The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how hardware & infrastructure stocks fared in Q1, starting with HP (NYSE: HPQ).

The Hardware & Infrastructure sector will be buoyed by demand related to AI adoption, cloud computing expansion, and the need for more efficient data storage and processing solutions. Companies with tech offerings such as servers, switches, and storage solutions are well-positioned in our new hybrid working and IT world. On the other hand, headwinds include ongoing supply chain disruptions, rising component costs, and intensifying competition from cloud-native and hyperscale providers reducing reliance on traditional hardware. Additionally, regulatory scrutiny over data sovereignty, cybersecurity standards, and environmental sustainability in hardware manufacturing could increase compliance costs.

The 9 hardware & infrastructure stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 7.3% while next quarter’s revenue guidance was 12.9% above.

Luckily, hardware & infrastructure stocks have performed well with share prices up 14.1% on average since the latest earnings results.

HP (NYSE: HPQ)

Born from the legendary Silicon Valley garage startup founded by Bill Hewlett and Dave Packard in 1939, HP (NYSE: HPQ) designs and sells personal computers, printers, and related technology products and services to consumers, businesses, and enterprises worldwide.

HP reported revenues of $14.41 billion, up 9% year on year. This print exceeded analysts’ expectations by 3.6%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.

"During the second quarter, we continued executing our future of work strategy through intelligent devices, edge AI, and connected experiences while navigating rising commodity costs,” said Bruce Broussard, Interim CEO, HP Inc.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 5.6% since reporting and currently trades at $24.07.

Is now the time to buy HP? Access our full analysis of the earnings results here, it’s free.

Best Q1: Dell (NYSE: DELL)

Founded by Michael Dell in his University of Texas dorm room in 1984 with just $1,000, Dell Technologies (NYSE: DELL) provides hardware, software, and services that help organizations build their IT infrastructure, manage cloud environments, and enable digital transformation.

Dell reported revenues of $43.84 billion, up 87.5% year on year, outperforming analysts’ expectations by 21.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates.

Dell scored the highest guidance raise and highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 42% since reporting. It currently trades at $450.08.

Is now the time to buy Dell? Access our full analysis of the earnings results here, it’s free.

Xerox (NASDAQ: XRX)

Pioneering the modern office copier and inventing technologies like Ethernet and the laser printer, Xerox (NASDAQ: XRX) provides document management systems, printing technology, and workplace solutions to businesses of all sizes across the globe.

Xerox reported revenues of $1.85 billion, up 26.7% year on year, exceeding analysts’ expectations by 6.6%. Still, it was a slower quarter as it posted a significant miss of analysts’ EPS estimates and full-year revenue guidance slightly missing analysts’ expectations.

Interestingly, the stock is up 79.9% since the results and currently trades at $2.82.

Read our full analysis of Xerox’s results here.

NetApp (NASDAQ: NTAP)

Founded in 1992 as a pioneer in networked storage technology, NetApp (NASDAQ: NTAP) provides data storage and management solutions that help organizations store, protect, and optimize their data across on-premises data centers and public clouds.

NetApp reported revenues of $1.95 billion, up 12.5% year on year. This result beat analysts’ expectations by 4.1%. Overall, it was a stunning quarter as it also logged an impressive beat of analysts’ billings estimates and a solid beat of analysts’ EPS guidance for next quarter estimates.

The stock is up 20.8% since reporting and currently trades at $172.

Read our full, actionable report on NetApp here, it’s free.

Hewlett Packard Enterprise (NYSE: HPE)

Born from the 2015 split of the iconic Silicon Valley pioneer Hewlett-Packard, Hewlett Packard Enterprise (NYSE: HPE) provides edge-to-cloud technology solutions that help businesses capture, analyze, and act upon their data across hybrid IT environments.

Hewlett Packard Enterprise reported revenues of $10.68 billion, up 40% year on year. This print surpassed analysts’ expectations by 9.2%. It was an incredible quarter as it also produced a solid beat of analysts’ ARR and EPS estimates.

The stock is up 5% since reporting and currently trades at $49.36.

Read our full, actionable report on Hewlett Packard Enterprise here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.