(https://www.cnbc.com/2026/06/02/hpe-stock-earnings-ai-cloud-servers.html) — and the data centers are here. But here's the tension nobody's talking about: AI server demand is structural, margins ARE expanding *right now*, and yet this market is heading toward commoditization. HPE posted monster results in a supply-constrained cycle. The question is whether those margins hold once AMD, Intel, and custom silicon start competing harder.

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