HPE: HPE Discover Takeaways—Networking Capabilities & Portfolio Expansion Will Leave Investors Focused on Upside Potential

Research evidence excerpt

HPE: HPE Discover Takeaways—Networking Capabilities & Portfolio Expansion Will Leave Investors Focused on Upside Potential

GA (works w/ Mist & Aruba NA = Not Available, NC = No Change, NE = No Estimate

Central), & that it will soon enable HPE CX switches to be managed by Mist. Aaron Rakers, CFA

Equity Analyst | Wells Fargo Securities, LLC

Networking Upside? We expect investors to question HPE's +8-12% FY27 Networking Aaron.Rakers@wellsfargo.com | 314-875-2508

framework as conservative given product pipeline above + ongoing JNPR integration to Michael Tsvetanov, CFA

enable rev synergies / compute attach into FY27+. Supply constraints (note: HPE now Associate Equity Analyst | Wells Fargo Securities, LLC

AVGO's largest OEM partner) remain bottleneck but note confidence in faster order Michael.Tsvetanov@wellsfargo.com | 314-875-2558

growth & backlog build thru FY26. We are particularly interested in HPE's position for Richard Strifler, CFA

scale-across given JNPR's historical routing expertise + custom silicon leverage. Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Strifler@wellsfargo.com | 314-875-3234

HPE Private Cloud AI Enhancements: HPE announced enhancements to its HPE Private

Cloud platform (initially launched at Discover 2024) centered on next-gen agentic AI

workloads. This includes agent governance capabilities, secure agentic operations w/

NVIDIA open shell & NeMoClaw, Zerto security integration, & new data capabilities

(integration w/ NVIDIA AI Data Platform + HPE Alletra Storage MP X10000, & more. HPE

also introduced new Proliant Gen12 DL394 inference servers w/ NVIDIA Vera CPUs.

Confidence in FY27 Framework: HPE expressed confidence in its FY26 guide and FY27

framework backed by 1) Strong demand growth; significant backlog (AI backlog @