HP
Helmerich & Payne, Inc.
stock NYSE

Explain to me how Apple is going to replace Windows OS on all the non-Apple devices (Dell, HP, Lenovo, etc)?

That bounce off of $40 had a lot more to do with talks of a buyout than with buybacks.
Also note the new CEO is the guy who split up HP. Could we see him "unlock value" by stripping out Venmo? Bloomberg [openly speculates](https://www.bloomberg.com/news/articles/2026-02-10/paypal-at-crossroads-as-yet-another-new-ceo-hired-for-turnaround?embedded-checkout=true) about the value of their core payments processing business, and how PYPL would be better off without it.
> PayPal’s payment-processing platform is worth around $5.2 billion in cash, according to an estimate from Fahed Kunwar, global co-head of research at [Rothschild & Co. Redburn](https://www.rothschildandco.com/en/global-advisory/global-markets-solutions/rothschild-co-redburn/). Should PayPal sell it, the company would have about $10 billion in capital, including its free cash flow, to acquire a commerce platform, according to a Rothschild note.
...
To turn the business around, PayPal needs to spin off or sell its payment-processing business, Kunwar said. “I think that business probably sits better in the hands of another big processor.”

Explain to me how Apple is going to replace Windows OS on all the non-Apple devices (Dell, HP, Lenovo, etc)?

That bounce off of $40 had a lot more to do with talks of a buyout than with buybacks.
Also note the new CEO is the guy who split up HP. Could we see him "unlock value" by stripping out Venmo? Bloomberg [openly speculates](https://www.bloomberg.com/news/articles/2026-02-10/paypal-at-crossroads-as-yet-another-new-ceo-hired-for-turnaround?embedded-checkout=true) about the value of their core payments processing business, and how PYPL would be better off without it.
> PayPal’s payment-processing platform is worth around $5.2 billion in cash, according to an estimate from Fahed Kunwar, global co-head of research at [Rothschild & Co. Redburn](https://www.rothschildandco.com/en/global-advisory/global-markets-solutions/rothschild-co-redburn/). Should PayPal sell it, the company would have about $10 billion in capital, including its free cash flow, to acquire a commerce platform, according to a Rothschild note.
...
To turn the business around, PayPal needs to spin off or sell its payment-processing business, Kunwar said. “I think that business probably sits better in the hands of another big processor.”

But cumulative. He could LBO something like HP and get there in 2 years.

Yeah it was a prequel show that takes place before he’s caught. Is the HP one just the same exact story again? That really is lame

[Jukan](https://x.com/jukan05/status/2036707840342270282?s=20):
CPU shortage becomes reality… Intel and AMD raise prices again in March, up as much as 15% since the start of the year
• Intel and AMD raised CPU prices again in March, bringing their cumulative price increases this year to around 10–15%. At the same time, lead times have surged from roughly two weeks to as long as six months, indicating a deepening supply shortage.
• The impact is hitting PC and server manufacturers directly. Major OEMs such as HP and Dell are among the first to feel the pressure, and some gaming PC makers say they are now in a situation where “even if they have the money, they still cannot secure CPUs.”
• The root cause is the explosion in AI demand. Demand for high-performance CPUs and related semiconductors for data centers and AI servers has risen sharply, rapidly consuming production capacity that had previously supported PC CPUs. In other words, limited semiconductor manufacturing capacity is being redirected toward AI, leaving the traditional PC market squeezed out.
• This supply shock could also lead to a broader structural shift in the industry. Arm-based chips, which offer strengths in power efficiency and scalability, are increasingly being viewed as an alternative, raising the possibility that the CPU market’s long-standing x86-centered structure could begin to weaken.

[https://asia.nikkei.com/business/tech/semiconductors/supply-crunch-in-intel-amd-cpus-deals-fresh-blow-to-pc-and-server-makers](https://asia.nikkei.com/business/tech/semiconductors/supply-crunch-in-intel-amd-cpus-deals-fresh-blow-to-pc-and-server-makers)

Fair point. But that's the concern about the old PENG business model. And if we were looking at PENG through that lens, you'd be right. Hardware resellers live and die by their suppliers' pricing decisions, which among other reasons, is why the stock has been stagnant for years.
That’s the exact problem PENG brought on Kash Shaikh to solve. He didn't come from Dell to run a hardware reseller. He came from Securonix where he built a SaaS recurring revenue business as their CEO and president, to do the same at PENG. Likewise, Ian Colle didn't leave his AWS GM position to set up servers.
They chose to leave those excellent positions and come to PENG to break the margin dependency that has pinned the company. They see something others don't. With PENG’s ICE Clusterware software, they’re moving revenue up the stack into software and managed services where Dell and HP's hardware pricing is irrelevant. However, they've only been with the company for just over a month. I don't expect crazy earnings this time around. I'm focused on the re-rating by the markets.
ICE ClusterWare is PENG's software. Dell doesn't own it. HP doesn't own it. When an enterprise runs their AI cluster on ICE ClusterWare for two years, it becomes sticky. Switching costs are one of the moats they’re building toward.
I admit a lot rides on the earnings call with Kash on April 1st. But if he is able to articulate the long-term vision and use their recent progress as proof of their pivot, I believe this company has strong earnings potential.

They are completely at the mercy of HP's and DELL's pricing and can change their margins at a whim. This isn't a stock that's gonna skyrocket. It's a slow churning business that gets a steady supply of guaranteed work.

What you’re describing is the old Penguin Solution business model and I agree it wasn’t shit. No IP, no moat. This will be the first earnings call where PENG’s new vision is articulated. 
But what I think folks are missing now is that Dell and HP are not competitors to PENG. I think they are partners. I don’t know why Dell would co-present with PENG at GTC and co-deploy infrastructure for Deepgram if they were trying to eliminate them as a competitor. I think it’s because PENG solved a problem they can’t or haven’t yet.
To your point about “professional handyman,” I think that supports my thesis. If my house needs electrical work done, I wouldn’t call GE. I’d call a licensed electrician with 25 years of experience because they know the code requirements and can guarantee the work. So if Dell sells the servers (GE), then PENG is the one who makes it work at scale in my specific environment (electrician). The DoD and SK don’t hire handymen.
The real question isn’t whether they make chips. It’s whether PENG under the leadership of the new CEO (Dell) and CPO (AWS) can own a defensible position in the AI infrastructure stack. Their statistics point to yes.

The reason this stock hasn't moved in 10 years is because they simply deploy machines. They don't fabricate or anything. They are like professional handy men. You want us to take your servers and set them up for you? Ok. That's all they do. HP and DELL do that and actually produce. These guys don't.