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SAP Overtakes Novo Nordisk as Europe’s Largest Company by Market Capitalization

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German software giant SAP has surpassed Danish healthcare company Novo Nordisk as Europe’s largest company by market capitalization. As of 0900 GMT on Monday, SAP’s market cap stood at $340 billion, edging out Novo Nordisk, according to Reuters’ calculations using LSEG Workspace data.

SAP, Europe’s leading software maker, specializes in business application software, serving various industries in functions like finance, sales, and supply chain management. Its growth is largely attributed to optimism surrounding its cloud business, with expectations that it will benefit significantly from recent investments in generative artificial intelligence. Despite a 7% increase in SAP’s stock price in 2025, which lags behind the broader European STOXX 600 index’s 8.3% rise year-to-date, the company has posted a remarkable 160% total return since the end of 2022, far outpacing the STOXX 600’s 28% performance.

In contrast, Novo Nordisk has seen recent underperformance, especially after disappointing trial results from its experimental obesity drug, Cagrisema. The healthcare company had previously surpassed luxury goods giant LVMH in September 2023 to become Europe’s largest company but has since struggled to maintain that lead.

Cognizant Predicts Lower 2025 Revenue as IT Spending Tightens

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Cognizant Technology Solutions (CTSH.O) revised its 2025 revenue forecast downwards on Wednesday, citing the impact of ongoing uncertainty about future interest rate cuts, which is prompting businesses to reduce their spending on IT services and consultancy. The company warned that while demand for AI-related investments remains strong, persistent high capital costs are leading enterprises to reconsider their IT spending strategies.

Despite the cautious outlook for the upcoming year, Cognizant saw a positive fourth quarter, driven by a surge in demand from the financial services sector. The company secured more large deals compared to the previous year, helping its quarterly revenue exceed Wall Street’s expectations.

Jatin Dalal, Cognizant’s finance chief, noted a strong pipeline of transformation and modernization projects, particularly within North America’s insurance sector and select areas of banking and financial services. This helped the company achieve fourth-quarter revenue of $5.08 billion, surpassing analysts’ projections of $5.07 billion. Additionally, Cognizant’s adjusted earnings for the quarter came in at $1.21 per share, beating analysts’ average estimate of $1.12.

For the first quarter of 2025, Cognizant forecasts revenue to range between $5 billion and $5.1 billion, slightly above analysts’ expectations of $5.06 billion. However, the company expects its 2025 annual revenue to be between $20.30 billion and $20.80 billion, which is lower than the $20.89 billion forecasted by analysts. The projected adjusted earnings per share for 2025 are expected to fall between $4.90 and $5.06, with the midpoint of $4.98 per share, in line with analysts’ estimates of $4.99.

 

Xpeng Plans to Hire Over 6,000 Workers in 2025 Amidst Market Competition

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Chinese electric vehicle manufacturer Xpeng announced plans to hire over 6,000 workers in 2025, as CEO He Xiaopeng shared in a letter to the company’s internal stakeholders on Tuesday. He anticipates intensifying market competition in 2025, with a price war expected to start in January. In response to the growing demand and competitive pressures, Xpeng aims to expand its presence globally, having already entered 30 countries and regions. The company has set an ambitious target to increase its footprint to over 60 markets by the end of 2025, continuing its rapid growth in the electric vehicle industry.