Dell is heavily overearning heading into a two-sigma melt-up, leaving the stock exposed to a reversal. x.com 

Dell is still a hardware company with low pricing power and only an 18% margin profile, which the FOMO chasers now piling in overlook. The stock may still go higher. x.com 

Hewlett Packard Enterprise should get dual boosts from ANT and NVIDIA data-center buildouts. It has the lowest PEG and strongest year-over-year growth in the communications space. It is time to buy again, with the low 80s as the target. x.com 

Dell is cheap, and its higher P/E than Nvidia's is not irrational. P/E is not always the right valuation tool, and market cap matters: Dell is about $300 billion versus Nvidia's $5 trillion, and the law of large numbers is real. Dell was not widely owned and nobody thought it could raise guidance 40% again, while Nvidia's expectations have been through the roof for years. x.com  x.com 

Dell is still cheap after its earnings jump, growing cash at an insane rate on a low multiple. Q1 EPS rose 280%, and on Q1 earnings of $3.44 billion, with revenue tracking $167 billion for 2027, it trades at about 21x even after a 40% one-day gain. Only about half its shares float, making the effective P/E about 10.5. Share count has fallen about 4.7% a year, record free cash flow comes with a mandate to return 80% to shareholders, and the AI business is growing 760% a year. x.com 

Hewlett Packard Enterprise is a reasonably priced execution story, less levered to memory prices and gross AI spending. Juniper is showing early revenue synergies and some hidden product wins, gross margins look healthy and expanding, and the valuation is in the dirt versus Dell. A flurry of positive Iran headlines from Trump could also lift the whole market. x.com 

Dell and HPE are priced on an AI-server story rather than their businesses. Like HP Inc., which just posted weak results on rising memory costs and thinner PC margins, they are cyclical hardware companies dependent on enterprise capex, yet their shares diverged only because of the AI-server label. Data center demand is real, but the premium has run far ahead of it. Such pricing can last long in a liquid, risk-on market, as in 1999 and 2021, so a drop is not imminent. x.com 

Dell ranks among the best on buybacks and low stock-based compensation, with strong expansion in both profit margin and revenue. x.com 

Hewlett Packard Enterprise looks cheap at $69.33 on next year's earnings, trading at 15 times forward earnings versus the roughly 18 times its industry usually gets. Applying 18 times next year's expected $4.70 a share puts fair value at about $74.44 to $94.74. That leans on the forecast, which is 142% above trailing earnings, where the stock trades at 36 times. The read is valuation levels only, without fundamental work. x.com 

Dell is still too cheap after a jaw-dropping quarter. The stock trades at about 10x earnings despite 23% revenue growth, a guide for 25% growth in fiscal 2027 and a 20% dividend increase, so it should not stay at these levels for long. x.com