Thrill-seeking glider pilots surf fast-moving cloud fronts. The laggards suffer dangerous turbulence. Shares in SAP crashed almost a quarter on Monday after it warned full-year numbers would be lower than expected. Coronavirus is heavily to blame. But Europe’s largest tech company also pushed out a key profit target by two years to 2025 as it invests to shift more customers to the cloud. Shareholders should seek a silver lining.

Platform monopolies such as Google and Facebook have been lightning rods for public disaffection lately. No-one has cornered the market for enterprise software. The result is lower-key pressure fronts between groups such as SAP, Microsoft and Salesforce. These sell businesses tools to run their everyday operations. To keep up with US competition, SAP needs a better cloud-based product serving more of its own large customer base...

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