Joby sinks after announcing pricing of stock offering; 30.5 million shares to be sold at $16.85/share

Joby Aviation stock slid more than 9% pre-market trading Wednesday after the electric air-taxi company announced a $500 million overnight share sale.

In a new filing late last night, the company said it would sell 30.5 million shares of common stock at an offering price of $16.85 per share, resulting in gross proceeds of approximately $513.9 million. That price represents an ~11% discount to Tuesday’s closing price of $18.91.

The proceeds from the share sale will go towards helping Joby obtain FAA certification, scaling up production, and launching commercial flights, the company said in the statement.

Shares in Joby Aviation and fellow electric vertical takeoff and landing stock Archer Aviation were volatile this week after rumors, later dismissed, circulated that Tesla might announce a collaboration with the companies.

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Matt Phillips19m

AST SpaceMobile moons on Verizon deal

Satellite operator AST SpaceMobile rocketed in early trading after announcing a deal with Verizon in which the telecom giant will use AST’s satellites to provide cellular broadband service “when needed for Verizon customers starting in 2026.”

The market seems to view the announcement as a vote of confidence for the recent romp of services-from-space stocks. Planet Labs and Rocket Lab, which also announced a deal for three new launches on Tuesday afternoon, were both up sharply in early trading.

Verizon signs deal with AST SpaceMobile to provide cellular service from space. AST shares surge

Luke Kawa50m

Semiconductor equipment stocks slump after US House committee slams their sales to China and recommends more export curbs

Semiconductor equipment stocks came under pressure Wednesday morning after a House committee “uncovered alarming new information revealing that companies in America and allied nations — including ASML in the Netherlands, Tokyo Electron (TEL) in Japan, and Applied Materials, KLA Corp, and Lam Research in the United States — fueled semiconductor manufacturing in China and made sizable returns selling equipment to Chinese state-owned and military-linked companies,” according to a Tuesday night press release.

The report, however, does not include an outright accusation that any of these companies have broken the law.

ASML alleviates a key choke point in the manufacturing process for advanced semiconductors by selling systems that etch tiny designs onto tiny wafers.

Applied Materials, meanwhile, came under pressure last week after indicating that enhanced export restrictions from the Commerce Department would result in a $600 million hit to revenues in its fiscal 2026. It’s also the only stock in the group that’s been able to reverse its early losses as of 9:50 a.m. ET.

At the time, analysts noted that its peers (KLA and Lam Research) would likely also be adversely impacted by these measures. China is the largest market for all three of these companies in the wafer fab equipment industry.

In its report, the House Select Committee on the Chinese Communist Party recommends that Dutch and Japanese export controls be harmonized with US restrictions, expanding country-wide export curbs, widening the list of restricted entities, not allowing allied manufacturers to sell to Chinese military entities, and more.

Hyunsoo Rim, David Crowther

The US now accounts for 20 of the world’s 25 most valuable companies — Europe only has one

The AI boom has pushed US giants even higher.

The United States competes economically with the European Union

Luke Kawa

An ETF exclusively for meme stocks launches today

The actively managed product uses volumes, option-implied volatility, and social media momentum to piggyback on names where retail traders see high potential.

Tasha Matsumoto

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Stocks fall as AI enthusiasm wavers

The S&P 500 broke its seven-day winning streak. The Nasdaq 100 and Russell 2000 also fell.

Head Coach Mike Ditka of the Chicago Bears looks on from the sidelines against the New England Patriots in Super Bowl XX

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