SAP shares gained 5.4% to 147.74 euros Monday, extending Friday's 9.3% surge after the German software group reported Q2 cloud backlog growth of 26% at constant currencies, above 24% expectations.

Chinese memory maker CXMT soared 466% in its Shanghai debut, becoming mainland China's most valuable listed company. Tickmill Group's Patrick Munnelly said the rally shows aggressive domestic demand for national semiconductor champions tied to AI, even as global investors question AI capex.

Nomura analysts project CXMT could reach 18% global DRAM share by end-2028 from ~10% now, approaching Micron's 20%+. They cite a seven-fold memory usage increase by 2030 driven by AI, initiating a buy rating with CNY116 target.