Hewlett Packard Enterprise's AI Story Moved To The Network Layer

Investment Thesis In my last piece on Hewlett Packard (HPE), I said that HPE was becoming one of the major beneficiaries of the AI infrastructure boom. And I still believe that. The difference right now is that I believe the market has finally seen the hard evidence that HPE is compounding from the part of the AI stack that tends to earn better margins and have stickier customer relationships. HPE started 2026 with quite a strong quarter, I would say. It also did something that I always pay close attention ...