Quick Read

• DELL surged 54% and HPE rocketed 59% in one month after blowout earnings showed Dell’s AI-server revenue jumping 757% year over year.

• NVDA silicon and SMCI systems sit alongside Dell and HPE racks inside hyperscaler builds, signaling broad strength across the entire AI-infrastructure cohort.

• Dell’s FY27 guidance targets $60 billion in AI-server revenue, implying 144% growth, with next earnings due in late August.

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Shares of Dell Technologies (NYSE:DELL) and Hewlett Packard Enterprise (NYSE:HPE) are gaining attention as both names extending a torrid one-month run powered by AI-server demand. DELL stock is up 54% over the past month, while HPE stock has rallied 59% over the same window.

Dell shares were last changing hands near $398, building on a powerful year that has lifted the stock 252% over the trailing 12 months. HPE stock is trading around $50, with a one-year gain of 176%.

Both moves trace back to back-to-back blowout earnings reports and raised guidance that reframed the AI-hardware narrative for the rest of 2026. The market is now treating Dell and HPE as direct, scaled beneficiaries of hyperscaler and enterprise AI capex.

AI Server Demand Fuels the Rally

Dell set the tone on May 28 with fiscal Q1 2027 results that smashed expectations. Revenue came in at $43.84 billion, up 88% year over year, with non-GAAP diluted EPS of $4.86 versus a $2.96 consensus.

AI-optimized server revenue for Dell jumped to $16.13 billion, up 757%, and Dell booked $24.4 billion in AI orders during the quarter. Management raised its full-year FY27 revenue guidance to $165 billion to $169 billion and now expects roughly $60 billion of AI-server revenue this year.

HPE followed on June 1 with its own beat. The company’s Q2 FY26 revenue rose 40% to $10.68 billion, with non-GAAP diluted EPS of $0.79 well above the company’s own $0.51 to $0.55 guide. HPE’s networking segment, lifted by the Juniper Networks integration, surged 148%, and the company’s server revenue grew 33%.

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Peers Ride the Same Wave

CEO Antonio Neri framed the HPE quarter with confidence, stating, “HPE delivered an exceptional quarter with record-breaking revenue, higher-than-anticipated profitability, and increased free cash flow, reflecting strong execution and healthy demand across the business.” Management lifted FY26 revenue growth guidance to 29% to 33% and now expects free cash flow of at least $3.5 billion.