$Hewlett Packard Enterprise(HPE.US) surged significantly today, continuing the momentum from last quarter's record-breaking earnings report—after incorporating Juniper, its networking business more than doubled year-over-year, cloud and AI revenue also reached $7.7 billion, full-year guidance was raised accordingly, and AI order backlog is nearly $6 billion.

Activist shareholders are still applying pressure from behind, and the market is repricing it: from the server manufacturer of earlier years to a supplier of a complete computing, networking, storage, and private cloud computing stack. The rise at this level is more like fundamentals being realized, not just chasing trends.