Dell Technologies Inc. / Hewlett Packard Enterprise Company: Tim's 2 Things for 2 Stocks in 2H

Research evidence excerpt

Dell Technologies Inc. / Hewlett Packard Enterprise Company: Tim's 2 Things for 2 Stocks in 2H

Equity Research

IT Hardware and Communications Equipment

9 June 2026

Dell Technologies Inc. / Hewlett Packard Enterprise Company

Tim's 2 Things for 2 Stocks in 2H

We continue our report series discussing the two most

important topics for stocks that generally get looked at

together by investors. For DELL and HPE, we will be looking at ITEquipmentHardware and Communications

the companies' positions in the AI and Enterprise markets. We NEUTRAL

IT Hardware and Communicationsare constructive on both stocks even after the large moves.

Equipment

Tim Long

We continue our report series discussing the two most important topics for stocks that generally +1 212 526 4043

get looked at together by investors. In this report we will look at DELL and HPE, the two largest tim.long@barclays.com

traditional hardware vendors. We will look at the AI segment for each, as well as the rapidly BCI, US

changing Enterprise environment. We like both stocks, with a slightly more favorable view on Alyssa Shreves

DELL (servers) in AI and HPE (networking) in the Enterprise area. +1 212 526 7570

alyssa.shreves@barclays.com

Overall conclusion: We believe both companies have compelling stories in both Cloud/AI and in BCI, US

the enterprise area. Both companies navigated the increased commodity costs well,

Mary Lenox

reinvigorating growth in the enterprise. While both stocks have performed strongly YTD, we still

+1 212 526 6277

see upward bias to our estimates. mary.lenox@barclays.com

BCI, US

• Thing 1 (AI): We believe DELL has done a great job in AI servers by managing profitability

while winning a lot of incremental business. We see more networking opportunities ahead for Clarisse Yu

HPE/JNPR. +1 212 526 7025