rivian and vw form a partnership. plus the supreme court clears the way for the white house communicating freely with social media companies to seek the removal of what officials see as misinformation. we go live to our bloomberg invest submit where heavy weights across the financial industry breakdown the most pressing issues facing investors. right here and right now let us get to our top story, a deal between rivian automotive and volkswagen. the share is taking off. they were even higher tuesday night. rivian as it stands is trading at its highest level since february. if it closes at this level it will be the biggest gain one day on record that i would caution following the ipo. we did see swings in excess of 50% and it did not close near those levels. this is a company i have covered closely and i did not see this one coming. basically in the first instance volkswagen will invest $1 billion into rivian in the form of an unstructured note through september 1 of this year and then commit to investing one billion d

but rivian, survival -- off the table. that's going to really help sales. >> a little bit of a halo for names like lucid today. aptiv, jim. it's down nine as volkswagen might not need a lot of third-party software. >> one of the things that the -- the first thing they said was that the iteration of the software they use at lucid is going to be -- the result is the -- mr. ben, the chief software officer of rivian, they do talk about how this stack, the -- there's a terrific software stack, and i'm presuming what he's saying is from now on, that's going to be volkswagen. it's a very, very positive conference call, by the way. this was one of the -- this was one of the great kept secrets in the world. i was dealing with these guys, and i was like, panic. we were going to go to georgia to do the show. >> really? >> what are we going to do? go see the falcons? no, thank you. come on. check me out. i don't want to see the falcons. if i want to go see a bad team, there's a lot of bad teams. i'll go to chicago. >> big implications

rivian is strong in both. this helps volkswagen both in terms of autonomous driving and electric vehicles, but, of course, vw is way behind. if you look at the global car market, there's about 89 million cars that are going to be sold in 2024 according to our forecast, and only about 15% of them are going to be electric vehicles, but within those electric vehicles, of about 12 million vehicle sales, 40% are going to be made in china. that means western companies, both tesla, vw, and others are falling behind. vw's shares of battery/electric vehicles in 2024, we estimate that to be 8%, wrhereas byd is 18%. >> you're making it very clear that the announcement with rivian is a positive for the german automaker because they have struggled in this space. however, when will this invest management pay off for rivian, given as you're saying they're so far behind in the ev race? >> i think it will take a long time to pay off because rivian doesn't -- rivian makes premium cars. you know, some of their suvs are priced at

enough about rivian.er at 16% of the holdings there and this is a commitment out of volkswagen and this is a joint venture that they'll be fairly committed to. you think about also and phil mentioned this and i think the order was for 100,000 ev vans from amazon and there's a lot of possibility here and the burn rate is a lot, and this was something we're concerned with about tesla, and ten, 12 years ago or something like this. i think there's room for multiple players in the space. >> by the way, you're up a few percent according to sandy who tabulated those. >> thank you, sandy. >> rivian or delta which would you rather trade? >> i would rather trade delta. >> i didn't mean that as a game. >> me and steve ready to play games. assume it's the game, incorrectly. i really think this is more of a turning around the free cash flow and delevering story. you look at 2020. i think peak debt was around 35 billion and net debt 31 billion and they've slowly, but surely rolled that off and that story continues. >>

rivian is losing money on vehicles.cing pressure when it comes to evs and its home market. chinese evs are coming in at a lower cost. how is a company making money on ev, teaming up with a company losing price. how does that work long term? >> the old automotive industry math. >> this had better be good. >> they'll get more scale as they kind of expand across volkswagen. it's a game of pennies. the bigger scale they get, that i hope to take out more cost. >> so long term, does this help volkswagen recapture shares in europe and even more when it comes to evs? >> the long term is it will help volkswagen in the software business where they really have struggled. one of the reasons car companies struggle with software is they the end to get this stuff from suppliers, so the risk is they won't have this capacity in house. the challenge is they haven't been able to do it themselves, so they have to work with someone who has expertise in it. >> tim higgings, good to see you. thank you very much. >>> coming up on "worldwide ex

