Shares of Hewlett Packard Enterprise Co. (HPE) jumped more than 3% in Wednesday's premarket session, catching a tailwind from Super Micro Computer Inc. (SMCI)'s strong preliminary results. Super Micro reported a hefty AI-server order backlog and margin guidance that came in better than expected, sending a clear signal that demand for AI infrastructure isn't slowing down.

As a major player in enterprise servers, networking gear, and high-performance computing, HPE is well-positioned to ride the same wave. The stock rose alongside Dell Technologies Inc. (DELL), as investors saw Super Micro's numbers as further confirmation that the AI server boom has legs.

Jim Cramer chimed in on X Tuesday evening, saying that if Super Micro "did that well," Dell "should be incredible." That kind of read-through applies to HPE too, given its similar exposure to the enterprise AI market.

HPE's gain stood out against a weaker broader market: Nasdaq futures were down 0.75% and S&P 500 futures fell 0.30%.

Hewlett Packard Technical Analysis

HPE continues to trade above all its major moving averages, a sign of a strong uptrend. The stock sits about 5% above its 20-day simple moving average and roughly 10% above its 50-day moving average. It's also more than 41% above its 100-day moving average and nearly 69% above its 200-day moving average.

The relative strength index (RSI) stands at 53.12, indicating neutral momentum. That means the stock isn't overbought or oversold, leaving room for more upside if buying interest continues.

The 20-day moving average remains above the 50-day moving average, and the 50-day crossed above the 200-day moving average back in April, confirming a longer-term bullish trend. From a technical perspective, immediate resistance is near $51.00, while support sits around $44.50.

Earnings And Analyst Outlook

The next big catalyst for HPE is its estimated earnings report on Sept. 2, 2026. Wall Street expects earnings of 90 cents per share, up from 44 cents a year earlier. Revenue is projected to jump to $11.92 billion from $9.14 billion.

The stock carries a Buy consensus rating with an average analyst price target of $69.69, based on 26 analysts. Recent bullish calls include:

• Goldman Sachs: Buy, price target raised to $79 on June 3.
• Argus Research: Buy, price target raised to $70 on June 3.
• Evercore ISI: Outperform, price target raised to $70 on June 2.

Hewlett Packard Momentum And Quality Scores

Market data gives HPE a Momentum score of 97.78, highlighting its strong price performance. The stock receives a Quality score of 68.22, while Value scores 26.09 and Growth scores 11.86, suggesting investors are focused on momentum rather than valuation right now.

ETF Exposure

HPE is a meaningful holding in several exchange-traded funds, including:

• iShares Preferred and Income Securities ETF (PFF): 1.56% weighting.
• First Trust Cloud Computing ETF (SKYY): 3.47% weighting.
• ALPS Sector Dividend Dogs ETF (SDOG): 2.59% weighting.

Fund inflows or outflows in these ETFs can influence demand for HPE shares.

Hewlett Packard Price Action

Hewlett Packard shares were up 3.15% at $48.19 during premarket trading on Wednesday.