SAP moves fast with GenAI with products already in the market, and more to come in 2024 Building on the first use case examples at its May CMD, SAP has since launched its own GenAI Copilot ''Joule'' followed by a countless further GenAI product announcements and use cases at recent SAP events. In this report we highlight several such highlights from GenAI being embedded into existing Cloud Applications to GenAI toolkits for customers and developers on SAP''s platform. SAP Technology Platform at the core, dynamic partner ecosystem accelerating adoption SAP states more than 24,000 of its customers are using SAP Business AI solutions in 130 use cases. In the partner ecosystem, 400+ solutions on the SAP store (out of ~2,000 available) include AI capabilities. At the heart of SAP''s GenAI roadmap lies its Business Technology Platform (BTP) underpinning the SAP application suite as a one-stop-shop for turnkey AI services, tooling for GenAI development and data connectivity. SAP''s GenAI hub accesses large language models (LLM) including Azure OpenAI Service and Falcon-40b while also connecting to enterprise data to ensure relevance, contextual awareness and data security. GenAI could add another dimension to our SAP bull case Our upgrade of SAP in March this year (Dear Mr Asam) was not related to GenAI exposure and we continue to see upside on this thesis. Since then we note SAP has moved (impressively) quickly on GenAI to invest in the technology and partner with key GenAI enablers resulting in GenAI-fuelled products already in the market and with positive signals of monetisation opportunity. The GenAI upside here is in its infancy in our view: as of today we have embedded just 2% upside impact (~EUR400m) to our 2025 Cloud Revenue estimates. With ~35,000 existing and captive enterprise customers shifting to SAP''s Cloud solutions in the coming years and a highly synergistic product portfolio to leverage GenAI technology effectively, we believe the...