it gives vw access to rivian technology while rivian gets a mush needed infusion of cash.hile wall street celebrate the deal, the head of equity analyst says to pump the brakes. >> this is huge sigh of relief rather than a celebration. but it's $5 billion enough for them to meekfully -- meaningfully rival what tesla is doing? katie: joining us on boum is ed ludlow. how substantial is this for rivian going forward? >> a lot of staff of rivian is that it derisks the balance sheet issue. a lot of people have focused quite singularly on rivian's rate of cash burn as recently as the first quarter of this year and they're still losing about $40,000 for each vehicle they build. and it's interesting because they have a lot of commitments in terms of spending capitals. so they're going to launch the product from illinois but they have pivoted the launch of that vehicle away from georgia. at the same time, they remain contractually committed to investing $5 billion in the -- by the then of the decade. it is a huge vote of confidence, if not from a band in association perspective by

and the landmark deal between rivian and voklkvolkswagen. teth.s do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the nu

talk to us the rally in tesla and rivian. >> the deal announced yesterday afternoon, rivian as addressed enough to get to the models. the stock is surging today, $5 billion potentially invested by vw, into rivian between now and 26. that should tide them over to our production, and look at shares of vw and rivian, forming a joint venture. we're interested in investing in rivian. they want something. who do they want. the software stack expertise, when it comes to evs, that's why they have struck this deal and also take a look at shares of tesla, steeple out initiating coverage today with a buy rating, price target of $265. they're bullish on the prospects for model three and model y sales over the next couple of years. >> mike, tesla is up 8% this week. >> yeah, tesla is another one, where it is more of the lagging effect, and maybe we already priced in the ev slowdown we've been talking about for months. it's interesting, on the rivian move because there's a little relief here, obviously now it has enough capital to attempt to prove that it actually can get up towards scale. we're talki

and the reason that we're showing you as well as rivian. when you look at rivian versus vw and tesla, this is all about capabilities when it comes to electric vehicles. for volkswagen, it's struggled on the software end of the business especially when it comes to electric vehicle. rivian, if they're going to come to the second gen vags, r 2 models in 2026, is's a lot ways, guys, from here to 2026. this gives them the liquidity that they shouldn't have to do without a capital raise between now and then. >> we think about all the cash it has currently on the balance sheet, which is about 8 to $9 billion, but it's expected to burn that much through 2026. they did need that money despite the staggering stump. >> i talked with rj yesterday. the first thing he said to me, does this mean you're going to be asking me the first question of every interview, do you need to raise capital? that was the question. when are you going to raise capital? are you going to do it through a debt offering. >> issue more shares? are you going to do like you've done

look let's talk about that vw and rivian story right. so vw choosing them to put in that massive investment in rivian then in really both are trying to boost up and pick up their electric vehicle sales. right. because of course volkswagen wants to get into that game. but it has been a struggle. of course, some of the big players here have continued to see demand wane in this segment. so trying to, i guess, push into a segment that is currently very competitive and there's a whole lot of regulation in and around it as well. stocks for rivian actually managed to move up quite significantly on the back of that investment. then from volkswagen, rivian has also needed the funding in order to push out a lot more output when it comes to the amount of vehicles that it has on board as well. so a significant investment being put into rivian now and volkswagen certainly hoping that it produces a whole lot more electric vehicles and ultimately sales later on down the road in collaboration on the other side. you made note then of that very significan

and shares of rivian are soaring, despite today's gain, it's still down this year.ting a new all-time high and crossing the 2 trillion market cap level for the fifth time. it's the fifth company to do so following microsoft, apple, google, and nvidia. sarat, it's great to have you on board. welcome. let's start this hour with what we've heard from nvidia this afternoon at their meeting seechlt ma modi covering that for us. >> there has been plenty of news from anyone invidia. all the different initiatives nvidia is working on, drummed up excitement around blackwell -- also reiterated the role its generative a.i. products are playing in different industries from pharmaceuticals to the automotive sector. >> the blackwell platform will be adopted by every major cloud service provider, server maker, and leading a.i. companies, including amazon, google, meta, microsoft, open a.i., tesla, and xai. users have always been able to get the software they needed quickly and easily. >> just spanning the different companies in his p universe. nvidia will continue to invest in a.i

