SAP SE has become Europe's largest public company, surpassing Novo Nordisk in market capitalisation. SAP's shares rose over 1% in Frankfurt, contributing to a 40% gain over the past year, reaching around €312 billion. In contrast, Novo Nordisk's shares fell over 2% in Copenhagen, despite a reported 25% revenue increase for 2024, as their new weight-loss drug study results disappointed investors. SAP's focus on subscription-based cloud services and AI features has boosted investor confidence, with JPMorgan suggesting it is an attractive buying opportunity.