German software maker SAP (SAP) is now officially the largest publicly traded company in Europe, with a market capitalization of 313.7 billion euros ($33.947 billion).
SAP has won the top spot for Danish pharmaceutical giant Novo Nordisk (NVO). That market capitalization fell to $3377.9 billion amid the stock’s withdrawal.
Novonordisk, the manufacturer of weight loss drug Ozenpic, has dropped 40% in stock over the past six months, including a 14% drawdown this year.
In contrast, SAP stocks have risen 43% over the past 12 months amid an increase in overall European securities, particularly in European technology stocks.
Analysts say SAP’s stock also benefits from the global boom of artificial intelligence (AI)-related companies that are boosting the Frankfurt-based company’s cloud computing arm.
The third most valuable company in Europe is luxury goods manufacturer LVM H Moët Ennessy Louis Vuitton (EPA: MC).
The companies behind brands like Christian Dior, Fendi, Tiffany and Bvlgari have seen stock prices fall 27% over the past year, along with declining consumer spending on luxury goods.
LVMH’s current market capitalization is $322 billion
