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 · Closelook 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

• From Silicon Scarcity to Software Scarcity: The Next AI Bottleneck Is Permission to Act, and the Market Graded It This WeekDaily Pulse · 3 Sept 2026Context; state and memory; systems of record SNOW, Databricks, MDB, SAP, CRM, ORCL, PLTR 2 · Permit controlled action Can it act with the correct authority through real workflows?
• Enterprise AI — Rent the Brain or Build ItDaily Pulse · 28 Aug 2026The falsifier is already in the record: if SAP, ServiceNow, Workday or Adobe names the same shape within two quarters, Wednesday was a template, not a transaction.
• The day after the wire, the tape breaks — Korea's sidecar night, dollar-yen back under 159.5, and the sovereign tell reads equity-ledMorning 10 · 19 Aug 2026Software held or rose — IGV −0.03%, CLOU −0.47% on the ETF side, while the large caps were green: Salesforce +2.71%, Adobe +3.58%, Intuit +4.41%, SAP +1.27%, ServiceNow +1.52%.
• The seller had a deadline — Hynix limit-up, KOSPI +16%, AWS accelerates to 37%Morning 10 · 31 Jul 2026ServiceNow fell 6.2%, Adobe 6.6%, Salesforce 5.0%, SAP 3.6%.
• AI Capex — Two Raises, One RuleDaily Pulse · 30 Jul 2026And stacked with SAP's agent deployment and the Rubin cost curve, the demand side dates itself: the agentic year runs H2 2026 through H1 2027.
• The KOSPI Is a Semiconductor Index NowDaily Pulse · 28 Jul 2026That is the same reaction function that sold Alphabet's and Intel's beats a week ago and paid ServiceNow and SAP the same afternoon — applied one layer further down the stack.
• Kimi K3: The Gap Went Task-SpecificDaily Pulse · 27 Jul 2026Friday made the same point in cash: Alphabet raised capex and was sold 7.1%, Intel printed its fastest growth since 2011 and closed down 7.9%, while SAP and ServiceNow — the two companies that called themselves the orchestrators…
• Agentic AI: The Orchestration Knock OutDaily Pulse · 24 Jul 2026The same claim was made twice in one print week: ServiceNow called itself the orchestrator of AI in the enterprise, SAP pitched the Autonomous Enterprise around Joule, n8n and its Knowledge Graph.