Victoria Greene breaks down her investment thesis on Netflix, Intel and SLB
Speakers
Victoria Greene
— Chief Investment Officer, G Squared Private Wealth; CNBC Contributor
Summary
Victoria Greene, founding partner of G Squared Private Wealth, discusses her views on Netflix, Intel, and SLB ahead of earnings. She is holding Netflix as the Warner Brothers deal remains a show-me story with regulatory, debt, and integration risks, though it could be accretive long term. She is bullish on Intel as a real turnaround play and on SLB as an international/offshore oil-services growth story. She also notes a rotation out of Nvidia into other chip stocks.
- Netflix is a hold into earnings due to Warner Brothers deal uncertainty, breakup fee, debt, and synergy execution.
- Intel is favored as a turnaround with Nvidia investment, foundry progress, and robust PC/server demand.
- Greene sees rotation out of Nvidia and into other chip stocks.
- SLB is favored for international/offshore growth, Venezuela entry discussions, Chevron partnership, and Saudi wins.
- All three names face show-me execution tests around upcoming earnings.
- Market implication favors select chip stocks and international oil services over Netflix until deal clarity.
Ideas
Hold Netflix amid Warner deal uncertainty
Greene is a hold on Netflix into earnings. The Warner Brothers deal is the key issue: regulatory approval is uncertain, Netflix carries a $5.8 billion breakup fee if approval fails, and it is taking on substantial debt for its first major inorganic push. Organic growth has been strong and the deal could be massively accretive long term, but cultural integration and delivery of $2-3 billion of synergies remain execution risks, so she wants to see if the deal closes and management executes.
Buy Intel on real turnaround story
Greene says Intel is a buy here. She sees a rotation out of Nvidia and wants to own other chip stocks; Intel's turnaround story is real. The Nvidia $5 billion investment is a good sign, but execution is key—margins, revenue growth, the 2026 plan, 18A/14A foundry progress, and robust PC/server demand. She calls it a show-me company that is no longer super cheap, but the market opportunity is there and management must take it.
Rotate out of Nvidia into chips
Greene sees a rotation out of Nvidia and says investors should own other chip stocks. She uses this broad rotation view to support owning semiconductor-exposure beyond Nvidia, while flagging Nvidia as the source of funds or relative underperformance.
Rotate out of Nvidia into chips
Greene sees a rotation out of Nvidia and says investors should own other chip stocks. She uses this broad rotation view to support owning semiconductor-exposure beyond Nvidia, while flagging Nvidia as the source of funds or relative underperformance.
Buy SLB on international offshore growth
Greene likes SLB, which she refers to by its old name, and says it is a buy. She views it as the premier international and offshore oil-services growth story, with SLB already in discussions to enter Venezuela and possessing a strong foothold via its Tech Stack partnership with Chevron, for which it runs digital platforms. It also has significant deal wins in Saudi Arabia, making the thesis primarily about international growth.
