Subject: Re: SAP SE
ref: ADR = 1 share sap.de
(so $ADR ~ sap.de * 115% , per crude fx rate calc)

josef,
the ventures strategy is to compete at the app\analysis layer. since this is where the user experience will happen, it will be salesmanship focused on perceived\experienced value vs foundational layers.
the threat will be customers refuse to pay anything for sap applications, and refuse sap altogether w/out 3rd-party AI products.
this is war. i have seen similar dynamics for decades in healthcare.

jim,
my learn-ed latin was via healthcare, but the fun came from decades of rumpole and others on bbc.