SAP, Capgemini, Sopra Steria and OVHcloud Emerge as Europe's Unexpected AI Winners in Q2 Results

Reuters analysis finds Europe's largest legacy tech groups — SAP, Capgemini, Sopra Steria and OVHcloud — reporting stronger AI-driven demand in Q2 as enterprises move from experimentation to deployment. SAP's cloud backlog rose 26% at constant currencies to €22.9B, Capgemini raised its annual growth target after bookings climbed 9.2%, and Sopra Steria upgraded its outlook after organic growth accelerated to 5.3%. The pattern challenges the assumption that AI would disproportionately favor newer, US-native cloud incumbents.