A quiet but consequential shift is underway in enterprise technology spending. Recent earnings from SAP, Capgemini, Sopra Steria and OVHcloud show that Europe’s established technology and consulting firms are becoming primary beneficiaries of enterprise AI adoption — not because they built the most advanced models, but because they solve the harder problem: integrating AI into legacy systems, governance frameworks and cloud infrastructure at scale. For CFOs and boards evaluating digital transformation budgets, this signals where real value is migrating.