Europe's established tech firms emerge as unexpected AI winners

Recent earnings suggest that Europe's largest established technology groups, not just AI model builders, are benefiting from the AI boom. SAP's cloud backlog rose 26% to €22.9 billion, while Capgemini and Sopra Steria raised their outlooks on strong bookings and growth. Demand for European-controlled AI infrastructure, driven by sovereignty and security concerns, is boosting firms like OVHcloud, whose public-cloud revenue rose 20.2%.