SAP is caught in escalating geopolitical tensions between the EU and the US, facing threats of new US trade restrictions targeting European tech firms in response to EU regulatory actions against US platforms. This puts significant pressure on SAP, as a considerable portion of its cloud revenues comes from North America. The SAP stock has declined about 12% year-to-date, reflecting these political risks. Strategically, SAP launched the EU AI Cloud in November 2025, aiming to ensure data sovereignty within Europe and reduce dependency on US cloud providers. This serves as a geopolitical hedge amidst rising transatlantic tech conflicts. Despite the political headwinds, SAP’s fundamentals remain strong with 9% revenue growth in the first nine months of 2025 and robust cloud segment performance. However, the potential for US trade restrictions could impact SAP’s US growth outlook and financial forecasts. Market focus is now on Q4 results and the concrete impact of US threats on SAP’s business and growth trajectory.

Source: https://www.boerse-express.com/news/articles/sap-aktie-politischer-druck-850503