As Hewlett-Packard(NYSE:HPG) released solid numbers the other day, its shares sank a little after consistently skittish investors took some of the words from CEO Mark Hurd's mouth during the conference call and parlayed them into possible shakiness this next fiscal quarter. Well, that may be so -- and HP lost quite a few profit basis points while taking marketshare in its last quarter. But that is not the whole story on why HP has stormed back like a thunderbolt to squelch Dell's thirst for growth while becoming the largest tech company in the world --- surpassing even IBM.

Many can say that certain structures set up for former CEO Carly Fiorina have been exploited and improved upon by current CEO Mark Hurd, but I do not see it that way. Hurd's unique team mentality combined with a never-ending quest for the best growth and the absolute lowest costs within reason are the basis for HP's comeback recently. Hurd's dug in and has learned the business from the inside out, and being extremely informed and detail-oriented doesn't hurt either.

HP's consumer designs for notebook PCs --- which are in its largest-selling business segment of personal systems --- toast those by rivals like Dell and Acer in many respects. Hurd even spent a day on the floor of a Best Buy store to hear what consumers had to say about its products. That's dedication and probably gave him insight into the minds of actual customers -- something that most CEOs have no clue about beyond what studies and marketing departments state.

Will Hurd continue to make HP the premier tech player not only in PC and technology, but in services as well? IBM says that HP's commodity products are not that large of a threat. But if the products get the job done for consumers with considerable cost savings, then what is the difference between a costly and proprietary IBM system and an open-source HP system that performs the same tasks at a much lower price -- with services contracts being equal between the two? IBM and Dell best be on the lookout for where HP is going.