markets

Max Knoblauch6h

Uber, Lucid climb after setting San Francisco as the first market for joint robotaxi fleet

San Franciscans’ robotaxi options are about to expand again.

Shares of Uber and Lucid are rising in premarket trading Wednesday after the companies set the Bay Area as the first market for their planned robotaxi fleet.

The vehicles will hit SF roads next year, putting Uber in direct competition with Waymo, which is operational in the region. Tesla is testing robotaxis in the area, and Amazon’s Zoox began offering rides there earlier this month. Uber also works with Waymo in select cities, including Austin and Atlanta.

Yesterday, Uber announced a partnership with Nvidia, setting a goal to have a fleet of 100,000 Nvidia-powered autonomous vehicles. Uber will begin scaling its fleet in 2027. The announcement widens the already robust web of auto and tech partnerships that make up the US robotaxi market.

Last month, Lucid delivered its first Uber-bound vehicle to Nuro, the tech partner in the robotaxi fleet partnership. The agreement will see at least 20,000 Lucid vehicles turned into robotaxis over the next six years.

Uber shares were up about 2% in premarket trading on the news, while Lucid shares climbed more than 6%.

Uber to Take on Waymo in San Francisco With Lucid, Nuro Robotaxis

Uber to Take on Waymo in San Francisco With Lucid, Nuro Robotaxis

The vehicles will hit SF roads next year, putting Uber in direct competition with Waymo, which is operational in the region. Tesla is testing robotaxis in the area, and Amazon’s Zoox began offering rides there earlier this month. Uber also works with Waymo in select cities, including Austin and Atlanta.

Yesterday, Uber announced a partnership with Nvidia, setting a goal to have a fleet of 100,000 Nvidia-powered autonomous vehicles. Uber will begin scaling its fleet in 2027. The announcement widens the already robust web of auto and tech partnerships that make up the US robotaxi market.

Last month, Lucid delivered its first Uber-bound vehicle to Nuro, the tech partner in the robotaxi fleet partnership. The agreement will see at least 20,000 Lucid vehicles turned into robotaxis over the next six years.

Uber shares were up about 2% in premarket trading on the news, while Lucid shares climbed more than 6%.

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Federal Reserve cuts rates and signals end to quantitative tightening

The Federal Reserve delivered its second rate cut of 2025 as expected, taking its policy rate down 25 basis points to a range of 3.75% to 4%. Officials also said they plan to stop reducing the size of their balance sheet as of December 1.

Stocks were little changed in the wake of this announcement.

It’s the first time since 1995 that the US central bank has held one of its meetings during a government shutdown, which has left monetary policymakers with less data than usual to aid in their decision-making processes.

In their statement, monetary policymakers said that the unemployment rate “remained low through August,” adding that “more recent indicators are consistent with these developments.” All in all, this does not necessarily escalating concern about the state of the labor market, given that officials used the past tense to describe how downside risks to employment “rose in recent months.”

Event contracts traded on Robinhood showed a rate cut of this size was a lock for this meeting. Heading into the decision, a separate contract showed that the odds of 75 basis points in easing for 2025 was roughly 83%, implying a strong expectation that another 25 basis point reduction will be delivered at its December meeting. The prediction market implied odds of no more cuts in 2025 or more than 25 basis points in cuts were little changed in the minutes following the release of today’s statement.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. Event contracts trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the CFTC.)

“I do wonder if officials will be comfortable cutting rates again on December 10 if they go into that meeting with no official data reflecting activity in October and November,” writes Omair Sharif, president of Inflation Insights. “It may be hard to reach a consensus on another cut, especially given the split in the FOMC indicated in the September dot plot.”

There were two dissents at this meeting, as Kansas City Fed President Jeff Schmid preferred no change, while Fed Governor Stephen Miran wanted a 50 basis point cut.

CoreWeave’s attempt to buy Core Scientific is going down in flames

The last time CoreWeave tried to buy Core Scientific, management didn’t approve. This time, it looks like shareholders don’t.

Demonstration Against President Daniel Noboa

What to watch for in Microsoft’s earnings report today

Investors will be watching to see if Microsoft’s Azure cloud business can keep up its brisk growth, and an updated deal with OpenAI presents some new opportunities.

US-TECHNOLOGY-MICROSOFT-computers-AI

Bloom Energy soars amid parade of price target hikes

Bloom Energy soars amid parade of post-earnings target hikes

Bloom’s share price is booming on Wednesday.

Matt Phillips3h

markets

Max Knoblauch4h

Fubo climbs as Disney merges the platform with Hulu Live TV

Shares of streamer FuboTV are surging on Wednesday, after Disney announced it completed its majority stake acquisition of the company.

Fubo will be merged with Hulu Live TV, creating a juggernaut virtual pay-TV company rivaling YouTube. With about 6 million subscribers, the program will also become the sixth-largest pay-TV operator in the US. According to the companies, Fubo and Hulu Live will also continue to be available as separate services, “each offering consumers multiple plan options from skinny to robust at compelling price points.”

Disney now owns 70% of the joint venture. As part of the deal, which was first announced in January, Fubo dropped its lawsuit against Disney, which sought to block its planned joint sports streaming venture, Venu Sports. Venu was dissolved within a week after the deal. Fubo shares closed up more than 250% on the day the deal was first announced.

As part of the transaction, Fubo will have access to a $145 million term loan from Disney next year.

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