The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how hardware & infrastructure stocks fared in Q4, starting with NetApp (NASDAQ: NTAP).

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.

Luckily, hardware & infrastructure stocks have performed well with share prices up 12.8% on average since the latest earnings results.

NetApp (NASDAQ: NTAP)

Founded in 1992 as a pioneer in networked storage technology, NetApp (NASDAQ: NTAP) provides data storage and management solutions that help organizations store, protect, and optimize their data across on-premises data centers and public clouds.

NetApp reported revenues of $1.71 billion, up 4.4% year on year. This print exceeded analysts’ expectations by 1.2%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ billings estimates and revenue guidance for next quarter exceeding analysts’ expectations.

NetApp pulled off the highest full-year guidance raise but had the slowest revenue growth of the whole group. Unsurprisingly, the stock is up 6% since reporting and currently trades at $104.03.

Is now the time to buy NetApp? Access our full analysis of the earnings results 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 and a solid beat of analysts’ EPS guidance for next quarter estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 3.6% since reporting. It currently trades at $28.59.

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 and a significant miss of analysts’ EPS estimates.

Xerox delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 26% since the results and currently trades at $1.73.

Read our full analysis of Xerox’s results here.

Pure Storage (NYSE: PSTG)

Founded in 2009 as a pioneer in enterprise all-flash storage technology, Pure Storage (NYSE: PSTG) provides all-flash data storage hardware and software that helps organizations manage their data more efficiently across on-premises and cloud environments.

Pure Storage reported revenues of $1.06 billion, up 20.4% year on year. This result beat analysts’ expectations by 2.5%. It was an exceptional quarter as it also recorded revenue guidance for next quarter exceeding analysts’ expectations and a solid beat of analysts’ billings estimates.

The stock is down 7.9% since reporting and currently trades at $67.74.

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

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 surpassed analysts’ expectations by 5.2%. Overall, it was an exceptional quarter as it also put up a solid beat of analysts’ EPS guidance for next quarter estimates and an impressive beat of analysts’ revenue estimates.

The stock is up 61.6% since reporting and currently trades at $196.12.

Read our full, actionable report on Dell 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.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.