Europe’s established tech firms emerge as unexpected AI winners

SAP, Capgemini, Sopra Steria, and OVHcloud are all posting accelerating growth numbers tied directly to AI adoption inside large organizations. The common thread: enterprises are done experimenting with chatbots and are now trying to plug AI into their actual business operations. The companies that already know how to navigate complex IT environments are cashing in. The numbers tell the story SAP’s cloud backlog climbed 26% year-over-year to €22.9 billion. The German enterprise software giant has positioned itself as the backbone for AI-ready platforms, and corporations are locking in long-term contracts. The company has been actively acquiring specialists in data and AI to strengthen its offerings. Capgemini, the French IT consulting behemoth, raised its full-year 2026 growth target after bookings jumped 9.2%. Sopra Steria, another French IT services firm, upgraded its outlook on the back of 5.3% organic growth acceleration. Both companies pointed to the same catalyst: AI-driven projects and governance initiatives. Then there’s OVHcloud, whose public-cloud revenue surged 20.2% in its latest quarter. With sovereignty concerns mounting across the continent, keeping data on European ...