Companies such as Exxon and Chevron are still good bets. They trade at much lower multiples than tech companies, and their strict capital discipline stands in stark contrast to tech’s profligate ways.
Big tech’s pain has been big oil’s gain. High oil and gas prices have squeezed consumer wallets. Large companies’ cuts to cloud and advertising budgets are causing tech sector angst.
But for energy producers, it has been another quarter of record-busting profits.
