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Daily Update — September 9, 2026

Nigeria's Oil Output Boost; AI Capex Cycle; and NFL's Viewership Expansion

Today is Wednesday, September 9, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy & Commodities

INTERVIEW: Nigerian oil regulator eyes faster licensing cycles to hike output

 


Nigeria aims to restore oil production to 3 million barrels/day by 2030 through at least one licensing bid round each year, according to Oritsemeyiwa Eyesan, chief executive of the Nigerian Upstream Petroleum Regulatory Commission. Nigeria has failed to meet production targets in recent years, with output hampered by aging assets, vandalism and underinvestment. Production has recently hovered around 1.5 million b/d of crude and condensate and has remained below 2 million b/d for more than a decade, according to the OPEC+ Survey from Platts, part of S&P Global Energy.


Eyesan's strategy centers on attracting new entrants and enforcing "drill-or-drop" policies to stimulate activity and productivity by increasing asset availability and accelerating the licensing process. Since the Petroleum Industry Act of 2021, Nigeria has significantly raised the frequency and scope of its auctions, with the latest round expected to add 300,000 b/d of production in the first three years from the 37 licenses awarded. The next round is set to launch by early October and features new acreage — including 13 unlicensed blocks from the previous round — spanning deepwater, shallow water and possibly frontier onshore basins, Eyesan said.

Artificial Intelligence

The Price of Intelligence

 

The current AI investment cycle is marked by record capital expenditure and remarkable concentration among hyperscalers. These firms — Amazon, Alphabet, Microsoft, Meta and Oracle — have collectively invested $1.1 trillion in capex over the past five years, with projections indicating an additional $5.3 trillion by 2030. This level of investment, measured as capex relative to depreciation, surpasses the previous peaks of the dot-com era and the Great Recession. These hyperscalers are expected to account for over half of the S&P 500’s capex by 2028, up from 13% in 2020 and 30% in 2025.

 

Capex cycles have historically unfolded in four phases: build, stretch, overshoot and digest. Investment intensity rises, and often persists amid tighter monetary policy, as anticipated earnings boost returns on new capital. Eventually, the cycle peaks when returns no longer justify the cost of financing, leading to a period of reduced investment. S&P 500 cash-to-capex ratios hit an unprecedented 330% in 2021, far exceeding levels at the dot-com peak, but have since declined as companies deploy cash to fund AI expansion. From an earnings multiple perspective, the broader S&P 500 appears more expensive than the hyperscalers as markets await evidence of AI-driven earnings growth.

Technology & Innovation

Listen: How the NFL is Redefining Sports Media Economics & Team Valuations

 

With nine international games in the 2026-27 NFL season — including the first broadcast from Australia via Netflix — and plans for further expansion, the league is strengthening its global presence. Streaming platforms are gaining traction, with Amazon's Thursday Night Football viewership rising 16% year over year. Meanwhile, NBC's Sunday Night Football continued its 15-year streak as prime time's top program, while CBS and FOX reported their strongest NFL viewership in nearly a decade. ESPN's first Super Bowl telecast, simulcast on ABC, sold out ad inventory earlier than ever, with 30-second spots fetching $8 million to $9 million each.

 

In this episode of the "MediaTalk" podcast, S&P Global Market Intelligence Kagan analysts Justin Nielson, Scott Robson and Michael Johnson joined host Mike Reynolds to discuss the streaming, linear and overall viewership perspectives of these developments, while S&P Global Market Intelligence reporter Iuri Struta explored team valuations.

In case you missed it

  • Australian wheat prices reached a three-year high in August amid continued disruptions to Russian and Ukrainian wheat exports in the Black Sea since July.
  • On Sept. 3, European soybean meal and corn prices reached their highest levels since Platts, part of S&P Global Energy, began its EU feed assessments in May 2025.
  • Singapore will postpone its sustainable aviation fuel levy on air cargo by one year and plans to launch a tender for levy-funded supply by the end of 2026, according to the Civil Aviation Authority of Singapore.

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