra free tickets! Book now and increase your visibility and connections at TNW Conference<\/p>\n<\/div>\n<\/div>\n Novo isn\u2019t the only company feeling the impact of SAP\u2019s stock rally. In October, the software firm rode overtook ASML to become Europe\u2019s most valuable tech company.\u00a0<\/span><\/p>\n ASML, based in Eindhoven, the Netherlands, makes chip-making equipment for most of the world\u2019s largest semiconductor companies. As the only firm that manufactures the EUV lithography machines required to produce the world\u2019s most advanced computer chips, the Dutch business has become an investor darling.\u00a0<\/span><\/p>\n However, ASML\u2019s shares <\/span>plummeted dramatically<\/span><\/a> in in October, wiping \u20ac50bn off its market cap in one fell swoop.\u00a0<\/span><\/p>\n The plunge came after the Dutch firm said it did not receive the expected number of orders for its lithography machines and expects fewer net sales for 2025 than previously estimated.\u00a0<\/span><\/p>\n That news<\/a> also sparked a <\/span>global sell-off<\/span> on chip stocks, as investors worried that demand may be faltering. However, <\/span>analysts<\/span><\/a> were quick to point out that weak orders at ASML were more a sign that chipmakers had been stockpiling chips than a longer-term problem.\u00a0<\/span><\/p>\n Since then, ASML\u2019s stock has soared, plunged, and risen again. In January, shares jumped as much as 12% \u2014 the largest increase in nearly five years \u2014<\/span> following a surge in order bookings. The company currently ranks as Europe\u2019s fourth most valuable.\u00a0<\/span><\/p>\n The shifting fortunes of Europe\u2019s biggest companies reflect the volatility of today\u2019s global markets. In recent months, stock prices have been rattled by fluctuating interest rates, geopolitical tensions, and new technological developments.<\/span><\/p>\n Many of Europe\u2019s biggest tech companies will be at TNW Conference<\/a>, which takes place on June 19-20 in Amsterdam. Tickets for the event are\u00a0now on sale<\/a>. To get 30% off, use the code TNWXMEDIA<\/a>2025 at the check-out.\u00a0<\/em><\/p>\n<\/p><\/div>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more like this article, you can visit our Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n
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