Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

William Demant Holding A/S / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>No reason to be anything but bullish if ACWI-US is above its 2-month base at $158-$159, ACWX-US is above $76-$76.50, and EFA-US is above its 6-month base at $105-$105.50.</li>
<li>These levels are being tested now; we expect these levels to hold, and we would get more cautious if they break.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
No reason to be anything but bullish if ACWI-US is above its 2-month base at $158-$159, ACWX-US is above $76-$76.50, and EFA-US is above its 6-month base at $105-$105.50.
These levels are being tested now; we expect these levels to hold, and we would get more cautious if they break.


MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>SAP SE is trying to turn one of the software industry’s biggest fears into its next growth story.</li><li>The fear is simple: if AI agents can complete tasks, answer questions, write code, analyze data, and automate workflows, will companies still need to pay for expensive enterprise software in the same way?</li><li>SAP’s answer is its new Autonomous Enterprise suite, which combines data, cloud, AI, and automation under one roof.</li></ul>

SAP SE is trying to turn one of the software industry’s biggest fears into its next growth story.The fear is simple: if AI agents can complete tasks, answer questions, write code, analyze data, and automate workflows, will companies still need to pay for expensive enterprise software in the same way?SAP’s answer is its new Autonomous Enterprise suite, which combines data, cloud, AI, and automation under one roof.

SAP’s Answer To The AI Threat Is Bigger Than Chatbots!

Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

<ul>
<li>SAP repositioned itself around the “Autonomous Enterprise”, launching SAP Business AI Platform and Autonomous Suite to embed AI-driven automation directly into core enterprise workflows and business processes.</li>
<li>SAP strengthened its agentic AI ecosystem through AI Agent Hub, Joule Studio and strategic partnerships, while accelerating AI monetisation, ERP migrations and industry-specific AI solutions.</li>
<li>SAP reaffirmed its medium-term financial targets, expecting AI-driven productivity gains, operating leverage and automation to support margins and unlock over EUR 2bn in value by 2028.</li>
</ul>


SAP repositioned itself around the “Autonomous Enterprise”, launching SAP Business AI Platform and Autonomous Suite to embed AI-driven automation directly into core enterprise workflows and business processes.
SAP strengthened its agentic AI ecosystem through AI Agent Hub, Joule Studio and strategic partnerships, while accelerating AI monetisation, ERP migrations and industry-specific AI solutions.
SAP reaffirmed its medium-term financial targets, expecting AI-driven productivity gains, operating leverage and automation to support margins and unlock over EUR 2bn in value by 2028.


SAP (SAP GR): Sapphire 2026 - Accelerating AI-Led Transformation

<ul><li>SAP SE has moved deeper into the enterprise AI infrastructure race with its planned acquisition of Dremio, an open data lakehouse platform built to accelerate agentic AI workloads across fragmented enterprise data estates.</li><li>The transaction, expected to close in the third quarter of 2026 subject to regulatory approval, comes as SAP is sharpening its strategy around Business Data Cloud, Business AI, and governed AI agents capable of operating across mission-critical workflows.</li><li>The timing is notable.</li></ul>

SAP SE has moved deeper into the enterprise AI infrastructure race with its planned acquisition of Dremio, an open data lakehouse platform built to accelerate agentic AI workloads across fragmented enterprise data estates.The transaction, expected to close in the third quarter of 2026 subject to regulatory approval, comes as SAP is sharpening its strategy around Business Data Cloud, Business AI, and governed AI agents capable of operating across mission-critical workflows.The timing is notable.

SAP Acquisition Buzz: Why Dremio Could Be Its Smartest AI Move Yet!

<ul>
<li>SAP is acquiring Dremio and Prior Labs to address fragmented data and weak LLM performance on structured data, enhancing its AI strategy with unified data infrastructure and specialised predictive models.</li>
<li>These acquisitions strengthen SAP Business Data Cloud through zero-copy access and simpler integration. Dremio enables an open lakehouse foundation, while Prior Labs improves reliable, structured-data-driven business insights.</li>
<li>Financial impact is modest, but supports SAP’s AI ambitions, including EUR 1bn for Prior Labs. Investor focus shifts to Sapphire 2026 for strategy, pricing, and growth updates.</li>
</ul>


SAP is acquiring Dremio and Prior Labs to address fragmented data and weak LLM performance on structured data, enhancing its AI strategy with unified data infrastructure and specialised predictive models.
These acquisitions strengthen SAP Business Data Cloud through zero-copy access and simpler integration. Dremio enables an open lakehouse foundation, while Prior Labs improves reliable, structured-data-driven business insights.
Financial impact is modest, but supports SAP’s AI ambitions, including EUR 1bn for Prior Labs. Investor focus shifts to Sapphire 2026 for strategy, pricing, and growth updates.


SAP (SAP GR): Dremio / Prior Labs Acquisitions - Closing the Gap on AI

Germany

SAP SE is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

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SAP (SAP GR)

MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

MSCI $ACWI Testing Base Support ($158-$159 and $156.50); Focusing on Non-A.I. Areas. Actionable Themes: Energy, Marine Shipping, Services, Health...

Vermilion Research

SAP’s Answer To The AI Threat Is Bigger Than Chatbots!

SAP SE is trying to turn one of the software industry’s biggest fears into its next growth story. The fear is simple: if AI agents can complete...

Baptista Research

SAP (SAP GR): Sapphire 2026 - Accelerating AI-Led Transformation

SAP launches AI-driven Autonomous Suite and Business AI Platform, strengthens agentic AI ecosystem, and still expects over EUR 2bn in value by...

Gregory Ramirez

SAP Acquisition Buzz: Why Dremio Could Be Its Smartest AI Move Yet!

SAP SE has moved deeper into the enterprise AI infrastructure race with its planned acquisition of Dremio, an open data lakehouse platform built...

Baptista Research

SAP (SAP GR): Dremio / Prior Labs Acquisitions - Closing the Gap on AI

SAP acquires Dremio and Prior Labs to improve data fragmentation and AI foundation model performance, enhancing AI strategy with unified...

Gregory Ramirez

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52-week Range

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MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

MSCI $ACWI Testing Base Support ($158-$159 and $156.50); Focusing on Non-A.I. Areas. Actionable Themes: Energy, Marine Shipping, Services, Health...

Vermilion Research

SAP’s Answer To The AI Threat Is Bigger Than Chatbots!

SAP SE is trying to turn one of the software industry’s biggest fears into its next growth story. The fear is simple: if AI agents can complete...

Baptista Research

SAP (SAP GR): Sapphire 2026 - Accelerating AI-Led Transformation

​SAP launches AI-driven Autonomous Suite and Business AI Platform, strengthens agentic AI ecosystem, and still expects over EUR 2bn in value by...

Gregory Ramirez

SAP Acquisition Buzz: Why Dremio Could Be Its Smartest AI Move Yet!

SAP SE has moved deeper into the enterprise AI infrastructure race with its planned acquisition of Dremio, an open data lakehouse platform built...

Baptista Research

SAP (SAP GR): Dremio / Prior Labs Acquisitions - Closing the Gap on AI

​SAP acquires Dremio and Prior Labs to improve data fragmentation and AI foundation model performance, enhancing AI strategy with unified...

Gregory Ramirez

SAP launches AI-driven Autonomous Suite and Business AI Platform, strengthens agentic AI ecosystem, and still expects over EUR 2bn in value by...

SAP acquires Dremio and Prior Labs to improve data fragmentation and AI foundation model performance, enhancing AI strategy with unified...