rivian is promising slashing of costs. we'll dig into the hopes, and promises, next.es... (gasp) you need weathertech. [hot dog splat.] laser measured floorliners front and rear. [drink slurp and splat.] (scream) seat protector to save the seats. [honk!] they're all yours! we're here! hey, i knew you were comin'... so i weatherteched the car! can we get ice cream? we can now. kid proof your vehicle with american made products at weathertech.com. ♪ e ♪ >>> welcome back. rivian is holding its investor meeting today, just a day after announcing a longtime partnership with vox wag en. phil lebeau has with what management had to say, all the goals, hopes and dreams for the company. >> they pretty much reiterated their guidance >>> that's a reiteration of 57,000 vehicles, and they expect to be positive profit per vehicle in the fourth quarter. that's important. when you look at the q1 lost person vehicle, they do have about $ billion in liquidity, at least that's what it was at the end of q1. we'll see what it is after when they error the q2 results. the big part of the bul

a look at rivian after volkswagen and rivian announced a 5 billion dollar partnership to develop electric cars and software. the deal is a financial lifeline for rivian as they grapple with the slowing electric vehicle market. vw will make an initial $1 billion investment with $4 billion more over time. amazon just crossed $2 trillion in the last few minutes in market value. taking a look at the big tech stocks of the day, you are seeing love in the broader market for that industry. turning to today's big take, our reporters have constructed the three days that led to the downfall of rko's. -- archegos. the cowriter of this story joins me now. you have been all over it, not just through the trial but through the scandal itself. what can you say about the timeframe? >> ever since this happened, everyone on wall street have been wondering how it happened. how did someone build a fortune so secretively and then so publicly lose it in a matter of days. in a downtown new york court room there has been a trial where the justice department was going off on what they believe was market manipulati

today, rivian shared plans that of redesigning their suv and truck.ow while the new models won't look that different, rivian said it wants to push the boundaries of technology, and so it's using new hardware. there's going to be different batteries in the new models. both cars contain chips from the company nvidia to improve power, they say. and so the suv we're all thinking about prices here. the cost will be a thousand bucks more, but the truck will stay the same cost wise. both are available to buy right now. wow. i wish birthday gift. yeah yeah yeah. all right. coming up. he helped support usa's women's water polo team to get to the olympics. now flavored flav is backing another struggling compa. we'llny red lobster. all right. you have to look at this picture here. the rapper. oh my goodness. he posted this on instagram. and of course it went viral. he said he ordered everything. talk about food. we were just chatting about food a half hour ago. i think we're hungry. so he ordered everything on this menu in hopes of helping the restaurant out. re

shares of rivian surged by almost 50% in extended trading in new york after the announcement.comes as electric vehicle makers face increasing competition and a slowdown in demand. staying with the electric vehicle industry, tesla has issued two more recalls for its cybertruck pick—up trucks in the united states. the company continues to face challenges with its newest electric vehicle about six months after beginning deliveries as michelle fleury reports from new york. the wheels may not be falling off the cybertruck, but parts of the truck are. according to the national highway traffic safety administration, pieces of trim on the back of the vehicle are prone to falling off. not surprisingly, the regulator worries about this happening while the pick—up is out on the road, which could cause accidents. in addition, the windscreen wipers on some trucks are also not working properly. in total, tesla has now had to issue four recalls for the cybertruck since it went on sale in november of last year, much later than originally scheduled. tesla ceo elon musk famously claimed the tru

this is a lifeline for rivian. in the next couple of year, so a well-needed $5 billion cash infusion. it's a lifeline for the company because they're losing some $40,000 on every single electric truck they deliver. how do you operate as a business? you can't be cash flow positive until you get an established automaker like volkswagen coming in and giving you billions of dollars. go ahead. stuart: doesn't rivian also have some unique technology which volkswagen is now buying? lauren: 100%. that's why it's a joint venture. but, yes, it's a joint venture, they can use the software. stuart: next case is ferrari. they're planning a subscription service, but this is for batteries. how does that -- lauren: think about it as, like, an extended warranty. you spend $75000 per year to be able -- 7500 per year to replace your battery according to a report. you can replace the battery at the 8-year mark. that does not sound like a good investment to me, but it is ferrari's ray of -- way of making rich customers feel less anxiou

