<<I hear their cloud stuff is doing very well indeed.>>

Well, sort of.

This is NOT my area of expertise (although I, like many folks, have had direct experience with SAP apps over the years). What I read is that some of SAP's biggest customers--e.g., entire governments and major non-US enterprises--are squeamish about moving their critical SAP systems into the cloud when most of that "cloud" will in fact reside on servers operated by Google, Amazon, Microsoft, et al. and not by SAP. SAP insists that they have systems in place to prevent leakage and that it's simply too late for SAP or anyone else to create a new rival to those behemoths from scratch.

So there's been some foot-dragging.

On top of this, shares of software companies have experienced a good deal of multiple compression recently, out of concern that AI will render a lot of their moats, um, evanescent.

All that said, I'd been looking at SAP for nearly a year now, as I've begun to educate myself about ways to diversify investments away from US-based companies, and dollars. The share-price drop has increased my interest.