ASML passes SAP as most valuable European tech company

ASML is currently Europe’s most valuable tech company after SAP issued an earnings warning that sent its shares tumbling. The German software company put out a surprise press release on Sunday, warning that demand will be down through the first half of next year due to a new series of impending Covid-19 lockdowns. The announcement caused SAP’s shares to crash by more than 20 percent. On Tuesday, its market capitalization stands at 121.7 billion euros. ASML, whose shares haven’t been majorly impacted by the corona pandemic, is valued at 132.4 billion euros. It’s the first time the Veldhoven-based lithography equipment maker can claim the title of most valuable European tech company.