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Hewlett Packard’s 186% AI Rally: Can Record Orders Keep The Surge Alive?

Hewlett Packard has emerged as one of the more surprising beneficiaries of the artificial intelligence infrastructure boom, with its shares rising roughly 186% in 2026 and moving toward record levels. The rally reflects more than enthusiasm around AI servers. HPE is increasingly positioning itself across the infrastructure stack that supports AI deployment, including networking, traditional servers, AI systems, storage, private cloud and financing. Its $14 billion acquisition of Juniper Networks has materially expanded its networking exposure, while large customer wins with Oracle, Vultr and hyperscale customers have strengthened the argument that HPE is gaining relevance in next-generation data-center spending. At the same time, the company is reporting record orders, record backlog, rising margins and stronger free cash flow.