SAP, Aspermont, Palantir: AI Stocks Benefit as Data Is Turned into Products

SAP: Acquires Workforce Data Specialist and Bets on AI Agents

At SAP Connect on October 6, SAP announced that its new agents and assistants, along with Joule Studio and Joule Work, would become generally available in October. Applications span finance, supply chain, human resources, procurement and customer experience. This fulfils a commitment the Walldorf-based group made to customers and partners at its Sapphire conference in May. Ultimately, customers will judge the tools by whether the agents actually take work off their hands in day-to-day operations. If they succeed, software becomes a service provider that executes processes autonomously. That could work in SAP’s favour.

On October 6, SAP agreed to acquire Ghent-based TechWolf. The Belgian provider uses its own data model to map the tasks that arise within a company and the skills its employees have. The model is intended to become the core of SuccessFactors. TechWolf will remain independent under co-founder and CEO Andreas De Neve and will also remain open to customers without SAP. The purchase price has not been disclosed. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval. TechWolf’s customers include HSBC, GSK and PayPal, for example.

In parallel, according to Industriemagazin, SAP is sending its own developers to selected major customers to build working AI applications on site. Palantir provides the model. According to the report, such teams are working at Bayer, H&M, Toyota and Bosch, among others. Margins could suffer if too many projects remain bespoke solutions. That is the risk. How much standardisation will remain? SAP will present its third-quarter results on October 21. Until then, attention will focus on Joule, TechWolf and the developers at customer sites.

Aspermont: From Specialist Publisher to Data Platform

Aspermont has been around since 1835. The specialist mining publisher with titles such as the Mining Journal has become a provider of information, data and analysis for the commodities sector. According to the company, more than 4,000 businesses in over 150 countries hold subscriptions, including more than 25% of the Global Fortune 100. This generates recurring revenue that helps fund the development of its new data business. Behind this strategy is a 190-year-old editorial archive that can be used for applications involving artificial intelligence. In this way, content becomes a decision-making tool. The transformation has a solid foundation.

The third quarter of the financial year shows how well the transformation is progressing. On July 31, Aspermont reported that revenue in the quarter ending June 30 rose 25% to AUD 4.5 million, from AUD 3.6 million in the previous year. Normalised EBITDA reached AUD 0.0 million, following a loss of AUD 0.6 million. Revenue from subscriptions and data licences was AUD 2.6 million, compared with AUD 2.5 million. Other revenue from advertising, Nexus and events rose by 73% to AUD 1.9 million. Operationally, things are going well.

Aspermont sees the greatest leverage in Data & Intelligence. Mining IQ is already live alongside World Risk Analytics. The contract with Rio Tinto, worth around AUD 550,000, shows that the data also appeals to industry giants. Beta versions of new products are still planned for 2026, with initial data revenue expected in 2027. GBC’s analysts see this as a blueprint for turning individual projects into larger recurring customer relationships. If further contracts with major customers materialise, Mining IQ could be the big breakthrough. The recommendation is Buy with a price target of AUD 5.20. The liquid stake in Tâiko creates financing headroom, and the board is also examining a listing in the UK.

Palantir: Sovereign AI and Army Contracts

Palantir is expanding its sovereign AI business. In early October, the Denver-based group named Armada its first certified partner for modular data centres. This is intended to let companies and public authorities run AI models on their own infrastructure, without connecting to an external cloud if they choose. Regna AI followed on October 12. The independent company runs on Palantir technology and is initially wholly owned by Ondas. It is intended to help users develop models in their own environment. If this succeeds, Palantir will shake up the sovereign AI market.

Palantir is also making progress with the US Army. On September 17, Palantir USG received a contract to modernise ammunition management. Several legacy systems are to be replaced by a single platform. The contract has an initial term and can be extended by several years. On September 1, it was also announced that the TITAN programme is entering production. Palantir is supplying additional systems, and it plans further production contracts for the 2027 fiscal year. Whether the army exercises the option will determine the contract's value.

Palantir will present its third-quarter results on November 2 after the US market close. The group announced the date on October 12. The connection to SAP is particularly interesting here. The Walldorf-based company is aligning its approach at customer sites with Palantir’s model, in which engineers build applications directly on site. This shows how far the method’s influence extends. How quickly contracts such as those from the army translate into revenue also depends on extension options and budget decisions. The upcoming results are therefore important for investors.

Conclusion

Data is becoming a product, and those who turn it into applications have a tailwind. SAP is using TechWolf to bring work knowledge in-house and introduce agents into its customers' daily routines. Margins could suffer if too much bespoke work is required. Aspermont increased revenue 25% in the third quarter and is using Mining IQ and its contract with Rio Tinto to further expand its data division. Palantir is advancing sovereign AI and army projects and will present its third-quarter results on November 2. Data is the lifeblood of the three companies.