NEW YORK, January 3, 2026, 17:26 ET
U.S. strikes in Venezuela and the capture of President Nicolas Maduro are setting up a fresh test for U.S. artificial intelligence stocks, a high-beta corner of the market that tends to swing with oil prices and interest-rate expectations. Reuters
The AI trade — companies tied to artificial intelligence, software and chips used to train and run advanced models — has been a key driver of U.S. index moves into the start of 2026. On Friday, Joe Mazzola, head of trading and derivatives strategist at Charles Schwab, said investors were paying closer attention to the valuations they assign to AI-related stocks even as buyers step in on pullbacks. Reuters
Economists and investors said the oil market may deliver the earliest signal, with OPEC+ due to meet on Sunday. “Markets sometimes swing into risk-off mode on expectations of conflict, but once the conflict starts, they rotate quickly to risk-on,” Brian Jacobsen, chief economic strategist at Annex Wealth Management, said. Risk-off is trader shorthand for moving to perceived safe assets such as government bonds and cash; risk-on is the reverse. Reuters
Venezuela denounced what it called U.S. “military aggression,” while Trump has said Washington intends to run the country for now and has left open the possibility of deploying U.S. forces. Reuters reported that the overnight operation knocked out electricity in part of Caracas and that Maduro was captured in or near one of his safe houses. Reuters
The near-term oil scenario that worries equity investors is disruption. Venezuela’s oil exports are now paralyzed as port captains have not received requests to authorize loaded tankers to depart, four sources close to operations told Reuters, with no tankers loading at the main Jose port, according to TankerTrackers.com. Reuters
A competing scenario is that investors look beyond immediate disruption to the longer slog of rebuilding and possible output growth over time. Trump said U.S. oil companies were prepared to spend billions to restore production, but analysts told Reuters it would take tens of billions of dollars and at least a decade of sustained investment to turn the industry around. Reuters
Markets were already primed to react sharply to anything that changes the inflation and rates picture. On Friday, the benchmark U.S. 10-year Treasury yield ended at about 4.191%, while Brent settled at $60.75 a barrel and U.S. crude at $57.32, Reuters reported, underscoring how closely investors were tracking rates and energy costs into the new year. Reuters
If oil jumps when trading resumes, the pressure point for AI stocks is valuation. Many AI-linked shares trade like long-duration growth stocks — companies whose expected cash flows sit farther in the future — and higher interest rates tend to weigh more heavily on those valuations.
If the strike and its aftermath drive a broader risk-off mood, investors often trim exposure to the most crowded, most volatile parts of the market first. That has historically included AI bellwethers such as Nvidia and AMD, and megacaps like Microsoft that anchor the AI spending cycle.
Another path runs the other way: a quick containment that pushes investors back to risk-on and a view that Venezuelan supply could eventually add to global output. Lower long-term energy costs and easing inflation expectations would generally support rate-sensitive growth stocks, including the AI complex.
The disruption is already spilling into the region’s transport network. Major U.S. airlines canceled hundreds of flights after the Federal Aviation Administration restricted U.S. carriers from flying over parts of Caribbean airspace following the operation, Reuters reported, adding another live variable for investors trying to gauge spillover risk. Reuters
Venezuela’s oil production and refining infrastructure appeared to be operating normally after the strike, Reuters reported, but the country’s exports had already been squeezed by a U.S. blockade announced in December and the seizure of two Venezuelan oil cargoes that cut exports sharply, according to sources familiar with PDVSA operations. Reuters
For AI stocks, the first read is likely to come from oil and Treasuries rather than company news. Investors will be watching whether the Venezuela shock adds to inflation worries — a headwind for high-growth tech — or fades into the background as markets focus on rates and the AI spending cycle again.
