Hewlett Packard Enterprise Co. (NYSE:HPE) reports fiscal third-quarter earnings after the bell Wednesday, and prediction traders see little suspense over whether it clears Wall Street’s earnings bar.

The bigger question may be what CEO Antonio Neri says about HPE’s AI infrastructure push, its Juniper integration and a networking strategy he repeatedly called "self-driving" last quarter.

Polymarket prices a 94% chance HPE reports adjusted earnings above $0.93 per share. Kalshi traders are separately betting on which products and themes HPE will mention during its 4.30 p.m. ET earnings call.

Analysts expect HPE to report $11.94 billion in revenue and adjusted earnings of $0.93 per share, according to Benzinga Pro. HPE guided to revenue between $11.5 billion and $12.1 billion and adjusted EPS of $0.88 to $0.93.

What Kalshi Predicts HPE Will Say

"Alletra" leads at 97%. Alletra MP is HPE’s enterprise storage platform, increasingly used alongside private-cloud and AI systems to handle the huge amounts of data those workloads require. HPE said orders grew triple digits last quarter for the sixth consecutive quarter, while revenue also more than doubled year over year.

Trending

"Aruba" trades around 90%, while "Private Cloud AI" is similarly favored. Aruba is HPE’s enterprise networking business, now being combined with Juniper Networks, the networking company HPE acquired last year.

Private Cloud AI lets companies and governments run AI on their own infrastructure rather than rely entirely on public cloud providers, and orders increased again last quarter.

"Self Driving" also trades near 90%, and it has nothing to do with cars. HPE is using AI agents to automate corporate networks, a strategy Neri said last quarter was already becoming a reality.

The push matters because Networking carried a 21.6% operating margin last quarter, versus 12.4% for Cloud & AI, making the Juniper-Aruba combination important to HPE’s push for better margins.

"Government" sits at 59%. HPE ended last quarter with more than $6.3 billion in total AI backlog, including $5.9 billion in AI Systems backlog. Sovereign and enterprise customers accounted for 61% of its cumulative AI order mix.

What Kalshi Predicts HPE Will Skip

"Saudi" sits at just 8%, despite HPE announcing new investments and AI initiatives in the kingdom Tuesday, one day before earnings. HPE expanded local production to include Alletra storage and announced plans for a Saudi Innovation Center with Intel. Traders may simply expect Neri to focus the call on broader company-wide themes rather than a regional expansion.

"Department of Energy" is at 17%. The DOE tapped HPE in July for several projects under the Genesis Mission, a federal program using AI and supercomputers to accelerate scientific research in areas including energy, cybersecurity and weather forecasting.

Reading the Board

HPE crushed estimates last quarter, reporting adjusted EPS of $0.79 versus $0.53 expected and raising its full-year outlook. Shares jumped nearly 20% the next session after initially surging more than 35% after hours.

Dell raised expectations for AI hardware again Tuesday with $60.9 billion in quarterly AI orders and a record $95 billion backlog. With HPE expecting its own AI revenue to peak in Q4, investors may care more about whether orders keep growing and that acceleration remains on track than another headline EPS beat.

Kalshi and Benzinga have an existing data collaboration agreement.

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