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Technology Stocks : C3ai
AI 27.98-0.9%1:30 PM EDT

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From: Julius Wong12/2/2023 8:39:28 AM
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AI stocks gain ground as HP Enterprise CEO says tech has reached 'inflection point'

Dec. 01, 2023 12:51 PM ET
By: Chris Ciaccia, SA News Editor


Artificial intelligence-linked rose on Friday on back of strong comments from HP Enterprise (NYSE: HPE) Chief Executive Antonio Neri about the technology's future.

“The technology has achieved an inflection point,” Neri said of high-powered servers used for AI, according to Bloomberg. Neri made the comments a company conference in Barcelona.

HP Enterprise ( HPE) shares rose 1% in mid-day trading, while other AI-related stocks, such as (NYSE: AI), Palantir (NYSE: PLTR), Holdings ( BBAI) and SoundHound AI ( SOUN) also saw strong gains. ( AI), led by CEO Thomas Siebel, is slated to report fiscal first-quarter earnings next week. Seeking Alpha Investing Group Leader Jonathan Weber said investors should pay attention to the ratio of subscription revenue, new contract wins, guidance and share dilution.

Neri's comments about AI, which has been one of the top themes of the year, come after his company reported its own quarterly results this week, aided in part by artificial intelligence.

HP Enterprise ( HPE) reported of non-GAAP diluted net earnings per share of 52 cents compared to the average analyst estimate of 50 cents. Sales of $7.4B compared to the estimate of $7.37B.

High Performance Computing & Artificial Intelligence revenue was $1.2 billion, up 37% from the prior-year period in actual dollars and 38% in constant currency.

Following the results, several analysts on Wall Street weighed in on the results, including Morgan Stanley, which upgraded the stock based on valuation as well as its exposure to AI.

Separately this week, HP Enterprise ( HPE) announced it was expanding its partnership with Nvidia ( NVDA) to build an enterprise computing solution for generative artificial intelligence.
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