Fed Sees Modest Wage Growth, Dell Gets Boost | Bloomberg Businessweek Daily 9/2/2026

Watch on YouTube ↗  |  September 02, 2026 at 20:38  |  48:59  |  Bloomberg Markets
Speakers
Mike Wirth — CEO of Chevron
Woo Jin Ho — Analyst, Bloomberg Intelligence (Hardware)
Daniel Schreiber — CEO, Lemonade
Denitsa Tsekova — Cross-Asset Reporter, Bloomberg News
Charlie Pellett — Anchor/Reporter, Bloomberg
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Tyler Kendall — Multimedia Editor, Bloomberg

Summary

The episode covers a broad equity rebound and the August Fed Beige Book showing modest growth and moderate wage/price increases. It also features Chevron's $7 billion Venezuela investment, Dell's AI-driven sales guidance boost with read-throughs to HPE and Cisco, and Lemonade's autonomous vehicle insurance launch with Tesla FSD pricing. The closing stock movers segment highlights Uber cost cuts, PG&E wildfire-related pressure, and a Sphere Entertainment upgrade.

  • Stocks rebound with dip buyers, while the S&P 500, Dow, Nasdaq and Russell 2000 rise and oil moves higher.
  • The Fed Beige Book shows modest economic expansion, manufacturing improvement and notable data center demand.
  • Chevron plans a $7 billion Venezuela joint venture, with the CEO citing strong legal protections.
  • Dell boosts its annual sales forecast by $25 billion on AI server demand, with positive implications for HPE and Cisco.
  • Lemonade launches Tesla FSD-based insurance discounts and uses AI/telematics pricing to lower costs.
  • Uber rallies on restructuring and robotaxi focus; PG&E falls on wildfire liability concerns.
  • Sphere Entertainment jumps after a Guggenheim upgrade and global expansion outlook.
Ideas
Mike Wirth CEO of Chevron 8:52
Venezuela JV doubles output with legal protections
Chevron plans to invest $7 billion in Venezuela over five years through a joint venture to more than double crude production there, and the CEO says the contract includes strong legal protections, dispute resolution and locked tax/royalty terms, with the development expected to double Chevron's Venezuela operations.
CVX HIGH
Woo Jin Ho Analyst, Bloomberg Intelligence (Hardware) 11:57
Dell AI server and IT demand strong
Dell boosted its annual sales forecast by $25 billion on surging AI server demand, while corporate IT spending remains resilient despite memory-driven server price increases. Traditional server revenue grew 122% and Dell is one of only a few vendors that can sell AI servers to neocloud customers, supporting growth momentum into fiscal 2028.
DELL HIGH
Woo Jin Ho Analyst, Bloomberg Intelligence (Hardware) 14:47
HPE server and networking upside ahead
HPE should report similar server-side upside because it is one of only a few US and global vendors in the market, and its networking side is also going gangbusters, which adds a revenue boost and a margin boost on top of the server strength.
HPE MED
Woo Jin Ho Analyst, Bloomberg Intelligence (Hardware) 15:10
Cisco networking growth strong at higher margins
Cisco's corporate networking growth has been growing phenomenally at higher margins, as heard from its results, adding another positive networking read-through alongside the AI server ecosystem strength.
CSCO LOW
Daniel Schreiber CEO, Lemonade 21:53
Lemonade AI-driven insurance pricing drives growth
Lemonade uses AI and telematics to price auto insurance based on how people actually drive rather than demographic proxies, is expanding rapidly across states, and its AI also pays claims in seconds and sells policies faster, lowering costs. Pet insurance is growing at a 60% compounding rate and is a major driver for the business.
LMND HIGH
Daniel Schreiber CEO, Lemonade 23:26
Tesla FSD data shows safer driving
Lemonade's data and Tesla API integration show that Tesla Full Self-Driving is significantly safer than the average human driver, supporting a 50% per-mile insurance discount for FSD miles and reinforcing Tesla's autonomous driving value proposition.
TSLA MED
Denitsa Tsekova Cross-Asset Reporter, Bloomberg News 44:07
Uber layoffs cut costs, boost robotaxi bet
Uber is laying off about 3,300 employees, or 10% of staff, reducing management layers and shifting resources toward robotaxi partnerships. Bloomberg Intelligence estimates the restructuring will produce around $2 billion in annual savings, supporting the stock despite its year-to-date underperformance.
UBER MED
Denitsa Tsekova Cross-Asset Reporter, Bloomberg News 45:57
PG&E faces wildfire liability and earnings risk
PG&E plans to defer about $2 billion of investments next year after a proposed revamp of California's wildfire response did not do enough to protect the company. The stock has fallen sharply and there are ongoing questions about wildfire cost exposure and future earnings.
PCG MED
Denitsa Tsekova Cross-Asset Reporter, Bloomberg News 47:10
Sphere upgrade sees global expansion
Sphere Entertainment was upgraded by Guggenheim with a Street-high price target, with the analyst seeing more small and midsize Sphere projects in different states and larger opportunities in Asian markets such as South Korea and Japan.
SPHR MED
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This Bloomberg Markets video, published September 02, 2026, features Mike Wirth, Woo Jin Ho, Daniel Schreiber, Denitsa Tsekova discussing CVX, DELL, HPE, CSCO, LMND, TSLA, UBER, PCG, SPHR. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Wirth, Woo Jin Ho, Daniel Schreiber, Denitsa Tsekova  · Tickers: CVX, DELL, HPE, CSCO, LMND, TSLA, UBER, PCG, SPHR