The boom in the server market has helped Dell shares climb 85% this year, outperforming a 30% rise in HP Inc and HP Enterprise. But some analysts warned that a slow rollout of Nvidia's next-generation AI chip may hurt Dell's sales. HP shares trade 10.84 times analysts' profit estimates, compared with 15.51 for Dell and 30.94 for Microsoft.

HP Inc. gave an outlook for profit in the current quarter that fell short of estimates, suggesting a setback in the personal computer market’s recovery from a yearslong slump.

Profitability took a hit as well, as HP reported net earnings of $906 million for the quarter, down from $974 million one year earlier. The company also reported total revenue in fiscal 2024 of $53.6 billion, which was more or less flat compared to the prior year.