Hewlett Packard Enterprise closed fiscal Q3 2026 with a $7.6 billion AI backlog, up 14% quarter-over-quarter, driven by enterprise and government demand. Quarterly revenue reached $12.2 billion, a 34% year-over-year increase, with $2.4 billion coming from AI systems alone. HPE also announced a $3.5 billion inferencing agreement with a hyperscaler. The main bottleneck remains DDR5 and NAND flash memory availability, with supply constraints expected to persist through 2027. Over 60% of cumulative AI orders have come from enterprises and sovereign clients, not hyperscale cloud providers.
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