German software maker SAP (SAP) is now officially Europe’s largest publicly traded company with a market capitalization of Euros €313.70 billion ($339.47 billion U.S.).
SAP took the top spot from Danish pharmaceutical giant Novo Nordisk (NVO), whose market capitalization has fallen to $337.79 billion U.S. amid a pullback in its share price.
Novo Nordisk, the maker of weight loss drug Ozempic, has seen its stock decline 40% over the past six months, including a 14% drawdown this year.
In contrast, SAP’s stock has gained 43% over the last 12 months amid a rise in European securities overall, and especially in European technology stocks.
Analysts say SAP’s stock is also benefitting from the global boom in artificial intelligence (A.I.) related companies, which is boosting the Frankfurt-based company’s cloud-computing division.
Europe’s third most valuable company is luxury goods maker LVMH Moët Hennessy Louis Vuitton (EPA:MC).
The company behind brands such as Christian Dior, Fendi, Tiffany and Bulgari has seen its stock fall 27% over the past year alongside declining consumer spending on luxury items.
LVMH has a current market capitalization of $322 billion U.S.
