SAP’s €3.5B Bond Spurs a Twin Push Into AI Data and Customer Support, Yet the Stock Remains Stuck in the Red

The software giant is spending heavily to secure its place in the artificial intelligence race, but the market continues to price in doubt. On May 28, SAP placed a €3.5 billion Eurobond to replenish its war chest for acquisitions — and it has already put that cash to work. The company closed the purchase of master-data-management specialist Reltio on May 7 and, three days earlier, announced the acquisition of European AI lab Prior Labs. Both deals are aimed at one goal: preparing corporate data for AI applications and making it usable at scale.

Alongside the M&A push, SAP has rolled out a new customer support initiative called the “Advanced Success Plan.” The programme is designed to bridge the gap between AI ambition and operational reality by offering expert guidance, AI-driven insights, and proactive care. It targets a common complaint among enterprises: the struggle to move from pilot projects to production-ready AI that delivers measurable return on investment. The move signals that the company is not only buying technology but also trying to ease the pain of integration.

Operationally, the numbers support the narrative. In the first quarter of 2026, SAP’s cloud revenue rose 27% on a currency-adjusted basis to €5.96 billion, while the current cloud backlog increased 25% to €21.9 billion. Earnings per share came in at €1.66. Management stuck to its full-year forecast of cloud revenue between €25.8 billion and €26.2 billion, representing growth of 23% to 25%. The figures show steady progress in the cloud transformation, but they have done little to lift the stock.

Should investors sell immediately? Or is it worth buying SAP?

That divergence has been stark. On Friday, SAP shares advanced 3.67% to €156.40 — a rare bright spot after months of pressure. Yet the year-to-date decline stands at 22.57%, and over the past twelve months the loss has widened to 40.11%. The 52-week high of €271.60 is a distant memory. The relative strength index of 78.2 points to an overbought short-term condition, and volatility remains elevated at 38.47%. Investors are left waiting for the operating strength to translate into share price gains.

Shareholders did receive a modest consolation. At the virtual annual general meeting on May 5, the company confirmed a dividend of €2.50 per share for fiscal 2025. That provides some income buffer, but the bigger question is whether SAP’s AI acquisitions and the new support programme can eventually close the valuation gap. The bond offering secures ample liquidity for further deals, but the market will ultimately judge the strategy on how quickly these moves convert into measurable market share in the cloud and AI segments.

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