SAP Deepens Nvidia Alliance as Buyback and Split Analyst Views Set Up a High-Stakes Quarter
Published on 09/28/2026 at 14:11 | Editorial boerse-global.de
SAP is pressing ahead on two fronts at once: tightening its technological ties with Nvidia to make autonomous AI agents viable in regulated industries, and keeping its share price supported through an ongoing repurchase program. The Walldorf-based software group's stock slipped 0.7% on Monday to EUR 184.22, a modest retreat that still leaves the equity trading 10% above its 200-day moving average of EUR 166.81.
At the heart of the Nvidia collaboration is the integration of the open-source runtime environment OpenShell into SAP's in-house Joule Studio platform. The two companies are working to establish clear security boundaries for automated software processes: Joule Studio governs access rights and policies, while OpenShell monitors how the agents actually execute. SAP is contributing tools for Kubernetes environments, templates, and system-monitoring mechanisms. Through October 2026, the group will make the Joule Studio Runtime available to customers and partners at no charge.
Building the Autonomous Enterprise
For SAP, the technical partnership is about more than infrastructure. Management views the rollout of process-driven agents as the lever to streamline operations and cut costs, with the platform designed to let agents be embedded progressively deeper into workflows. The groundwork was laid in mid-May 2026, when the company unveiled its concept for the autonomous enterprise at a US customer conference.
CEO Christian Klein told the Deutsche Presse-Agentur that deploying its own AI products opens up a historic growth opportunity — a theme he has struck before. Investors, for their part, are positioning for an acceleration in revenue growth. Klein stressed that SAP intends to leverage its own industry expertise and existing corporate data as a core advantage, while insisting that final responsibility for critical decisions should remain with a human.
Should investors sell immediately? Or is it worth buying SAP?
That push into automated enterprise management rests on a solid earnings base. For fiscal 2025, SAP reported revenue of EUR 36.8 billion, buoyed by cloud software, with net income of EUR 7.5 billion. Alongside software development, the group is active in industry-wide bodies: together with Nvidia, SAP is a founding member of the Open Secure AI Alliance under the Linux Foundation umbrella, which aims to draft common standards for regulated sectors.
Analysts Divided Ahead of Q3
Institutional observers are far from unanimous on what comes next. On September 22, Jefferies raised its price target to EUR 220 from EUR 210 and reiterated its "Buy" rating, seeing further upside for the software maker's business. JPMorgan struck a more cautious tone the same day, keeping its "Neutral" rating with a EUR 175 target. Other houses have also been revising their models recently: while targets in the market stretch as high as EUR 226, more circumspect voices counsel patience until the actual earnings gains from the new offerings show up in the financial statements.
Klein himself has attached a clear condition to commercial success, telling Handelsblatt that SAP must now prove this potential in practical deployment at customer sites. The remarks land in a market hungry for fresh catalysts to justify valuations.
Buybacks Keep the Floor Under the Stock
While the strategic direction takes shape, the company continues to shore up its listing through ongoing securities purchases. Regulatory disclosures show SAP acquired 50,000 of its own shares between September 14 and September 18 under its existing buyback program.
Market participants now have their sights set on whether demand for the new software solutions can keep pace with management's expectations. The upcoming quarterly reports should offer the first concrete indications of how quickly enterprise customers adopt the new tools — and whether the growth momentum described by the CEO actually shows up in the key metrics.
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