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Oil company earnings skyrocket
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In Short: Oil giants ExxonMobil, Shell, and BP reported record earnings, with ExxonMobil doubling its profits to $15.4 billion.
ExxonMobil's earnings surged more than 100%, while Shell nearly doubled its earnings to $10.8 billion. BP also reported an 18-year high in profits.
Meanwhile, tech companies like Alphabet are facing challenges due to skyrocketing AI infrastructure costs, leading to a near 13% drop in its share price.
Investors will be closely watching upcoming earnings from AMD and Nvidia to assess the sustainability of AI infrastructure and its impact on market valuations.
The broader market is also reacting to underwhelming corporate earnings reports, with a focus on whether AI spending forecasts will decline and if pressure will spread beyond the tech sector.
What's confirmed
- ExxonMobil's earnings surged more than 100%, while Shell nearly doubled its earnings to $10.8 billion. BP also reported an 18-year high in profits.
- Meanwhile, tech companies like Alphabet are facing challenges due to skyrocketing AI infrastructure costs, leading to a near 13% drop in its share price.
- Investors will be closely watching upcoming earnings from AMD and Nvidia to assess the sustainability of AI infrastructure and its impact on market valuations.
- The broader market is also reacting to underwhelming corporate earnings reports, with a focus on whether AI spending forecasts will decline and if pressure will spread beyond the tech sector.
What's still developing
- For context, before the war began, it was about $70 a barrel.
- Together, the three companies pulled in just over $36 billion this quarter.
- Overnight, another major oil company, BP, reported that its profit skyrocketed to an 18-year high.
- On Day 2 and Day 3, the collections skyrocketed and earned in double digits.
- On Day 6, the earnings dipped and remained steady on Day 7.