rivian loses about 30 to $40,000 for every car it makes. so this gives rivian a real lifeline. nvidia stock turned around on tuesday as well. oh, we've got two rivian's here. interesting. all right well nvidia erasing all of monday's gains and pushing the nasdaq higher realtors tell cnbc they're predicting a slow summer housing market. mortgage rates still high. mortgage applications down about 13% from this time last year. moxian a company in the north bay that makes an alternative to portable diesel generators, laying off 101 workers. they filed a warn notice with the state. they had just moved into the old ford plant in richmond. a group of 16 nobel winning economists, including joseph stiglitz and robert shiller, have signed a letter warning inflation will run out of control if donald trump is elected and goes through with his economic plans. trump says he'll enforce a tariff on each and every product made in china, which is what most things americans buy outside of food are from china. now, the people on the list, largely backers of biden in the past, though nonpartisan gr

>> i think it's a -- an obvious deal you take if you're rivian.lkswagen it speaks to the deal that you have for their own software system. they've had real issues with -- with cost over runs and -- and, you know, the software system that underpins its electric vehicles has really -- you know, it's old product launches. it's held back models like the volkswagen inch d.3 that was supposed to be the vw golf of the electric age. it hasn't lived up to those or expectation. the other thing that is puzzling about this deal for volkswagen is they're standing up a brand -- a new brand called scout that to me has really kind of looked like a rivi action n rip off sort of outdoorsy, s.u.v. and pickup brand so for them to, you know, put $5 billion into a company that they're also on the other, you know, side of the house trying to compete with and in some ways replicate really just speaks to boy, their software issues really must be thorny and continued to plague them. >> that's an interesting context. craig trudell. thank you very much indeed. coming up, nvi

rivian stock up close to 30% on that news this morning. rate for office space hit another high. however, real estate analysts believe the most recent data shows the market is stabilizing, according to a preliminary quarterly report from commercial real estate firm cbre, the vacancy rate grew to 37% this quarter. that is slightly up from last quarter, but analysts say long term trends show the city's office vacancy rate has hit a plateau, and we could see things turn around soon. it appears the film and television industry will avoid another strike. the union representing stage and behind the scenes workers, reached a tentative agreement with the studios on a new deal in a message to union members, the negotiators detailed wage gains, guardrails for ai and improvements for pension and health plans. there are also increased penalties for long work days and steps to address safety concerns and crew well-being. the deal still needs to be ratified by union members. i'm pam cook. that's a look at your dollars and cents. >> all right, pam, time n

rivian's move helping give amazon a boost.company saw its stock rise nearly 4% to a record. market cap above $2 trillion for the first time ever. that's rarefied air. >>> shares of moderna, meantime, heading in the opposite direction, down 11% after the drug maker announced that its rsv shot showed just 50% efficacy after 18 months. shares of levi's dropping after reporting the company beating on an earnings beat, but posting a small revenue miss. jim speaking to ceo michelle gass tonight at 6:00 p.m. on "mad money." >>> federal reserve releasing its annual bank stress test results, and all banks involved this year, at least they passed. cnbc's leslie picker has the details. >> hey, tyler. that's right. the fed tested 31 banks, found that all of them would be able to withstand the severe recession. the results announced about an hour ago indicated that projected losses would amount to $685 billion in aggregate, and the cet-1 ratio would decline to a minimum of 9.9%. so, that's a higher absolute level and a deeper decline than

i would expect fiska to be acquired and i wouldn't be surprised to see rivian acquired rivian is onewill survive on its own. >> just briefly, rings pecting more subsidies in this space is the next strategy from the europeans really to also announce subsidies for the alto sector when you think about what the u.s. did, what china is doing? is this the answer >> i don't think so to be honest you know, the problem -- the problem -- the problem with the subsidies, you know, a lot of these care-makers are fairly inefficient. they need to become more efficient, and if you add further subsidies to them, what you're real doing is you're saying it's okay to be inefficient, so i think the right way to go would be not to offer more subsidies to the automotive sector, to put them under pressure to become more competitive and better compete with the vehicles coming from china. >> thanks so much for joining us said that was richard windsor, founder of radio free mobile. >>> let's look at tesla. their shares are trading higher pre-market after elon musk took to tweet to say his pay package is passin

