Chevron vs ExxonMobil

Analyst Calls: Nvidia, SpaceX, Tesla, Apple, Chevron, Micron

CNBC rounded up Wednesday's most significant Wall Street analyst calls across major technology, industrial, and consumer companies. Morgan Stanley reiterated Microsoft as overweight, citing an increased dividend and attractive risk/reward. Seaport initiated Cava with a buy rating, highlighting brand awareness and growth potential. BTIG initiated American Bitcoin with a buy, noting its mining operations. Goldman Sachs reiterated Tesla as neutral, lowering Q3 delivery forecasts below consensus. UBS upgraded Union Pacific to buy, predicting strong volume growth. Deutsche Bank upgraded Anheuser-Busch InBev to buy, citing undervaluation on free cash flow yield. Citi reiterated Meta as buy with a positive catalyst watch ahead of Meta Connect. Morgan Stanley also reiterated Apple as overweight, seeing better-than-feared iPhone 18 demand. Bank of America reiterated buy ratings on Nvidia, Marvell, Broadcom, and Micron, maintaining a bullish stance on AI infrastructure semis.

• Morgan Stanley reiterated Microsoft as overweight, citing dividend increase to $0.98 per share.
• Goldman Sachs lowered Tesla's Q3 2026 delivery forecast to 435K from 490K.
• UBS upgraded Union Pacific to buy from neutral.

Behind-the-Meter Power Challenges for Datacenters

SemiAnalysis reports that behind-the-meter (BTM) power generation for AI datacenters has become mainstream, with 75GW of firm orders tracked, 20GW ordered in Q2 2026 alone. Major deals include Microsoft's 5GW with Chevron and Crusoe, Google's 930MW aeroderivative turbines and 900MW Bloom fuel cells, and OpenAI's 1.4GW campus with Jenbacher engines. The report details six key challenges: contracts & bankability, permitting, fuel supply, equipment procurement, workforce, and electrical physics. It highlights permitting delays (e.g., Oracle's Project Jupiter) and the rise of Energy-as-a-Service vendors like VoltaGrid. The analysis emphasizes the shift towards reciprocating engines and fuel cells, and the growing importance of balance-of-plant equipment.

• Tracked 75GW of firm, binding orders for behind-the-meter AI compute, with ~20GW ordered in Q2 2026.
• Microsoft signed over 5GW of BTM capacity in 2026, including 2.7GW with Chevron.
• Google is deploying 930MW of off-grid aeroderivative turbines and 900MW of Bloom Energy fuel cells.

Chevron expands position in Venezuela

Chevron expands its position in Venezuela, marking a significant strategic move in the region.

ExxonMobil Announces Pricing Terms, Expiration and Results of Cash Tender Offers for Outstanding 2030 and 2031 Senior Notes

ExxonMobil Holdings Corporation announces the pricing terms, expiration and results of cash tender offers for any and all of the outstanding $1.1 billion 1.900% Senior Notes due 2030 and $1.0 billion 2.150% Senior Notes due 2031 of Pioneer Natural Resources Company.

ExxonMobil: Cash tender offers for outstanding 2030 1.900% Senior Notes and 2031 2.150% Senior Notes

ExxonMobil Holdings Corporation announces that its wholly owned subsidiary, Pioneer Natural Resources Company, is offering to purchase for cash any and all of its outstanding $1,100,000,000 1.900% Senior Notes due 2030 and $1,000,000,000 2.150% Senior Notes due 2031.

ExxonMobil Advances $100M STEM Investment in Guyana

ExxonMobil announces the first cohort of 60 pre-service educators will receive specialized training through the Guyana STELLAR Program, the first step in a US$100 million, 10-year investment to strengthen STEM education in Guyana.