SAP to restructure 8,000 jobs in push towards AI, shares hit record

Shares of SAP SE jumped 7% to an all-time high after the German software firm forecast growth in cloud revenue and said it will restructure roles for 8,000 jobs to focus on growth in artificial intelligence (AI)-driven business areas.

The company said it will spend 2 billion euros ($2.2 billion) on the programme to either retrain employees with AI skills or to replace them through voluntary redundancy programs.

SAP, which expects to end 2024 with a headcount similar to current levels, started experimenting with OpenAI’s ChatGPT as soon as the generative AI technology started gaining traction and announced plans to embed it in its products early last year.