JPMorgan: Dell and HPE Expected to Raise Full-Year Guidance in Earnings Reports
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JPMorgan expects Dell and HPE to raise full-year guidance in next week's earnings, driven not by AI alone — traditional infrastructure demand is recovering in tandem, offering demand-side validation for the data-center capex cycle.
What exactly is JPMorgan calling?
JPMorgan expects Dell to raise revenue guidance for its FY2027 (ending January), with HPE following suit.
The key thesis: the upgrade is not purely AI-driven — both AI and non-AI infrastructure demand are recovering simultaneously.
This means → JPMorgan believes the market is underpricing the "traditional IT recovery" thread; AI is only one engine.
Why do these two companies' guides matter so much?
Dell and HPE are core suppliers of enterprise servers and storage, directly serving data-center buildouts.
Their guidance is widely treated as a leading indicator of the data-center capex cycle.
In plain terms = they are the "shovel sellers" — when they say business is improving, the entire "gold rush" is accelerating.
What does it mean for the market if they do raise guidance?
If both companies raise guidance as expected, it provides further demand-side validation of the current AI-infrastructure investment boom.
This reflects a shift in market confidence on AI spending — from "conceptual expectations" to "order fulfillment."
One caveat: this remains JPMorgan's forecast; final numbers depend on next week's actual earnings releases.
市场有风险，内容仅供研究参考，不构成投资建议。