HPE: Big Beat on Traditional Servers -- Peer Perform

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HPE: Big Beat on Traditional Servers -- Peer Perform

nderstand that ASP increases drove the growth. Despite much higher prices, customers are moving

to get servers (even at higher prices). There’s clearly some real inelasticity of demand for Traditional Servers right now.

Traditional Server orders were also up triple digit Y/Y.

We Have Some Pull Forward Concerns… While there’s clearly significant fundamental improvement in Traditional

Server demand, we do have lingering concerns that customers may be pulling forward projects that would have

otherwise fallen at later dates. Rapidly rising server pricing – combined with fears about availability -- must be a potential

catalyst here. On last week’s EPS call, Dell management acknowledged that a pull forward was likely a portion of their

Traditional Server upside. On the other hand, HPE is saying they’re not seeing these pull forward dynamics despite the

Traditional Server inflection. HPE’s new FY’27 guidance implies there’s significant durability in their numbers relative to

Dell who remains more prudent about longer term guidance. While backlog/pipeline are growing, we’re not sure how

much of that is coming from longer-dated orders. While the company noted they have supply in place for those orders,

they don’t expect much additional component supply in 2026/2027 (above expected levels). Upside to numbers will

likely lean on ASP growth (rather than unit growth).

Elliott Joins the Board… HPE named Chris Hsu, partner at Elliott Investment Management, as a member of their Board

of Directors today. Of course, Elliott is heavily involved in activist activities. Certainly, the activist activity has been a

driver of recent HPE share price performance.