DELL, HPE Stock Gain After-Hours As SMCI's Strong Margin Outlook Lifts Server Peers

• Super Micro reported more than $60 billion in new Q4 orders, pushing its backlog to a record high.
• Dell Technologies and Hewlett Packard compete with Super Micro in the AI server space. 
• Traders see SMCI’s strong order backlog as validating sector-wide demand. 

Dell Technologies (DELL) and Hewlett Packard Enterprise (HPE) share prices gained 6% and 5%, respectively, after-hours on Tuesday, taking support from a strong preliminary Q4 fiscal 2026 update from AI server rival Super Micro (SMCI).

Driven by a substantial surge in demand, Super Micro announced that its total backlog hit record heights at the conclusion of fiscal 2026.

According to a company release, SMCI secured upwards of $60 billion in new orders throughout the fourth quarter, which are anticipated to be fulfilled over upcoming quarters.

This strong influx of orders underscores the sustained demand for Super Micro's AI, enterprise, storage, and 5G/Edge IT solutions.

SMCI share price rallied over 25% in after-hours trading on Tuesday. 

DELL and HPE Earnings Outlook 

Analysts polled by Fiscal.ai expect Dell to report revenue of $44.39 billion in the quarter ending July 2026, a near 50% jump year-on-year, while earnings are expected to come in at $4.9 per share, much higher than the $2.32 per share recorded in the same quarter last year. 

For HPE, revenue is expected to surge about 30% YoY to $11.9 billion, with earnings of $0.92 per share. 

SMCI Margin And Earnings Outlook 

Super Micro raised its fourth-quarter gross margin expectations to 15%-17%, significantly above its previous guidance of 8.2%-8.4%.

Ahead of its August 11 earnings report, analysts expect Super Micro to post $0.70 in quarterly earnings, up nearly 71% year over year, with revenue more than doubling to $11.73 billion. 

Of the 19 analysts tracked by Koyfin, 11 rate the stock ‘Hold,’ while the average price target of $37.38 suggests nearly 57% upside. 

DELL, HPE Stock: Retail View 

Retail sentiment on Stocktwits was ‘bullish’ with ‘high’ message volumes for both stocks. 

One user highlighted SMCI’s strong update as a barometer for industry-wide demand, helping Dell and HP. 

DELL stock has surged over 215% year-to-date and HPE has jumped 93% during the same period. 

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