Dell Technologies and Hewlett Packard Enterprise are set to release their latest quarterly results this week, putting AI server demand back under the microscope. Dell will report after the market closes on Sept. 1, with HPE following close behind. Dell's AI server revenue for the first quarter of its current fiscal year came in at $16.1 billion, a surge of 757% year over year. The company is carrying an order backlog of $51.3 billion. Analysts project second-quarter revenue of about $44.5 billion and earnings per share near $4.90. Both stocks have climbed sharply in 2026, up more than 260% for Dell and over 120% for HPE. The key issue for investors is whether demand for AI servers can stay at these levels. Supply-chain constraints are also in focus—shortages of memory and GPUs are squeezing margins, while differences in product mix between direct and channel sales could shape profitability. The reports come at a pivotal moment for the broader AI infrastructure trade. Beyond the two companies, the numbers will help set expectations for how much the sector can grow in the coming quarters.
Dell Technologies and Hewlett Packard Enterprise both face a high-stakes reporting week, with investors and analysts looking for the latest signs on AI server demand. Dell is set to publish results after the close on Sept. 1; HPE will follow quickly.
Dell generated $16.1 billion in AI server revenue during the first quarter of its current fiscal year, up 757% from the prior-year period. Its order backlog has swollen to $51.3 billion. For the coming quarter, analysts expect Dell to deliver roughly $44.5 billion in revenue and close to $4.90 in earnings per share.
The market has already rewarded both names handsomely. Dell shares are up more than 260% so far this year, while HPE has climbed over 120%. Those gains put extra weight on the question of durability: can AI-related hardware demand stay this hot through the rest of the cycle?
Margins may be the next test. Supply chains remain constrained, with memory and GPU shortages pressuring profitability. Product mix differs between direct sales and channel sales, and that split could make the difference in how much of the topline growth reaches the bottom line.
With AI infrastructure spending setting the tone across tech, this pair of earnings reports offers more than just a check on two hardware vendors. The numbers will feed directly into growth estimates for the entire AI infrastructure space.
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