Dax Rises as Investors Await SAP, Meta, Tesla

That matters economically because the AI boom has become a key support for valuations across global equities, especially in the U.S. and Europe’s tech-adjacent indices. If SAP and other large-cap technology groups show that AI spending is still translating into revenue and margin expansion, it could reinforce risk appetite; if not, investors may start questioning whether the capital being poured into AI will be justified by earnings.

The stakes are high for Meta and Tesla after the U.S. close, while Nvidia remains central to the broader AI narrative. Conventional technical indicators on Nvidia show the stock had pulled back from earlier highs, with its 50-day moving average now above the latest close and RSI readings in weak territory, even as Adalytica’s AI sentiment gauge still shows “Extreme Greed,” underscoring how stretched expectations remain around the sector.

The mood in Europe was not driven by technology alone. Brent crude rose 1.2% to $110.15 a barrel on Middle East supply fears, and French 10-year yields jumped eight basis points to 5.002%, a 24-year high, after renewed domestic unrest rattled markets. In Germany, FMC fell 2.5% after U.S. plans to loosen barriers in kidney-care treatment raised competitive pressure, while Adidas rose 2.4% after lifting guidance.

For investors, the next catalyst is clear: whether SAP, Meta and Tesla can convert AI spending into earnings growth without triggering a margin scare. If they can, the Dax’s rebound may broaden; if they cannot, the market’s recent optimism could quickly give way to another valuation reset.