Chevron to Invest $7 Billion to Double Its Venezuelan Output

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Kevin Crowley, Bloomberg Senior Oil Reporter, discusses Chevron planning to invest $7 billion over the next five years to more than double crude production in Venezuela through its joint venture partnerships. The company won the right to develop two giant oil fields in the Carabobo area of the Orinoco Belt, which are located next to Chevron’s Petroindependencia joint venture.

-Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, discusses the impact of oil prices and geopolitics on the transportation industry.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses Uber job cuts and Nvidia. Uber Technologies Inc. is cutting about 3,300 roles, or 10% of its staff globally, in a restructuring aimed at reducing management layers and reallocating spending into its ride-sharing, delivery and robotaxi businesses. Separately, Nvidia Corp. is in advanced talks to acquire artificial intelligence startup Hugging Face in a transaction that may total about $14 billion, according to people familiar with the matter.

-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, recaps Dell earnings. Dell Technologies Inc. shares jumped after the company boosted its annual sales forecast by $25 billion due to surging demand for servers to run artificial intelligence tasks. Revenue in the fiscal year ending in January 2027 will be about $192 billion, including $74 billion from the sale of AI servers, which is up from an outlook in May of about $167 billion. The AI server forecast represents a threefold increase over the prior year, and the company has booked more than $130 billion in AI server orders over the past 12 months.

See omnystudio.com/listener for privacy information.