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Entering text into the input field will update the search result below Quick Insights SAP reports AI as a driver of strong momentum, with most large deals including AI and Business Data Cloud, reflecting AI’s positive impact on its cloud and platform growth. Analysts have responded positively, maintaining and raising Buy ratings and price targets, citing better-than-expected growth in cloud revenue, backlog, and broader metrics despite a slight decrease in cloud gross margin. SAP’s current cloud backlog rose 26% and cloud revenue increased 25%, both surpassing expectations and contributing to raised revenue guidance for upcoming periods