rivian shares surged by almost 50% in extended trading in new york after the announcement.and. aer lingus pilots have begun industrial action in an ongoing dispute with the airline over pay. members of the irish air line pilot's association began an indefinite work—to—rule at midnight on wednesday. an eight—hour strike is planned for saturday. separate meetings on tuesday at the labour court in dublin involving the union and aer lingus failed to reach a resolution. around the world and across the uk, this is bbc news. you are with business today. i am sally bundock. the creator of the ground—breaking generative ai chatbot chatgpt is taking steps to limit china's access to its software. 0penai, which is backed by microsoft, is reportedly cutting the use of some of its artificial intelligence tools to chinese developers who use it to build applications. suranjana tewari has the details from our asia business hub. tell us more, go to. certainly sounds like _ tell us more, go to. certainly sounds like openai _ tell us more, go to. certainly sounds like openai is - tell us more,

rivian's stock charging up after guying cannen heym initiated coverage with a buy rating and an $18 price. the firm said rivian's margins and cash burn appear to be improving, and it expects the ev maker to generate positive ebitda, earnings before interest taxes, you know it, in 2026. >>> pool plunging after full-year earnings guidance missed estimates. the pool supplies distributer blames weak demand early in the summer season. even though we're this hot? we're in the middle of a heat wave. what do you mean weak demand? the stock is down 8.5%, 522-week low -- a 522-week low. leslie's getting smashed on at the moment, both are decline kleining, pent air down 6.75%, leslie's down 5%. while pool is at the bottom of the s&p 500, darn sol corp. is floating to the top after the index raised its annual profit forecast. after the company raised its annual profit forecast. ceo josh weinstein joining us live next on whether cruise ship restrictions on popular islands might impact that guidance and, if not, is demand going to continue to float higher and higher this season? and if you're scoping o

stuart: here's a story the about rivian, and i'm not sure it counts for much.hatting nvidia chips? lauren: yeah, you don't think that's a big deal? stuart: i don't think rivian produces many cars, does it? they don't tell them. lauren: i've seen a lot of them on the road. they're very luxury. what do they start, like, $75,000? they're expensive cars. they're coming out with the r2, the new vehicle is, around $45,000, so that's a big discount, but that's not until 2026. so what do you do in that gap? in how do you get people to buy r11 vehicles? make them smarter. you raise the price by at least $1,000 so they stay expensive, you put new chips in them and offer a 360 degrees of visibility even in the rain and snow. lane change command. things like that. they're just trying to make them smarter, but you still have to pay attention and and drive and keep your hands on the wheel. dispiewrt stuart good luck selling an expensive electric car in this market. lauren: i really thought that nvidia chips would have made yog costco or microsoft. nvidia, and you would have

volkswagen plans to invest up to $5 billion in electric vehicle startup rivian. the joint venture hopes to create electrical architecture and software technology, and the jacksonville city council voted to approve an agreement between the jaguars and the city at a whopping $1.4 billion. renovation of everbank stadium. and in celebration of the florida panthers winning their first stanley cup, matthew katchouk took the 37 pound trophy right there for a swim in the atlantic ocean that was in fort lauderdale yesterday. that's a dunk and a kiss. we'll be right back. let's go swimming . did you know 80% of women are struggling with hair damage? just like i was? dryness and frizz could be damaged. hair that can't retain moisture. new pantene miracle rescue deep conditioner with first of its kind melting pro-v pearls, locks and moisture to repair six months of damage in one wash without way down, guaranteed, or your money back for brasilia. healthy looking hair. if you know you know it's pantene, we're done. what about these looks right? are quick the quicker picker upp

