New York, May 29, 2026, 08:01 EDT
- HPE shares jumped 23.5% premarket after Dell raised its AI-server forecast.
- HPE will release fiscal second-quarter numbers after the close on June 1.
- The shift draws more attention to margins for HPE’s Cloud & AI and networking units, beyond just revenue growth.
Hewlett Packard Enterprise shares moved up sharply before the open Friday, getting a boost from a rally in Dell Technologies. Dell raised its annual outlook on higher demand for Nvidia-powered AI servers. Reuters put HPE up 23.5% ahead of the bell. Super Micro Computer was also higher in premarket, up 10.7%.
Timing is key here. HPE will report fiscal second-quarter numbers on Monday, June 1. CEO Antonio Neri, CFO Marie Myers and head of investor relations Paul Glaser are set to appear on the company’s webcast for earnings.
Dell’s latest results have investors watching for proof demand isn’t limited to just one name. AI servers, built to train and run AI models, are in focus. Traders now want to see if HPE can post the same kind of order flow, but still defend its margins.
HPE rallied 2.7% to finish at $38.21 on Thursday, just under the 52-week high of $38.58 reached earlier in the week, MarketWatch said. Trading volume beat the 50-day average, showing more investors were in before Dell’s numbers came out.
Dell’s first-quarter revenue jumped 88% to $43.8 billion, the company said Thursday. AI-optimized server revenue soared 757% to $16.1 billion. Dell raised its full-year AI-server revenue outlook to about $60 billion. “We booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue,” Chief Operating Officer Jeff Clarke said. Business Wire
Dell CFO David Kennedy said performance was “exceptionally strong across the business,” naming supply chain, sales and pricing. Dell lifted its full-year revenue outlook and now sees $165 billion to $169 billion. Business Wire
HPE’s earnings on Monday gave investors a look at how much the AI hardware surge is moving past Dell now. First-quarter revenue at HPE climbed 18% year over year to $9.3 billion. The Cloud & AI segment posted $6.3 billion. Networking brought in $2.7 billion, the company said in March.
HPE CEO Neri last said the company saw “outperforming” networking results and called it “one of our most profitable quarters on record.” He cited “effective operational discipline in a dynamic commodity supply environment.” That idea may get a fresh look from investors next week, as memory and component prices are still an issue for the AI-infrastructure trade.
Myers said in the release HPE topped forecasts for profit and cash flow, citing “prudent cost management” and quicker-than-expected synergies from Juniper and Catalyst. That sets up Monday’s call to focus not only on AI demand at HPE, but also on how much that demand is driving earnings.
The overall market backdrop remains in place. Reuters reported Dell shares more than doubled in 2026, beating the S&P 500’s 10.5% gain as investors moved more AI money from software to hardware names.
HPE’s premarket action could just be a sympathy play that gets out over its skis before HPE reports its own figures. Dell’s numbers probably reveal more about Dell’s scale, its customers and supply chain than HPE’s actual bookings. AI server sales also bring risk, as funding needs can spike if inventory, parts prices or big customer deals shift.
NYSE-listed shares will trade on a regular schedule May 29. U.S. markets were closed May 25 for Memorial Day, but May 29 is not shown as a holiday on the 2026 exchange calendar.
Right now, the market is treating HPE like Dell and Super Micro. Monday will show if the stock stays in that group.
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