Market Overview - Major US indices experienced declines, with the Dow Jones down 173.96 points (-0.38%) at 45947.32, Nasdaq down 113.16 points (-0.50%) at 22384.7, and S&P 500 down 33.25 points (-0.50%) at 6604.72 [2] Economic Developments - The US GDP for Q2 was revised to an annualized growth rate of 3.8%, exceeding expectations of 3.3%, driven by an increase in consumer spending from 1.6% to 2.5% [5] - The core PCE price index was revised to 2.6%, which is 0.1 percentage points higher than expected, indicating rising inflationary pressures [5] Corporate Actions - President Trump signed an executive order approving TikTok's continued operation in the US, with a valuation of $14 billion, involving a sale of its US operations to a new joint venture [8] - Oracle and Silver Lake Capital will be major investors in the new company, controlling approximately 45% of the shares, while ByteDance retains less than 20% [8] Legal and Regulatory Issues - Amazon reached a $2.5 billion settlement with the Federal Trade Commission over misleading Prime membership fees, which includes a $1 billion civil penalty and $1.5 billion in refunds to affected users [8] - SAP is under investigation by the European Commission for potential anti-competitive practices in the software support services market, which could lead to significant fines [9] - xAI, founded by Elon Musk, has filed a lawsuit against OpenAI for allegedly poaching employees and stealing trade secrets [8] Strategic Partnerships - Intel is in discussions with TSMC and Apple regarding investment and manufacturing collaborations, which have accelerated since the US government acquired a 10% stake in Intel [11]

Core Points - The European Union has initiated an antitrust investigation into SAP SE, suspecting the company of distorting competition in the market for maintenance and support services related to enterprise resource planning (ERP) software [1][4] - The investigation focuses on whether SAP has restricted competitors' access to its software after-market services, potentially harming European customers' choices and increasing costs [2][4] - If the investigation confirms these suspicions, SAP could face significant fines and dual accusations of harming market competition and exploiting customers [4][2] Investigation Details - The investigation pertains to SAP's authorized ERP software, which is widely used for managing business operations [4] - Concerns are centered on SAP's potential limitations on competition in the after-market for maintenance and support services, which are crucial for businesses using SAP software [4] - The European Commission suspects that SAP's practices may constitute unfair trading conditions, directly harming the interests of its customers [4] Potential Outcomes - SAP has the opportunity to submit a commitment proposal in response to the Commission's concerns, allowing the company to address regulatory issues before formal penalties are imposed [5] - Commitment proposals typically involve changes in business practices, providing a fairer competitive environment, or other measures to resolve antitrust issues [5] - Acceptance of SAP's commitments by the EU could prevent lengthy investigation procedures and potential hefty fines [5]

Group 1 - Manabie, a Singapore-based education platform, has raised $23 million in Series B funding led by JIC Venture Growth Investments, a venture capital arm of the Japan Investment Corporation [2] - The total funding raised by Manabie to date is approximately $41.2 million [2] - Manabie was founded in 2019 by Takuya Honma and Christy Wong, a former executive at Southeast Asian e-commerce platform Lazada [2] Group 2 - Manabie's business primarily operates in Japan and Southeast Asia, providing learning management systems and school management systems to over 30 educational institutions in Japan [2] - The company has also established a tutoring school in Vietnam, offering both online and offline courses with around 13,000 students enrolled [2][3] - Manabie employs approximately 150 staff across Singapore, Vietnam, Japan, and the Philippines [3] Group 3 - The new funding round will be used to expand Manabie's product offerings in Japan, enter new markets in Southeast Asia, and accelerate the development of AI tutoring tools [6] - Manabie initially operated physical learning centers but has shifted focus to software services, with its SaaS business now contributing the majority of its revenue [6] - The company plans to phase out its B2C operations in Vietnam and concentrate on B2B services, aiming to become a product and service SaaS company [6] Group 4 - The fragmented education market in Southeast Asia presents an opportunity for Manabie, as many learning centers are run by small business owners who do not utilize software systems [6] - Manabie's ERP software allows tutoring schools to manage payments and identify opportunities for upselling or cross-selling based on student performance [6] - Despite Japan's declining population, there are still approximately 1 million students in each grade, creating ongoing demand for learning management systems [6]

点击蓝字，关注我们 SAP公司第一季度利润超过分析师预期，受关税影响较小。 智通财经APP获悉，SAP公司(SAP.US)第一季度业绩。Q1总收入达到90.13亿欧元，同比增长12%(按 固定汇率计算增长11%)。 调整后的营业利润增至25亿欧元，同比增长60%(按固定汇率计算为58%)， 合每股1.44欧元，高于市场预期，证明了SAP云业务模式的可扩展性。 按固定汇率计算的云计算收入 增长26%，至49.9亿欧元。业绩公布后，截至发稿，该公司股价美股盘后大涨9.69%，报276.87美元。 云计算收入为49.93亿欧元，同比增长27%(按固定汇率计算为26%)，预期为50.5亿欧元。该公司的 云 计算积压增长至182.02亿欧元 ，同比增长28%(按固定汇率计算为29%)，表明未来收入潜力巨大。积 压订单反映了未来12个月的销售额。 SAP的企业资源规划软件——用于记账、采购和人力资源——通常要求客户签订合同，从而锁定稳定 的收入流。去年，SAP 85%的销售额来自经常性收入，这有助于SAP免受特朗普政府全面征收关税造 成的经济动荡的影响 。该公司还在2024年初开始进行企业改革，裁员，帮助提振利润。 展望 ...