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Siemens AG's market value stands at €320 billion, but investor sentiment is shifting as its software sector faces challenges amid the AI boom. Siemens Energy AG, its former subsidiary, benefits from high demand for gas turbines, leading to a stock increase of 2,300% since 2023 lows.

Siemens AG's stock has declined 13% since mid-February, raising concerns about its software strategy, which has seen €28 billion invested since 2007. Siemens Energy has a €146 billion order backlog, primarily from maintenance, while Siemens management considers portfolio adjustments amid fluctuating market conditions.