markets

Max Knoblauch6/3/25

Joby shares are taking off again on report of a potential $1 billion deal with a Saudi Arabian investor

Electric air taxi company Joby Aviation rose 10% on Tuesday morning following news that the buzzy company is nearing a $1 billion deal to sell 200 of its air taxis to a Saudi Arabian investor.

Air taxis have been a hot investment in recent months, with automakers and airlines pouring cash into companies focused on the tech, largely on the belief that passengers will one day very soon want to ride mini electric helicopters to the airport with three friends. Joby rival Archer Aviation was recently named the “Official Air Taxi Provider” of the LA Olympics in 2028.

Joby has said it wants to begin commercial air taxi service in Dubai early next year. In the US, FAA certification is still needed.

This marks the second time in a week that Joby shares have taken off. A recent $250 million Toyota investment sent the stock soaring 27% last Wednesday.

Joby, Saudi Investor Eye Air Taxi Deal Worth Up to $1 Billion

Joby, Saudi Investor Eye Air Taxi Deal Worth Up to $1 Billion

Air taxis have been a hot investment in recent months, with automakers and airlines pouring cash into companies focused on the tech, largely on the belief that passengers will one day very soon want to ride mini electric helicopters to the airport with three friends. Joby rival Archer Aviation was recently named the “Official Air Taxi Provider” of the LA Olympics in 2028.

Joby has said it wants to begin commercial air taxi service in Dubai early next year. In the US, FAA certification is still needed.

This marks the second time in a week that Joby shares have taken off. A recent $250 million Toyota investment sent the stock soaring 27% last Wednesday.

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Matt Phillips5m

Analysts give mixed reviews to Robinhood’s Q4 results

Robinhood Markets remained down in premarket trading after delivering Q4 results Tuesday that fell short of some of Wall Street’s expectations, partly due to a slide in crypto trading.

Here’s what analysts had to say about the print:

Barclays: “Q4 came in softer than expected as lower take rates in options and crypto impacted transaction revenues, and lower [securities] lending in particular impacted [net interest income].”

Mizuho: “Prediction Markets were strong, but overall mixed quarter.”

Piper Sandler: “Bottom line, despite these ST headwinds which we laid out in our note last week, our LT thesis remains intact. If you can stomach the volatility, HOOD is the best way to play secular growth in retail trading and the closest FinTech platform we've ever seen to achieving ‘super app’ status.”

Zack’s Investment Research: “Crypto trading revenue fell 38% year over year in Q4, and January data showed another 57% decline in app-based crypto volumes. Unfortunately, that’s not a seasonal blip, that’s a structural slowdown in one of Robinhood’s historically highest-margin engagement drivers.”

Citizens JMP: “Slight revenue shortfall for Robinhood Markets but better expense performance, broadening business contribution, and a full roadmap should support strong growth again in 2026; reiterate our Market Outperform rating.”

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Job growth crushes estimates in January, unemployment rate unexpectedly dips to 4.3%

The American labor market, ladies and gentlemen.

The January jobs report was a blockbuster, with non-farm payrolls growth of 130,000.

Economists polled by Bloomberg expected non-farm payroll growth of 65,000 for the month. Heading into this release, the event contracts trading closest to a coin flip were “above 50,000” and “above 60,000,” suggesting the masses were less optimistic than Wall Street.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

The unemployment rate dipped to 4.3%, while economists had anticipated it would hold steady at 4.4%.

The SPDR S&P 500 ETF extended gains in premarket trading following this release.

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Unity Software craters after Q1 sales and earnings guidance fall short of estimates

Both pillars of Unity Software’s business are under pressure from AI tools and new entrants, and its internal AI capabilities don’t seem to be keeping up.

Shares of the gaming engine and adtech company are off more than 20% in premarket trading. Its solid Q4 results were overshadowed by weak Q1 guidance, with management calling for revenues to range from $480 million to $490 million with adjusted EBITDA from $105 million to $110 million. Wall Street’s estimates were $494 million and $112 million, respectively.

The company’s outlook suggests “a slower than expected ramp-up in its AI-powered ad-technology tool, Vector,” Bloomberg Intelligence analysts Mandeep Singh and Nathan Naidu wrote. “Slow uptake of Unity 6 subscriptions, with guidance seeing flat growth in 1Q, could drag on top-line gains.”

Unity was among the stocks that cratered in late January after the release of Google’s Project Genie, which was able to recreate knockoffs of popular games.

Separately, Unity and peer AppLovin have suffered amid fears that their ad divisions will be disrupted by startups utilizing AI agents.

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Matt Phillips & Luke Kawa2h

AI Infrastructure company Vertiv soars after Q4 earnings beat, 2026 outlook crushes expectations

AI infrastructure company Vertiv Holdings is spiking after posting Q4 earnings that beat estimates and sunny guidance.

For Q4, the major provider of power and cooling solutions for data centers reported:

Adjusted earnings per share of $1.36 vs. $1.29 consensus expectation from analysts surveyed by Factset.
Sales of $2.88 billion, in line with estimates.

For Q1, management said adjusted earnings would come in between $0.95 and $1.01; even the lower end of that range is higher than the $0.93 consensus estimate. Q1 guidance for net sales of $2.5 billion to $2.7 billion also outstripped Wall Street’s call for $2.54 billion.

For the full year, the lower end of Vertiv’s range of guidance for net sales ($13.25 billion to $13.75 billion) and adjusted earnings per share ($5.97 to $6.07) were both above the highest estimates from analysts polled by Bloomberg.

Vertiv has to be one of the more successful examples of SPAC-era financial engineering.

The company came out of the combination of GS Acquisition Holdings Corp., a so-called blank check company, and Vertiv Holdings — then owned by private equity company Platinum Equity — as part of a roughly $1.9 billion deal, including debt, first announced in late 2019.

The stock pretty much went nowhere for years after it listed as Vertiv on Feb. 10, 2020. But as the AI datacenter boom began to roll, the shares exploded. Since the end of 2022, they’re up more than 1,300% and Vertiv has created roughly $70 billion in market value.

Ford Rouge Complex In Michigan

Ford beats revenue estimates in Q4, with weaker-than-expected earnings

The Detroit automaker released its fourth-quarter and full-year results after the bell on Tuesday.

Max Knoblauch16h

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