There’s a clear, undeniable winner this year among three major AI server stocks. Dell Technologies (NYSE:DELL | DELL Price Prediction) stock has dominated 2026, with Hewlett Packard Enterprise (NYSE:HPE) a strong second and Super Micro Computer (NASDAQ:SMCI) a distant third. The gap between the three is striking, given that all three are riding the same AI infrastructure wave.
As of midday trading on June 24, Dell stock changed hands near $427, Hewlett Packard Enterprise stock traded around $48.50, and Super Micro Computer stock sat near $32. The spread between the leader and the laggard reflects a year in which AI server momentum has rewarded scale and execution.
Yet, the cheapest stock of the trio on trailing earnings is the one that has lagged. That sets up the more interesting question of value versus momentum.
Dell Leads by a Wide Margin
Dell stock is up 242% year to date, the runaway leader of the group. The catalyst has been a beat-and-raise cycle anchored by AI server demand, including $24.4 billion in AI orders booked during Q1 FY27 alone.
Dell reported Q1 FY27 revenue of $43.84 billion, up 88% year over year, with AI-optimized server revenue of $16.13 billion, a 757% jump from the year-ago period. Dell also raised its FY27 outlook to $165 billion to $169 billion in revenue.
The market’s reaction has been emphatic. Dell stock is up 46% over the past month alone, tracking the post-earnings repricing.
Hewlett Packard Enterprise Takes Second on Juniper Boost
Hewlett Packard Enterprise stock is up 103% year to date, a strong second-place finish. The story here is the Juniper Networks integration, which has reshaped the company’s mix and accelerated earnings power.
Impressively, Hewlett Packard Enterprise reported Q2 FY26 revenue of $10.68 billion, up 40% year over year; the company reported Networking revenue of $2.69 billion, up 148%. CEO Antonio Neri called it an “exceptional quarter with record-breaking revenue” on the company’s earnings call.
Furthermore, Hewlett Packard Enterprise raised its FY26 non-GAAP EPS guidance to $3.35 to $3.45 and lifted its free cash flow target to at least $3.5 billion. The new FY26 outlook now exceeds what HPE had previously projected for FY28.
Super Micro Computer Lags Despite AI Growth
Super Micro Computer stock is up 9% year to date, a distant third place. The company is still growing revenue at triple-digit rates, but the share price hasn’t followed.
Although Super Micro Computer reported Q3 FY26 revenue of $10.24 billion, up 123% year over year, the dollar figure missed the consensus estimate by 18%. The board is also conducting an independent review of export-control matters, with results described as preliminary and unaudited.
Reddit sentiment on Super Micro Computer stock has been predominantly bearish in 2026, with sustained negativity following a $7 billion equity and equity-linked financing announcement in June. Retail investors viewed the dilution as offsetting strong AI order narratives.
The Valuation Twist
Here’s where the picture flips. On a trailing-12-month basis, Yahoo Finance shows Super Micro Computer stock at the cheapest multiple of the group, trading at 17x. Dell stock trades at 34x, and Hewlett Packard Enterprise stock trades at 46x.
The best 2026 performer is not the cheapest, and the worst performer is. Whether Super Micro Computer’s low P/E ratio of 17x reflects a value opportunity or the market’s skepticism toward execution and governance risk is an open question. The bulls can argue mean reversion; the bears can argue that the discount is earned.
What to Watch
The next anticipated catalysts will come from earnings cadence and AI order books. Dell’s FY27 guidance of roughly $60 billion in AI server revenue, and Hewlett Packard Enterprise’s Q3 FY26 revenue guidance of $11.5 billion to $12.1 billion, set high bars.
Super Micro Computer’s Q4 FY26 guidance of $11 billion to $12.5 billion gives the company a chance to reset its narrative. Investors can watch for whether SMCI’s cheaper multiple draws value capital, or whether DELL and HPE continue to capture the momentum bid into the second half of 2026.
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