SAP SE ADR (SAP) — the peer cohort

Long reads

• The Agentic Winners 25Dossier · $49 · 31 Mar 2026SAP generates the vast majority of its revenue from legacy ERP licence and maintenance contracts — a business model that has existed since the 1990s.
• The Software-Credit NexusDossier · $39 · 10 Mar 2026
• Agentic Application Software: The SaaSpocalypse MapDossier · $39 · 27 Feb 2026Workday (HR/payroll data) · Intuit (financial data) · Adobe (creative assets) · SAP (ERP data) At Risk Low data gravity · Low replaceability Currently protected by enterprise inertia, integration complexity, and multi-year contracts that…
• Enterprise AI — The Control PointReport · 4 Aug 2026That right lives inside systems of record — Microsoft in identity and collaboration, Salesforce in customer relationships, ServiceNow in workflow, SAP in finance, procurement and supply chain, Oracle in data and finance, Palantir in…
• AI Capex — The Tell Fired TwiceWeekly Signal · 26 Jul 2026On Friday's broken tape, SAP rose +9.3% and ServiceNow +7.4% — not on vibes, on the first attributable agent economics of the season: ServiceNow's contracted AI ACV crossed $1 billion in the quarter (net-new AI ACV +40% sequentially…
• AI Trade — The Rotation Is Inevitable. The Date Is Not.Strategy · 26 Jul 2026The July print week showed the pricing has begun: the market sold record quarters from Alphabet (−8.9%, first negative-FCF quarter since the IPO, capex $44.9B against $39.1B operating cash flow) and Intel (−7.9% on its best growth since…
• Enterprise Software — The Agent Is Not the Product. The Orchestrator Is.Strategy · 24 Jul 2026This is why SAP, Salesforce, Microsoft, ServiceNow, Oracle and Workday are all racing toward remarkably similar architectures — and why the same claim was made twice in a single print week in July 2026: ServiceNow framing itself as the…
• Diversification — Diversified into the Losers · Closelooknet Heresy XIIIHeresy · 18 Jul 2026One company — SAP — has dominated German net equity wealth creation for three decades, to the point where the index architecture itself had to bend around it: SAP breached the DAX's 15 percent capping limit (a limit raised…

101 and glossary

• Agentic Winners 40: Who Captures AI's Value101Tier B · Control Plane (7) — Palantir, ServiceNow, Salesforce, Workday, SAP, Oracle, UiPath.

Dailies

• Alphabet — Sold on the Cash LineDaily Pulse · 29 Oct 2026Last week five big-tech reporters, SAP, IBM, Tesla, Meta and Lam Research, all beat expectations and none was paid.
• Earnings — five big-tech beats, none rewarded; Celestica +17% after hours, Kospi +3.1% into the FedMorning 10 · 27 Oct 2026Meta finished 9.6% below its pre-report close and Lam Research 8.9% below — both after double beats — while SAP (+2.5%), IBM (+0.8%) and Tesla (+1.3%) ended in the flat middle band, Tesla only because Monday's 5%+ rally pulled it back…
• Big Tech Week — Brazil ETF −15% on Lula's win, Musk calls a neocloud die-off, Kospi −1.5%; verdicts tonightMorning 10 · 26 Oct 2026At tonight's close, last Wednesday's five earnings reactions get their grades — Meta −7.9% and Lam −11.8% sit deep in sold territory, SAP slipped out of paid at +2.3%.
• Brazil — EWZ −20% on Lula while the chips bounce 3.5% and Tesla rallies out of its sold zoneMidday 10 · 26 Oct 2026On the last afternoon of their three-session windows, Tesla's 5.8% rally lifts it from 3.7% below its pre-report close to 1.9% above — flipping tonight's verdict from sold to flat — while Meta sinks deeper and SAP sits one percent below…
• Portfolios — No Trades; Software Up, Engines DownDaily Pulse · 24 Oct 2026In Global Tech 50 the gains were few: Spotify rose 10.1 percent to 584.22, SAP's ADR 6.2 percent to 238.13 after its report, and Nubank 4.1 percent to 15.16.
• AI Trade — the users give back half their bid as chips bounce 1%; energy hits a 52-week highMidday 10 · 23 Oct 2026With Monday's close as the grade: SAP sits 3.2% above its entry close (just above the paid line), IBM 0.4% above (flat), Tesla 2.6% below — back inside the flat band from −3.1% on Thursday — while Meta (−7.4%, 645.99) and Lam Research…
• Chips — the washout hits 7%, Asia refuses to follow, and oil funds close at 52-week highsMorning 10 · 23 Oct 2026Two sessions before Monday's grading, the five reaction windows have spread across the whole scale: SAP +3.4% from its entry close (just above the paid line), IBM +0.3% (the entire 4.6% after-hours drop clawed back), Tesla −3.1% (a hair…
• Asia — sea of red: Kospi −4%, SK Hynix −6.5%, Taiwan and Hong Kong follow after a sold earnings nightMorning 10 · 22 Oct 2026The trigger came overnight: four of five US reporters beat estimates and three trade lower anyway — Lam Research −7.2%, IBM −4.6%, Tesla −3.3% — while Meta (+2.2%) and SAP hold green.