June 3 - Dell Technologies (DELL, Financial), Hewlett Packard Enterprise (HPE, Financial), and Super Micro Computer (SMCI, Financial) are among the server makers positioned to benefit from Nvidia's (NVDA, Financial) accelerating rollout of its latest AI chips, according to JPMorgan.
Analyst Samik Chatterjee said Nvidia's Blackwell architecture accounted for about $24 billion in Compute revenue during the fiscal first quarter of 2026. That marked a sharp rise from $11 billion in the prior quarter, helped by a swift transition from Hopper chips.
Nvidia's total revenue rose 12% sequentially and 69% from a year earlier, reaching $44.1 billion, modestly ahead of consensus. Datacenter revenue grew 10% Q/Q and 73% Y/Y to $39.1 billion, driven by strong uptake of Blackwell-based systems.
JPMorgan noted hyperscalers are deploying 1,000 NVL 72 racks per week, with management calling it the “fastest ramp” in the company's history.
Nvidia expects fiscal Q2 revenue to range from $44.1 billion to $45.9 billion, implying about 2% growth Q/Q. The forecast includes an $8 billion headwind from H20 export restrictions.
Chatterjee flagged solid server demand from Dell, HPE, and SMCI as a potential tailwind, especially heading into the July quarter.
With hyperscalers ramping Blackwell deployments at unprecedented speed, Dell, HPE, and Super Micro stand to capture substantial incremental revenue and expand market share by supplying the critical server infrastructure needed to power Nvidia's AI-driven growth.
