HP, Shell and Energy Transfer Hit New Highs as AI PCs and Energy Demand Support the Rally

HP, Shell and Energy Transfer all pushed to new highs on Thursday, but the catalysts behind the moves were very different. HP is being viewed through the lens of an AI-driven PC replacement cycle, Shell is reshaping its U.S. power portfolio while benefiting from strong refining economics, and Energy Transfer continues to attract investors seeking exposure to natural-gas infrastructure and income.

HP shares rose about 1% and reached an annual high of $33.17. The investment case is increasingly tied to whether AI-capable personal computers can accelerate a replacement cycle among consumers and businesses. If new AI features create a reason to upgrade older machines, PC manufacturers could see stronger unit demand after years in which the category struggled to generate sustained growth.

RBC Capital’s new HP coverage came with a Sector Perform recommendation and a $33 target. The firm recognized the company’s exposure to AI and edge computing but also pointed to pressure in the printing business and the need to maintain cost discipline. That balance captures the central issue for HP: AI PCs may create a new demand driver, but investors still need evidence that the opportunity can offset weakness elsewhere in the portfolio.

Shell also reached a new high, touching $96.99. The company is restructuring part of its U.S. power portfolio by selling the 609-megawatt Rhode Island State Energy Center to Constellation Energy for $715 million while acquiring Hunlock Creek Generating, which owns 169 megawatts of natural gas-fired capacity in Pennsylvania. The transactions allow Shell to realize value from the New England asset while strengthening its position in the PJM power market.

The portfolio shift comes alongside strong refining economics, which have supported Shell’s broader business momentum. Rather than exiting gas-fired generation, the company is reallocating capital toward a market where it sees strategic value in supply and capacity. Investors will be watching whether the smaller Pennsylvania acquisition improves Shell’s trading and power-market position enough to justify the portfolio change.

Energy Transfer, meanwhile, reached a 10-year high of $21.84. The midstream company plans to move its listing from the New York Stock Exchange to the Texas Stock Exchange, with trading expected to begin Oct. 5. The listing change reinforces the company’s Texas identity but does not alter the core investment case, which remains centered on its infrastructure footprint, cash generation and exposure to rising natural-gas demand.

Income remains a major part of the appeal. Energy Transfer was yielding roughly 6.3% at the time of the report. Stifel returned to coverage of Energy Transfer with a Buy recommendation and a $25 target, pointing to its broad midstream network and room for further growth. The firm also pointed to increasing natural-gas demand for power generation as a potential support for future growth.

The three stocks have gained roughly 30% to 46% so far in 2026, showing that new highs are not confined to a single sector or theme. HP represents a technology-hardware upgrade story, Shell reflects active portfolio management inside a global energy business, and Energy Transfer offers infrastructure exposure with an income component.

For investors, the common thread is execution. HP must convert AI-PC enthusiasm into durable demand, Shell must show that its power-market repositioning creates value, and Energy Transfer must continue translating infrastructure demand into cash flow while supporting its distribution. The new highs reflect confidence in those narratives, but future upside will depend on whether operating results continue to validate them.