SAPs shares rose 1.6% on Monday, bringing its market cap to 313bn.
That was just enough to nudge Danish weight loss drugmaker Novo off the top spot.
The cloud-based software centralises business data, allowing multiple departments to access and share information in one place.
In contrast, Novo is having a tougher time on the stock market.
Novos flagship product is Ozempic, aweight loss drugchampioned by celebrities and the ultra-wealthy, includingElon Musk.
However, trials of the firms newest weight loss therapy,CagriSema, havent generated the same excitement.
The drug was shown to beless effectivethan anticipated, causing shares to drop 50% from their 2024 high.
Novo isnt the only company feeling the impact of SAPs stock rally.
In October, the software firm rode overtook ASML to become Europes most valuabletechcompany.
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However, ASMLs sharesplummeted dramaticallyin in October, wiping 50bn off its market cap in one fell swoop.
That news also sparked aglobal sell-offon chip stocks, as investors worried that demand may be faltering.
Since then, ASMLs stock has soared, plunged, and risen again.
The shifting fortunes of Europes biggest companies reflect the volatility of todays global markets.
Many of Europes biggest tech companies will be atTNW Conference, which takes place on June 19-20 in Amsterdam.
Tickets for the event arenow on sale.
To get 30% off, use the code TNWXMEDIA2025 at the check-out.
Story bySion Geschwindt
Sion is a freelance science and technology reporter, specialising in climate and energy.
