From software to energy to chips: Why SAP, Standard Uranium, and AMD are essential additions to any AI portfolio

SAP – Focusing on deep AI integration as a growth engine

In the fourth quarter, SAP demonstrated that artificial intelligence is much more than just a buzzword for the company. Instead of retroactively applying generic AI models, the company has embedded its assistants directly into its business processes. This deep integration with company data makes the systems particularly valuable for customers because the AI does not operate in a vacuum, but is fed with real context. The strategy is proving effective. Business AI was already included in two-thirds of all new cloud contracts, and among large customers, 9 out of 10 deals included AI components or the new data cloud.

A look at the operating business underscores that this approach not only shines in terms of marketing but also delivers tangible results. The total cloud order backlog climbed to an impressive EUR 77 billion, a whopping 30% increase. This figure is particularly meaningful for shareholders because it certifies future revenues for years to come. At the same time, the margin in the cloud business is improving continuously as infrastructure is used more efficiently and economies of scale take effect. Free cash flow nearly doubled last year, giving the company considerable financial leeway.

Management is now using this flexibility for a clear capital reduction. A new share buyback program worth EUR 10 billion by the end of 2027 signals that the Executive Board considers its own value to be undervalued. This is accompanied by a substantial dividend increase. In the long term, SAP benefits from its existing customer base, which is willing to migrate. Support for the old ECC system will expire at the end of 2027, forcing thousands of companies to switch to the cloud. Those who bet on SAP supporting its customers with sophisticated AI functions during this transition will get a company with stable cash flows and a clear growth story. The stock is currently trading at EUR 164.62.

Standard Uranium – Leveraging the AI revolution

The energy transition has a new driver: artificial intelligence. The data centers of tech giants consume vast amounts of electricity and need it around the clock. This is exactly where nuclear power comes into play, as it is the only low-carbon source that can provide a reliable base load. The exploration industry is also benefiting from this structural change. With its projects in the Athabasca Basin, Standard Uranium is located directly at the source of the coveted raw material uranium. While demand is rising in the long term due to the AI boom, supply remains scarce. Existing mines cover just three-quarters of demand. For well-positioned explorers such as Standard Uranium, this imbalance means that investments in new discoveries are more likely to pay off.

What makes Standard Uranium particularly interesting for shareholders is its well-thought-out structure. The company relies on the project generator model. Instead of financing all 13 projects out of its own pocket, it brings partners on board. On the Corvo project, for example, Aventis Energy is covering the full cost of around CAD 3 million for the current drilling campaign, while Standard Uranium retains operational control. This creates leverage. With comparatively little capital of its own, the company can carry out a multitude of exploration works. The management fees from the partnerships also cover part of the administrative costs. This saves money and reduces the pressure for dilutive capital increases, an advantage that should not be underestimated in the volatile commodities sector.

Despite the risk diversification provided by partnerships, the flagship Davidson River project remains firmly in the company's own hands. The project is nestled between the mega discoveries of NexGen and Fission. This proximity raises high expectations. More than 70 km of promising structural trends await exploration here. The combination of modern data technology, machine learning, and experienced geologists on the team increases the success rate in target selection. While the partners bear the drilling costs on other projects, the company can concentrate on the big opportunity. This creates a balanced profile for investors. There will be a continuous news flow from the three planned, fully funded drilling programs. The stock is currently trading at CAD 0.12, giving it a market capitalization of around CAD 17 million.

AMD – Strategic move

AMD has taken on a big challenge with the Meta deal. The multi-year agreement covers the delivery of Instinct GPUs with a total computing power of 6 gigawatts, starting in the second half of 2026 with customized MI450 accelerators. Meta will receive performance-based warrants on up to 160 million shares, which will only become due if certain purchase and price targets are met. This structure creates incentives for long-term cooperation without excessively diluting shareholders. The partnership goes far beyond a simple supply agreement and anchors AMD deeply in the social media giant's AI infrastructure.

The financial figures underscore AMD's positioning in the AI market. In the fourth quarter of 2025, revenue grew 34% to USD 10.3 billion, with the data center business remaining the growth engine, up 39% to USD 5.4 billion.
The fifth generation of EPYC processors now accounts for more than half of server revenue, and demand from hyperscalers is so enormous that AMD is virtually sold out for this segment. The figures show that AMD is benefiting twice from the AI boom, as the same hyperscaler investments are driving both GPU and CPU sales.

AMD is undergoing a fundamental transformation. With its Helios rack solutions and MI450 series, the company is no longer positioning itself solely as a component supplier, but as a provider of complete AI infrastructure. The acquisition of ZT Systems and close cooperation with TSMC ensure access to state-of-the-art manufacturing capabilities. With expected revenue growth of over 35% annually and a price-to-earnings ratio of around 20 based on 2027 estimates, the valuation does not appear excessive despite recent price gains. The share price is currently trading at USD 213.84.

AI transformation is fundamentally reshaping the economy, and those who recognize the right strategic positioning now can participate in this historic change. SAP is leveraging the deep integration of AI into business processes as a growth engine, providing shareholders with substantial cash flows and a billion-dollar share buyback program. Standard Uranium is benefiting from the exploding energy demand of data centers and, with its project generator model in the Athabasca Basin, is focusing on a clear lever in the scarce supply of uranium. AMD, in turn, has established itself as an indispensable AI infrastructure partner with the Meta deal and strong data center figures.