Hewlett Packard Enterprise
HPEQ2 2024Derived10% AI
AI Revenue %
10%
AI Fair Value
$2.7B
AI Revenue (Q)
$720.4M
Total Revenue (Q)
$7.2B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q2 FY2024 (ended April 30, 2024). Total net revenue was $7,204M. Product revenue jumped to $4,324M from $4,242M year-over-year. The FY2024 10-K describes the launch of 'Private Cloud AI' co-developed with NVIDIA for enterprise model fine-tuning, RAG, and inference. Inventory continued surging to $7,326M, indicating massive AI server order fulfillment ahead. The Server segment was the primary growth driver. AI server demand was accelerating significantly, with HPE competing with Dell for NVIDIA GPU-based server orders. Estimated AI server revenue ~$720M. Math: $720M / $7,204M = 10.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Total net revenue 7,204
10-Q Q2 FY2024, Condensed Consolidated Statements of Earnings
Inventory 7,326 vs 4,607
10-Q Q2 FY2024, Condensed Consolidated Balance Sheets
Private Cloud AI is fully integrated, standardized offer that has been co-developed with AI market leader Nvidia, with the goal to provide an out of the box solution for enterprise AI
10-K FY2024, Item 1 Business Description (Hybrid Cloud segment)
AI Products Identified (Ring 1)
HPE Cray EX/XDHPE ProLiant with NVIDIA GPUsHPE Private Cloud AIHPE GreenLake for LLMs
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Server segment (non-AI servers)Hybrid Cloud (non-AI storage/private cloud)Intelligent Edge (Aruba)Financial Services
Confidence Tier
DerivedCalculated from reported segments primarily serving AI