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    SLB’s New Digital and AI Deals Could Be A Game Changer For SLB (SLB)

    Simply Wall St·04/07/2026 09:17:30
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    • SLB recently announced a three-year agreement with Azule Energy to expand use of its enterprise digital platform across Angola and extended its AI collaboration with NVIDIA to build advanced AI infrastructure and models for the energy sector.
    • Together, these deals underscore how SLB is deepening its role as a digital and AI backbone for global energy operators, beyond traditional oilfield services.
    • Next, we’ll examine how SLB’s expanded NVIDIA AI collaboration could influence its investment narrative around digital growth and resilience.

    Capitalize on the AI infrastructure supercycle with our selection of the 36 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow.

    SLB Investment Narrative Recap

    To own SLB, you need to believe it can turn its digital and AI capabilities into a growing, higher-margin backbone for global energy operations, while managing the cyclicality of oilfield spending and integrating ChampionX effectively. The Azule and NVIDIA announcements reinforce the digital resilience side of that story, but they do not fundamentally change the near term risks tied to potential upstream spending softness or integration execution.

    The expanded NVIDIA collaboration looks most relevant here because it connects directly to SLB’s digital growth catalyst: scaling Delfi and Lumi into an “AI Factory for Energy.” This could strengthen SLB’s recurring, software-like revenue and help offset volatility in more traditional services, but it also sits against rising R&D and digital investment needs that could pressure margins if adoption or pricing disappoints.

    Yet behind this promising AI story, investors should also be aware of the risk that accelerating decarbonization targets could still...

    Read the full narrative on SLB (it's free!)

    SLB's narrative projects $40.5 billion revenue and $5.5 billion earnings by 2029. This requires 4.2% yearly revenue growth and about a $2.1 billion earnings increase from $3.4 billion today.

    Uncover how SLB's forecasts yield a $55.43 fair value, a 11% upside to its current price.

    Exploring Other Perspectives

    SLB 1-Year Stock Price Chart
    SLB 1-Year Stock Price Chart

    Some of the lowest ranked analysts take a far more cautious view than the consensus, even before this news, assuming only about 1.5% annual revenue growth to roughly US$37.1 billion and earnings of about US$4.7 billion by 2028. If you are weighing SLB’s AI and digital momentum against the risk that rising R&D and compliance costs squeeze margins, this new NVIDIA and Azule news could eventually shift those expectations in either direction, so it is worth comparing both narratives side by side.

    Explore 10 other fair value estimates on SLB - why the stock might be worth as much as 66% more than the current price!

    Decide For Yourself

    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 3 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.

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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.