- In March 2026, SLB announced an expanded collaboration with NVIDIA to design modular AI infrastructure and energy-focused generative and agentic AI models, while its OneSubsea joint venture secured a major 20-well subsea production contract from CNOOC for the deepwater Kaiping 18-1 field.
- This combination of AI factory development for energy data and a large offshore project award underscores how SLB is tying advanced digital capabilities directly to complex field developments.
- We’ll now examine how SLB’s expanded NVIDIA AI collaboration could reshape its investment narrative around digital growth and operational efficiency.
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SLB Investment Narrative Recap
To own SLB, you need to believe it can balance cyclical oilfield services with growing, higher-margin digital and offshore solutions. The expanded NVIDIA AI collaboration and the 20-well CNOOC subsea award both support that digital-and-deepwater thesis, but they do not change the near-term picture of softer Q1 2026 guidance or the key risk that weaker global upstream spending and macro uncertainty could still pressure revenue growth and margins in the short run.
The most relevant recent development here is SLB’s expanded NVIDIA partnership to build modular DSX AI factories and an “AI Factory for Energy” on its digital platforms. This fits directly with the existing digital catalyst: using AI and automation to deepen customer lock-in, support more recurring, software-like revenue, and potentially cushion SLB’s earnings against the volatility that comes from short-cycle spending cuts and integration risks around ChampionX.
Yet, in contrast, investors should also be aware that rising R&D and digital transformation costs could compress margins if revenue growth does not keep pace with...
Read the full narrative on SLB (it's free!)
SLB's narrative projects $38.7 billion revenue and $4.9 billion earnings by 2028. This requires 2.9% yearly revenue growth and a $0.8 billion earnings increase from $4.1 billion today.
Uncover how SLB's forecasts yield a $55.05 fair value, a 3% upside to its current price.
Exploring Other Perspectives
Lowest-estimate analysts were already cautious, assuming SLB revenues around US$37.1 billion and earnings of roughly US$4.7 billion by 2028, and they worry that higher R&D and digital costs could weigh on margins even as new AI collaborations potentially shift those expectations in different directions.
Explore 10 other fair value estimates on SLB - why the stock might be worth as much as 51% more than the current price!
Form Your Own Verdict
Don't just follow the ticker - dig into the data and build a conviction that's truly your own.
- A great starting point for your SLB research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
- Our free SLB research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate SLB's overall financial health at a glance.
No Opportunity In SLB?
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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