Moving Past Nvidia, This Intel Offers Boosts for 6 Holdings

As we move past quarterly results from Nvidia NVDA and await Marvell’s MRVL earnings report after Thursday's market close, let’s review learnings from the latest results from HP HPQ, Snowflake SNOW and Dollar General DG. What we find in doing so keeps us bullish on multiple Portfolio holdings.

HP on AI PCs

When HP reported on Wednesday night, it noted its positive momentum was fueled by the continued Windows 11 refresh and AI PC adoption. Specifically regarding AI PCs, management noted that the category grew double digits quarter over quarter across both consumer and commercial markets. That growth led AI PCs to account for more than 25% of HP’s product mix, a quarter sooner than planned. In the second half of 2025, HP forecasts the overall PC market rising mid-single digits but sees continued strong momentum from the Windows 11 refresh cycle and AI PC adoption.

We see that supporting Qualcomm QCOM leaning into the AI PC market as part of its revenue diversification strategy. During its June quarter earnings call, Qualcomm shared that multiple new AI PC models launched during the quarter from leading OEMs, such as Acer ACER, Dell DELL, HP, Lenovo LNVGF, Microsoft MSFT and Samsung SSNGY, and that it remains on track for more than 100 designs to be commercialized through 2026.

When Qualcomm presents later on Thursday at the Deutsche Bank 2025 Technology Conference, we’ll be looking for a status update on those efforts. We’ll also be looking for further confirmation of AI PC adoption when Dell reports after Thursday's market close.

Snowflake’s AI Comments

When cloud company Snowflake reported its quarterly results on Wednesday night and bested market expectations, its revenue for the quarter was up 32% year over year, with its remaining performance obligations up 32% year over year to $6.9 billion. On Wednesday, we discussed the importance of tracking RPOs on a sequential basis, and from that perspective, Snowflake’s RPOs rose a more modest 3.7%, while its total customer count climbed just under 5% on a quarter-over-quarter basis.

What was more interesting to us were the earnings call comments about AI adoption. Management shared that AI related to 25% of all deployed use cases during the quarter, and it is seeing “budgets get allocated from large customers for AI projects.”

That tells us that we are still a far way from AI adoption slowing in the enterprise, and it keeps us bullish on the Portfolio’s positions in ServiceNow NOW, Microsoft and Palantir PLTR. We recently added to NOW and PLTR shares, and we have some additional room in each of those position sizes to do more.

As we’ve recently discussed, September tends to be a challenging month for the market, and there are reasons to suspect that behavior could repeat this year. Should that be the case, that could offer us another bite for those two holdings.

Dollar General Reaffirms Thoughts on TJX and Costco

We’ve discussed the state of the consumer, sharing reaffirming comments from Target TGT about consumers being choosy as they contend with renewed inflation pressures, and why that keeps us bullish on TJX TJX shares. Adding another layer of confirmation that consumers are trading down and aiming to stretch their spending dollars, Dollar General DG reported its August quarter comp sales rose 2.1%, well ahead of the total comp sales decline of 1.9% posted by Target but short of the 4% comp sales figure posted by TJX.

Dollar General’s comp sales were also well below the 5.5% to 6.5% adjusted U.S. comp sales reported by Costco COST for June and July. Costco will report its August comp sales on September 4 and its quarterly results on September 25.

After climbing in the first half of August, COST shares have returned to early August levels, which is not that far from the $939.37 price we last added some shares in late July.

More Pro Portfolio

At the time of publication, TheStreet Pro Portfolio was long NVDA, MRVL, QCOM, MSFT, NOW, PLTR, TJX and COST.