Big Oil Posts Record Profits But Lags Behind Tech Giants as Investors Favor AI Over Crude
• Exxon and Chevron generating huge returns, handing billions to shareholders, but stock prices lagging behind tech giants • Chevron and Exxon achieving record production, forecasts further growth, but stock only rises slightly • Their stellar operations can't prevent them from falling further behind fast-growing tech giants like Meta and Amazon • Investors signaling tech is future, oil is past - AI and cloud have decades of growth, energy transition poses existential threat • Exxon and Chevron investing to build resilient business, but risks remain - oversupply could crash prices, geopolitics unpredictable