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Rivian Blink Charging Bowie MD
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Rivian hits the brakes after disappointing earnings and a cut to annual guidance

Rivian reported its second-quarter earnings after the bell on Tuesday.

Max Knoblauch

Rivian posted second-quarter earnings after the bell on Tuesday, and the EV maker sees bumpier roads ahead. Rivian shares were down more than 4% in after-hours trading.

Rivian’s loss per share of $0.91 came in worse than analysts’ expectations of a $0.63 loss. Revenue reached $1.3 billion, slightly above the $1.29 billion forecast by analysts polled by FactSet.

The lack of gas-powered or hybrid vehicles to offset EV costs continued to weigh on Rivian, which posted a significantly worse-than-expected net loss of $1.12 billion on the quarter. Still, the figure improved on last year’s $1.46 billion loss. The company delivered 23% fewer vehicles in the second quarter, year over year.

Rivian, which assembles all of its vehicles in Illinois, does still import certain parts like batteries and windshields — though it reportedly quietly built up a battery stockpile, anticipating potential tariff impacts. Rivian maintained its full-year capex outlook of between $1.8 billion and $1.9 billion.

The company lowered its EBITDA outlook, forecasting a full-year loss of between $2 billion and $2.25 billion, deeper than the $1.7 billion to $1.9 billion loss range it had previously guided for. Wall Street estimates had full-year EBITDA at a $1.88 billion loss.

It’s been a rocky year for EV-only automakers like Rivian and rival Lucid, as the Trump administration scrapped pro-EV policies in its “big, beautiful bill” (though both companies largely only qualify for EV tax credits through leasing loopholes). As of market close on Tuesday, Rivian shares are down on the year, along with Lucid and Tesla.

On Monday, Rivian filed a lawsuit against Ohio’s department of motor vehicles, alleging that the state’s ban on direct car sales is “irrational in the extreme.” If Rivian comes out victorious, it could gain a legal playbook for challenging similar laws in the 25 states it does not directly sell in.

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Gold and silver sank amid Trump’s plans to nominate reputed inflation hawk Kevin Warsh as the next Fed chair.

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Gold and silver plunge, suffering their worst losses since the 1980s

Gold and silver suffered their worst losses in decades on Friday, with the iShares Silver Trust falling more than 30% at one point during afternoon trading before recovering slightly.

After recently crossing $5,000 per ounce for the first time, gold’s dip was relatively muted compared to silver’s rout, but nevertheless eye-watering for a traditional safe haven asset. At one point, gold’s intraday dip exceeded 10%, its worst intraday drop since the 1980s and surpassing its declines seen during the 2008 financial crisis, per Bloomberg.

Silver’s drop was its worst in percentage terms since 1980.

Gold, and particularly silver, have been pushed higher recently by a storm of retail trader enthusiasm for the metals, as well as more traditional drivers of precious metals such as geopolitical risks and concerns over a fall in the dollar’s value due to trade wars and possibly waning central bank independence.

Leveraged ETFs that hold gold and silver futures have become increasingly popular trading vehicles amid the parabolic moves in precious metals prices, and likely contributed to the magnitude of the unwind today.

Case in point: look at silver futures for delivery in March. That’s the dominant contract held by the ProShares Ultra Silver ETF, which offers exposure to 2x the daily move in the shiny metal. Volumes exploded (and the contract rebounded modestly) right around 1:25 p.m. ET, which is when silver futures settled and around the time the ETF performed its daily rebalancing (which in this case, involved massive selling).

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Gaming stocks plunge following release of Google’s AI tool that can create playable, copyrighted worlds

Shares of major gaming companies are plunging on Friday as investors get a deeper look at the capabilities of Google’s new generative-AI prototype, Project Genie.

The tool allows users to “create and explore infinitely diverse worlds” with a text or image prompt. Users have already exposed its ability to realistically recreate knockoffs of copyrighted games from Nintendo and other gaming companies.

As users experiment with recreations of game worlds like Take-Two’s “Grand Theft Auto 6,” shares of major gaming companies are sinking. Unity Software, the maker of the popular Unity game engine, is down over 25%, while gaming platform Roblox is down about 9%.

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SoFi bests Wall Street’s Q4 expectations, shares rise

SoFi Technologies reported better-than-expected Q4 sales and earnings-per-share numbers Friday before market open, sending the shares higher in the premarket. 

The online lender reported: 

  • Adjusted Q4 earnings per share of $0.13 vs. the $0.12 consensus estimate collected by FactSet.

  • Adjusted revenue of $1.01 billion in Q4 vs. the Wall Street forecast for $977.4 million.

  • Q1 2026 adjusted net revenue guidance of approximately $1.04 billion vs. the $1.04 billion consensus expectation, according to FactSet.

SoFi shares rallied roughly 70% last year, as the company’s growing menu of financial products — including trading, wealth management, mortgages, credit cards, and cryptocurrency trading — showed signs of gaining traction beyond its traditional base of student borrowers. But the stock has stumbled in early 2026, falling nearly 7% in January through Thursday’s close, though most of that slump seems to have been reversed this morning.

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