Study links Big Tech and Big Oil AI profits
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The gist
Big Oil posted $48 billion Q2 profits, while Big Tech reaps AI gains. The link: both sectors profit from AI-driven energy demand and investments.
Background
Big Oil companies like Exxon, Chevron, BP, Shell, and TotalEnergies reported record second-quarter profits of $48 billion, driven by higher fossil fuel prices amid U.S.-Iran hostilities. Meanwhile, Big Tech firms, especially Nvidia, are profiting from the AI boom, with Nvidia selling chips and investing in AI startups. The connection is that AI data centers require massive energy, boosting oil demand, and tech companies are investing in energy infrastructure.
How it unfolded
- Aug 10, 2026Big Oil reported $48 billion in Q2 profits, an all-time high, amid U.S.-Iran tensions. Trump criticized oil majors for making 'too much money'.
- Aug 12, 2026Nvidia announced a tie-up with Wall Street firms to raise $500 billion for AI factories, highlighting Big Tech's massive capital investments in AI infrastructure.
- Aug 13, 2026Business professor Rob Lalka described Nvidia as 'selling the picks' and 'becoming the bank' in the AI gold rush, underscoring its central role.
Who’s saying what
- Official
- President Trump accused oil majors of making 'too much money' and demanded lower fuel prices, even ordering a Justice Department probe into price gouging.
- Analysts
- Analysts noted foreign investors were selling Big Tech shares to lock in profits and rebalance into other industries like defense, suggesting a shift in investment flows.
- Expert
- Rob Lalka, a Tulane professor, said Nvidia is not only selling AI chips but also investing in and financing AI companies, making it the 'beating heart' of the AI boom.
Still unverified
The claim that Trump may personally profit from oil windfalls is based on analysis of his financial disclosures and is not confirmed.