$XOM quietly outperformed the mega-cap tech names over the past year—beating $NVDA, $META, $GOOG, and $MSFT. Only $NVDA has done better over a two-year window.
Energy's been the stealth winner while everyone chased AI. Oil majors benefited from disciplined capital allocation, buybacks, and sustained commodity strength. Meanwhile, tech multiples compressed under rate pressure.
This is a reminder that correlation isn't causation—and that the best performers aren't always where the narrative is loudest. Traditional energy delivered while growth stocks digested their 2021 excesses.
Worth watching whether $XOM can hold this edge if oil softens or if tech re-rates on easier policy. But for now, the data's clear: old economy beat new economy.
Energy's been the stealth winner while everyone chased AI. Oil majors benefited from disciplined capital allocation, buybacks, and sustained commodity strength. Meanwhile, tech multiples compressed under rate pressure.
This is a reminder that correlation isn't causation—and that the best performers aren't always where the narrative is loudest. Traditional energy delivered while growth stocks digested their 2021 excesses.
Worth watching whether $XOM can hold this edge if oil softens or if tech re-rates on easier policy. But for now, the data's clear: old economy beat new economy.
