Hewlett Packard Enterprise just posted the kind of quarter that makes Wall Street forget every complaint it ever had. The company reported fiscal Q2 2026 revenue of $10.68 billion, a 40% jump from the same period last year, driven almost entirely by an insatiable appetite for AI infrastructure.
HPE’s AI server backlog climbed to nearly $6 billion, up from $5 billion reported just three months earlier in March. The stock responded accordingly, surging roughly 28% and adding approximately $17 billion to the company’s market cap in what amounts to a single-day validation of its AI pivot.
The numbers behind the AI gold rush
CEO Antonio Neri struck an optimistic tone about the company’s trajectory, noting that HPE’s AI backlog has doubled in recent quarters.
HPE raised its full-year revenue growth outlook to 29-33%, a significant upward revision that signals management believes the demand spike isn’t a one-quarter anomaly. The company also adjusted its networking growth forecast for fiscal year 2026 to 72-75%, a figure driven almost entirely by AI data center buildouts.
