SAP has surpassed Novo Nordisk to become Europe’s most valuable publicly traded company, with a market capitalization of €313 billion following a 1.6% increase in shares on Monday. SAP's stock has risen over 40% in the past year, driven by heightened demand for its AI-powered enterprise resource planning software. In contrast, Novo Nordisk's shares have declined significantly due to disappointing trial results for its experimental drug CagriSema, which yielded lower-than-expected weight loss outcomes.