SAP reveals Agentic AI, Databricks partnership and extension to non-SAP data domains Today SAP hosted a virtual product event where there were three product highlights: 1) Business Data Cloud to bring together SAP and non-SAP data for AI/ML and analytics purposes, extending the domain of SAP''s capabilities beyond SAP-native data for the first time, 2) expanding SAP''s GenAI copilot offering ''Joule'' to agentic-AI and the ability for customers to create their own copilots using no-code development based on SAP Joule Copilot, and 3) the Enterprise Data Management partnership with Databricks (details below). Finally there was a training / upskilling initiative launched with Accenture during the event. Databricks partnership a compelling offering and a key piece in the SAP puzzle The Databricks partnership is the main highlight for us. SAP already has among the broadest and deepest corporate datasets within its ecosystem of applications, and this partnership with Databricks can now extend this to non-SAP domains using Databricks'' best-in-class Data Intelligent Platform. This addresses a key market pushback where we have noted concerns that SAP''s data and AI capabilities risk confinement to the SAP ecosystem, thus limiting their scope. With this partnership SAP continues to move at pace, ensuring it leverages its unique advantage in enterprise data breadth and depth while partnering with key industry leaders on LLMs, deployment and now the data cloud market. Little in the way of new financials, for now; next up Sapphire / CMD in May As expected, today''s event was product-focused. We anticipate detail on financials and monetisation of these product announcements at the upcoming CMD at Sapphire (19-21 May). We see much of the GenAI monetisation landing in SAP''s PaaS offering (Business Technology Platform) which we laid out as a EUR16.5bn opportunity by 2030 in our recent deep dive report (link). We continue to view the CMD as the next major catalyst,...