Part of the liquidity released was used to buy SAP shares (EUR 141; DE0007164600), which had fallen below my buy limit at the Xetra opening on Thursday following negative analyst comments.
The additional purchase at 141 euros reduced my average purchase price to 146 euros.
Germany's once most valuable DAX company is accelerating its price slide. The share price has almost halved since its record high: CEO Christian Klein warns of "short-term pain".
After a brief interim recovery on the previous day, SAP shares were again at the bottom of the DAX on Thursday. They lost 3.7 percent in the morning. They are also the weakest stock in the current year overall, with losses of almost 31 percent. Walldorf's downturn had already begun well before the outbreak of the Iran war at the end of February. Since their record of a good 283 euros in February 2025, they have roughly halved in value.
The software sector is particularly suffering from investor concerns about being displaced by the use of artificial intelligence (AI). JPMorgan analyst Toby Ogg sees the statements made by Group CEO Christian Klein in the "Financial Times" as further evidence of the changes to SAP's business model. Klein has set investors up for "short-term pain".
Although AI will not replace business software, it will force companies to do much more. Klein drew a comparison between the current change brought about by AI and the migration to the cloud six years ago, said Ogg. Back then, too, companies initially had to accept lower margins.
