What happened? At SAP Connect this week (6-8 Oct, Las Vegas NV) Co. launched Business Data Cloud Connect for Google BigQuery, indicated further partner platform connections are coming, as well as launching a new generation of role-aware specialised AI agents within SAP Joule. BNPP Exane View: We continue to believe SAP''s data estate is a unique and underappreciated asset today. In our May deep dive report we outlined how BDC (Business Data Cloud) could become an incremental billion-euro Revenue opportunity adding 1pp to SAP''s revenue growth trajectory through 2030. Today the announcement of SAP BDC Connect with Google BigQuery (general availability in H1''26) signals the first extension alongside the existing partnership with Databricks, and SAP today states ''more to follow'' with regard to further potential partnerships. In our view SAP''s vast data module has long been an under-utilised asset and we believe Data Cloud, aided by best-in-class partner data platform technology, can unlock its potential. We have noticed a growing debate recently with investors on SAP''s scope to retain agency and therefore the commercial upside as more data flows outside its walled garden ecosystem. Likewise we sense debate on SAP''s positioning in the Agentic AI ecosystem currently a hotbed of innovation / competition / disruption. Disclosure from SAP on both the current commercial uplift and mid-term potential from these new AI and Data Cloud offerings is limited today, and hence could benefit from additional detail provided to the market. Simply put , we believe the combined Data Cloud and AI opportunities need to be sizeable enough to impact the Group Revenue CAGR trajectory beyond 2027 i.e. after the peak of the current S/4 Cloud migration tailwind starts to subside, where current expectations are for growth to decelerate from 2028 onwards back towards 9-10% by 2030. Our Blue Sky EUR420 scenario would see these opportunities materialise sufficiently to underpin...