Just five months after surpassing ASML, German software giant SAP has overtaken Novo Nordisk to become Europes most valuable listed company.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.SAPs stock has risen more than 40% in the past year, amid booming demand for its AI-driven enterprise resource planning software (ERP). 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, a weight loss drug championed by celebrities and the ultra-wealthy, including Elon Musk. However, trials of the firms newest weight loss therapy, CagriSema, havent generated the same excitement. The drug was shown to be less effective than 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 valuable tech company.Check It OutASML, based in Eindhoven, the Netherlands, makes chip-making equipment for most of the worlds largest semiconductor companies. As the only firm that manufactures the EUV lithography machines required to produce the worlds most advanced computer chips, the Dutch business has become an investor darling.However, ASMLs shares plummeted dramatically in in October, wiping 50bn off its market cap in one fell swoop.The plunge came after the Dutch firm said it did not receive the expected number of orders for its lithography machines and expects fewer net sales for 2025 than previously estimated.That news also sparked a global sell-off on chip stocks, as investors worried that demand may be faltering. However, analysts were quick to point out that weak orders at ASML were more a sign that chipmakers had been stockpiling chips than a longer-term problem.Since then, ASMLs stock has soared, plunged, and risen again. In January, shares jumped as much as 12% the largest increase in nearly five years following a surge in order bookings. The company currently ranks as Europes fourth most valuable, with Paris-based LVMH in third place behind SAP and Novo.The shifting fortunes of Europes biggest companies reflect the volatility of todays global markets. In recent months, stock prices have been rattled by fluctuating interest rates, geopolitical tensions, and new technological developments.Many of Europes biggest tech companies will be at TNW 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 by Sin Geschwindt Sin is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecos (show all) Sin is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecosystem. He's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. Sin has five years journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. Get the TNW newsletterGet the most important tech news in your inbox each week.Also tagged with