Looking back on hardware & infrastructure stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including Dell (NYSE: DELL) and its peers.

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 Q4. As a group, revenues beat analysts’ consensus estimates by 9.5% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

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 $33.38 billion, up 39.5% year on year. This print exceeded analysts’ expectations by 5.2%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ EPS guidance for next quarter estimates and a solid beat of analysts’ revenue estimates.

Interestingly, the stock is up 50.8% since reporting and currently trades at $183.09.

We think Dell is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q4: Super Micro (NASDAQ: SMCI)

Founded in Silicon Valley in 1993 and known for its modular "building block" approach to server design, Super Micro Computer (NASDAQ: SMCI) designs and manufactures high-performance, energy-efficient server and storage systems for data centers, cloud computing, AI, and edge computing applications.

Super Micro reported revenues of $12.68 billion, up 123% year on year, outperforming analysts’ expectations by 21.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 21% since reporting. It currently trades at $23.43.

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

Weakest Q4: 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 $2.03 billion, up 25.7% year on year, falling short of analysts’ expectations by 0.9%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a miss of analysts’ EPS estimates.

Xerox delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 45.1% since the results and currently trades at $1.28.

Read our full analysis of Xerox’s results here.

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 $14.44 billion, up 6.9% year on year. This result beat analysts’ expectations by 3.5%. More broadly, it was a satisfactory quarter as it also logged a solid beat of analysts’ revenue estimates but a slight miss of analysts’ EPS guidance for next quarter estimates.

The stock is up 3.7% since reporting and currently trades at $18.87.

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

IonQ (NYSE: IONQ)

Founded by quantum physics pioneers from the University of Maryland and Duke University in 2015, IonQ (NYSE: IONQ) develops quantum computers that process information using trapped ions to solve complex computational problems beyond the capabilities of traditional computers.

IonQ reported revenues of $61.89 million, up 429% year on year. This number topped analysts’ expectations by 53.2%. It was an incredible quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

IonQ delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 10.4% since reporting and currently trades at $30.10.

Read our full, actionable report on IonQ 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.

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