On July 29, SAP SE rose 3.03% overnight, trading at $184.54/share, with turnover of $2.1966 million.

On the news front, SAP's previously released Q2 earnings report continues to fuel a recovery rally. Cloud revenue grew 22% year-over-year, with cloud backlog reaching EUR 22.929 billion, up 27%. Total revenue of EUR 9.878 billion slightly exceeded market expectations, and IFRS net income surged 26%. Although non-IFRS EPS of EUR 1.59 missed the consensus estimate of EUR 1.75, the accelerating cloud business trajectory remains firmly intact. Meanwhile, Morgan Stanley issued a report stating that prior pessimistic expectations for the software sector have been fully priced in, maintaining a positive outlook on the space. A broader SaaS sector rally, driven by capital rotation from semiconductor stocks, further supported the upward move. With SAP shares still down approximately 35% year-to-date despite multiple investment banks cutting target prices, the post-earnings sentiment recovery continues to push the stock higher from deeply oversold levels.

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