Oracle Just Named HP Enterprise and Dell as Big Winners in Its AI Buildout

TLDR

• HP Enterprise surged over 16% and Dell jumped 10.6% after Oracle reaffirmed its FY27 capital expenditure plans
• Oracle CFO confirmed spending will flow directly to AI rack, cooling and networking vendors including HPE and Dell
• HPE posted record Q3 FY2026 revenue of $12.2 billion, up 34% year-over-year
• RBC Capital Markets initiated Dell with an Outperform rating and a $640 price target, citing $95 billion in AI server backlog
• HP also rose after RBC initiated coverage with a Sector Perform rating and a $33 target

HP Enterprise and Dell Technologies shares jumped sharply on Friday after Oracle reaffirmed its capital expenditure guidance for fiscal year 2027. Oracle CFO Hilary Maxson said the spending would go directly to AI rack, cooling and networking suppliers, naming HP Enterprise and Dell as beneficiaries.

HP Enterprise shares climbed more than 16%, while Dell rose around 10.6%. HP also gained more than 8% on the day.

Dell Technologies Inc., DELL

HPE Posts Record Results

HP Enterprise had already reported strong earnings before Friday’s rally. The company posted Q3 FY2026 revenue of $12.2 billion, up 34% year-over-year. Non-GAAP earnings per share came in at $1.11, the first time the company has crossed the $1.00 mark.

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