SAP Secures Ericsson Data Cloud Deal and Anthropic AI Pact at Sapphire, Cloud Backlog Hits €21.9B

SAP Sapphire: Ericsson adopts Business Data Cloud across 180 countries, Anthropic embeds Claude in AI platform. Cloud backlog hits €21.9B, stock up 8%.

The Sapphire event in Madrid has given SAP more than just a stage. Between Ericsson committing to the Business Data Cloud across 180 countries and Anthropic embedding its Claude model directly into SAP’s AI platform, the company is turning its strategy into real-world contracts. The message from CEO Christian Klein’s team is that the shift to an “autonomous enterprise” is no longer theoretical — it is being wired into the operational fabric of blue-chip customers.

Ericsson will integrate SAP Business Data Cloud into its global architecture, creating a unified “business data fabric” that feeds AI applications with industrial data from disparate sources. The Swedish network equipment maker plans to cut decision?making cycles and make operational gains measurable. SAP’s Joules infrastructure sits at the core of this deployment, using agentic systems to process data across jurisdictions. For SAP, the deal is a proof point that its platform can scale within complex multinational environments.

The Anthropic partnership, announced earlier in the week, takes the AI push a step further. Claude is being embedded deep inside SAP’s Business AI Platform — with the ability to act autonomously, not just recommend. This means financial presentations generated live from real?time data and supply chains that re?plan themselves when disruptions occur. The features will land directly in SAP S/4HANA and SuccessFactors. Management claims the new “Autonomous Suite” can lift efficiency in ERP migrations by more than 35%.

Behind these announcements lies a cloud business that is already gaining momentum. SAP’s cloud order backlog reached €21.9 billion in the first quarter, while cloud revenue climbed 19% and operating profit improved 17%. The Sapphire event itself is not designed to deliver blockbuster orders or new financial forecasts; instead, it serves as a sentiment barometer for the European market. Partners such as Axians and msg are translating SAP’s strategic framework into industry?specific solutions on the show floor.

The stock has responded to the week’s activity, adding around 8% in seven days to trade at €153 — just above its 50?day moving average of €149.94. Still, the shares remain almost 44% below their 52?week high of €271.60. Deutsche Bank Research reaffirmed a buy rating on May 18 with a €200 target, with analyst Johannes Schaller praising the low?adjustment?barrier roadmap. Investors will get a clearer picture of monetisation plans on June 3, 2026, when Christian Klein appears at the BNP Paribas Exane CEO Conference in Paris.