VanEck CEO Jan Van Eck on positioning for energy turmoil in 2026
Speakers
Jan van Eck
— CEO of VanEck Funds
Dominic Chu
— Senior Markets Correspondent, CNBC
Summary
Jan Van Eck, CEO of VanEck, joins CNBC to discuss how investors can position for energy volatility and the AI power buildout. He favors electricity suppliers to hyperscalers, highlighting the active ETF NODE, Bitcoin miners converting power capacity, and Vistra. He also sees Chevron as interesting because its potential 2.5-5 gigawatt power deal may not be priced in and because of Guyana offshore oil growth. The conversation is mostly about power and AI infrastructure rather than direct oil trading.
- Energy headlines from Venezuela and Iran have created volatility.
- Van Eck favors electricity suppliers tied to hyperscaler AI demand.
- NODE is cited as an active ETF with heavy Bitcoin miner exposure.
- Bitcoin miners are selling BTC and partnering with hyperscalers.
- Vistra is mentioned as leaning into nuclear and electricity.
- Chevron may announce a 2.5-5 GW power deal in Q1.
- Guyana offshore oil is expected to produce more than Venezuela.
- Chevron is the common company link to Guyana production.
Ideas
Buy AI power suppliers: NODE, Vistra.
Van Eck advises investors to look for ETFs leveraged to the electricity trade, meaning companies supplying electricity to hyperscalers and therefore participating in the AI buildout. He highlights VanEck's active ETF NODE, roughly half of which is in Bitcoin miners converting their electricity capacity to hyperscaler work, and also cites Vistra as a company leaning into nuclear and electricity power.
Miners sell BTC, pivot to AI power.
Bitcoin miners have weak financials, so they are selling Bitcoin and trying to partner with hyperscalers for capital to upgrade reliability and extend the life of their electricity contracts. This makes their power capacity a conversion play on the electricity/AI trade.
Chevron power deal not priced in.
On the Venezuela situation, Van Eck says people are missing that neighboring Guyana is getting offshore oil that is supposed to peak at 1.7 million barrels per day, while Venezuela produces only 1 million. He notes Chevron is the same company exposed to that Guyana production growth.
