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SAP’s €10 billion quarter reveals a business expanding from cloud subscriptions into the automation of work. Joule, AI agents and sovereign cloud services show how the European software group aims to make business processes and their governance its next growth market.
Europe spent decades treating infrastructure as a market. But cloud, telecom, AI and financial systems are no longer just services — they increasingly form the operational foundations of society itself. What happens when democratic institutions no longer fully control the systems modern civilization depends on?
