Wright & Wirth on Venezuela Oil Push | Open Interest 9/2/2026

Watch on YouTube ↗ | September 02, 2026 at 18:03 | 1:37:40 | Bloomberg Markets

Speakers

Ryan Gould — Head of Content, Blockworks

Mandeep Singh — Senior Analyst, Bloomberg Intelligence

Gargi Chaudhuri — Head of iShares Investment Strategy, BlackRock

Chris Wright — US Energy Secretary

Mike Wirth — CEO of Chevron

Carmen Reinicke — Reporter, Bloomberg

Ed Ludlow — Co-Host, Bloomberg Technology

Angus Pacala — Reporter, Axios

Greg Fleming — President and CEO, Rockefeller Capital Management

Isabelle Lee — Reporter, Bloomberg

Michael McKee — International Economics & Policy Correspondent, Bloomberg

Kevin Crowley — Bloomberg Senior U.S. Reporter

Natalie — Bloomberg Reporter

Greg White — Senior Editor, Bloomberg

Dani Burger — Anchor, Bloomberg Television

Summary

The episode centers on oil, covering US-Venezuela oil deals with Energy Secretary Chris Wright and Chevron CEO Mike Wirth, plus rising US-Iran tensions around the Strait of Hormuz. It also covers AI and tech stories including Nvidia's possible Hugging Face acquisition, Dell's AI server outlook, Broadcom earnings, Uber layoffs, and Ouster's John Deere partnership. Market implications include additional Venezuelan supply, elevated oil risk, strong AI infrastructure demand, and concerns about US deficits pressuring long bonds.

Chris Wright outlines a US-backed Venezuela oil expansion with production seen potentially doubling by decade-end.
Chevron commits $7 billion across three Venezuelan joint ventures to more than triple production by 2031.
US-Iran hostilities over the Strait of Hormuz keep energy markets on edge.
BlackRock's Gargi Chaudhuri favors US AI equities and suggests Japan, Korea, Taiwan, quality dividends, fixed income, and liquid alternatives.
Dell raises its sales outlook on AI server demand, while Broadcom faces a high bar in its upcoming earnings.
Uber announces 3,300 job cuts and reallocates spending toward ridesharing, delivery, and robotaxi.
Ouster partners with John Deere to supply 3D sensing for autonomous machines.
Greg Fleming highlights US entrepreneurial strength but flags deficits as a major pressure on long-term bonds.

Ideas

Mandeep Singh Senior Analyst, Bloomberg Intelligence 2:27

Uber cuts jobs as growth slows

Uber is cutting 3,300 jobs and 20% of managers to reallocate spending into ridesharing, delivery, and robotaxi; the cost focus may signal flat or non-accelerating topline growth, while Waymo pulled back from its partnership.

Chris Wright US Energy Secretary 6:34

Venezuela supply surge pressures oil lower

Venezuela production is up 25% and exports up 50%, with production potentially doubling by end-of-decade as US-backed deals displace Chinese/Russian/criminal operators; this adds longer-term oil supply and supports lower energy prices.

Chris Wright US Energy Secretary 11:16

Venezuelan crude benefits US refiners

US refineries were built on Venezuelan heavy crude; as Venezuelan production grows, it is a massive win for US energy buyers and refiners that prefer this crude.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 29:46

Higher yields make fixed income attractive

Higher bond yields driven by nominal GDP growth and supply create an opportunity to clip coupon in fixed income holdings, including bank and securitized asset ETFs.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 30:48

US AI equities lead earnings growth

BlackRock's strongest equity conviction remains the US AI theme because it continues to see the largest earnings growth; hyperscaler cloud revenue and AI adoption are broadening into inference and enterprise use.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 31:15

Quality dividends diversify AI concentration

Within AI-heavy portfolios, BlackRock recommends quality and dividend equities to diversify concentration risk while staying invested in US equities.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 31:24

Japan diversifies concentrated AI portfolios

Japan can be an area of strength for investors looking to diversify away from concentrated US AI exposure.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 31:34

Korea Taiwan extend AI exposure

Emerging markets, specifically Korea and Taiwan, are areas to lean further into AI for investors seeking additional AI exposure beyond the US.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 34:08

Liquid alternatives diversify stock-bond correlation

Because stocks and bonds are positively correlated more than ever, BlackRock recommends liquid alternative ETFs for diversified return sources without directional bets.

Carmen Reinicke Reporter, Bloomberg 37:42

Dell AI server demand boosts outlook

Dell raised its annual sales forecast by $25 billion, the fifth straight quarter its revenue outlook topped estimates, because AI server demand is strong; Dell is a key AI infrastructure buildout beneficiary.

Mike Wirth CEO of Chevron 44:08

Chevron expands high-reserve Venezuela production

Chevron will invest $7 billion through three Venezuelan joint ventures over five years to more than triple production from pre-Trump levels, targeting over 600,000 barrels/day by 2031 with many billions of barrels of reserves and strong legal protections; overall capex guidance is unchanged.

Greg Fleming President and CEO, Rockefeller Capital Management 60:29

US entrepreneurship supports equities

Greg Fleming is optimistic on US equities because of high corporate profits, benign regulation, entrepreneurial business formation, broad wealth creation, and AI tools that could drive a productivity surge.

Greg Fleming President and CEO, Rockefeller Capital Management 66:05

US deficits pressure long bonds

US deficits and rising interest expense are the number one issue; interest payments now exceed defense spending and the bond market is making the deficit concern clear, pressuring long-duration Treasuries.

Ryan Gould Head of Content, Blockworks 69:59

Nvidia buys Hugging Face software

NVIDIA is nearing a $14 billion acquisition of Hugging Face, the open-source AI model hub, to own more of the AI software layer and democratize model access; the deal could be announced as soon as this week, though antitrust/regulatory scrutiny remains a risk.

Angus Pacala Reporter, Axios 76:14

Ouster leads physical AI sensing

Ouster announced John Deere will equip vehicles with Ouster lidar/perception sensors, positioning it as a base layer for autonomous machines; drone mapping demand, Buy America/NDAA compliance, onshoring, and close Nvidia partnership support physical AI adoption.

Ed Ludlow Co-Host, Bloomberg Technology 83:16

Broadcom must prove AI momentum

Broadcom earnings after the bell need to restore AI credibility after a 20% post-June drawdown; with Nvidia raising the bar, investors will focus on custom silicon customers like Google/OpenAI and sustainability of high growth.

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This Bloomberg Markets video, published September 02, 2026, features Mandeep Singh, Chris Wright, Gargi Chaudhuri, Carmen Reinicke, Mike Wirth, Greg Fleming, Ryan Gould, Angus Pacala, Ed Ludlow discussing UBER, BNO, WTI, XLE, Bank and securitized fixed income ETFs, U.S. AI equities, Quality and dividend equities, EWJ, EWY, EWT, Liquid alternative ETFs, DELL, CVX, SPY, U.S. long-duration Treasuries, NVDA, OUST, AVGO. 16 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mandeep Singh, Chris Wright, Gargi Chaudhuri, Carmen Reinicke, Mike Wirth, Greg Fleming, Ryan Gould, Angus Pacala, Ed Ludlow · Tickers: UBER, BNO, WTI, XLE, Bank and securitized fixed income ETFs, U.S. AI equities, Quality and dividend equities, EWJ, EWY, EWT, Liquid alternative ETFs, DELL, CVX, SPY, U.S. long-duration Treasuries, NVDA, OUST, AVGO