and auto tech parts supplier and piper sandler said they can get hurt by the joint venture between rivianhem to sell. joint venture shows auto maker, volkswagen, thinks they have to configure their own electrical architecture and design own on board computers and code to stay competitive and if they link up with outside company like aptiv, that's expensive and slows down the process. the beyond meat partnership with mcdonalds to sell the plant based burger, well, company's u.s. president said that failed in places like san francisco. stuart: griff jenkins has the story about what changes and what to expect and how female athletes are responding. good morning, griff. >> good morning. they're not happy. title #, part of educational amendments of the amendment and proticketing -- these new regulations would extend those protections to include gender identity without addressing transgender athletes. ten states have filed for preliminary injunctions and multiple lawsuits and more than 25 state attorneys general are challenging it. tennis legend and other prom nprominent female athletes havea b

>> rivian nights to find a way to get a lot of money and and i don't know how they do that. i have to tell you i think the decision to not spend all that money and georgia was a wise one. i think it's got popular enough cars that something can happen but right now they need more money. let's go to robert and new york. >> jim, i just want to say why your show is top in the country and around the world it's because you do your homework and that's why you make everybody money. you do your homework. >> i try to make people money. i make mistakes but you are very kind. >> giving a stock that's been flat is not a mistake because i do not lose he may make a mistake but not too bad. >> that is very kind. thank you. >> you are very positive on the company on the morning of january 31. if everybody listen to you like i did they would be seeing a return of 28%. j.p. morgan has it at $650 per share. they have over 270 million paid subscribers and building. it is over $648 a share. it is netflix. >> i like netflix very much. i'm convinced they know how to make the great products that we

rivian is pushing this, as well. but those are obviously more expensive.be something with at least $600 to $700 per month. but the point is, sit is a way o push the volume and fully capitalizing on that $7500 tax credit. >> so as you write, we're concerned about the profitability of these aggressive lease oftenings and believe they're delaying ev losses. what is the implication for stocks like gm or tesla? >> well, you know, the implication for tesla is obviously it's a sign of, you know, soft demand and the fundamentals are a clear challenge for them right now. what you are seeing is that some of these discounts actually are, in a way, protecting the residuals for the time being, although they pay for it later on. companies like gm or ford, even if they are increasing discounts on the evs, they are still at their fore vehicle manufacturers. even if the ev demand is weak, there is a strong ice profit stream to support the numbers. so at least there's the offset from that. >> you're talking about the legacy automakers discounting or offering incentives that

now the other ev's, rivian, legacy automakers have caught up with tesla primarily because of these rudimentary been put on the steering wheel and taken away from mutual locations. ed: in the story there is a chart of problems per 100 vehicles. it's also a quality survey. can we talk about the quality part of the discussion? keith: yes. quality is defined in a couple ways. one is the things that break that don't go well. also quality in the survey now reflects when consumers are having trouble operating. it might be functioning as designed. but if the driver can't figure out how to use it that is a quality problem. that is what is showing up on tesla here. the buttons work if you can find them weird but can you find them in an emergency. -- can find them. but can you find them in an emergency situation? if you are in a roundabout in the middle of it in your steering wheel is upside down you don't know what arrow to push. ed: bloomberg's keith naughton, great to catch up on bloomberg technology that is it for this edition. check out the podcast. what an episode. happy friday to everybody around

rivian is down 49% year to date.also higher, the firm surging after beating revenue expectation, stock is up 40% right now. reported net income of what it half billion dollars but he did say it could expect lower revenue for 2025 driven by e-commerce and low inventory, fedex repeat up the four "cutting plan, that includes consolidating the air and ground of shipping business, the stock up nearly 4% the last year, this morning showing a sweet move of almost 14%. a quick break, border agency and a massive spike in illegal migrants with criminal histories tried to cross into america, virginia congressman rob wittman is here on a new bill to take steps to secure the wide open southern border, it is all coming up. stay with us. ♪ harlem has everything. but i couldn't find pilates anywhere. so i started my own studio. and with the right help, i can make this place i love even better. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. gold is soaring and copper dema

and rivian jumping 8% after guggenheim initiated coverage with a buy rating. the firm sees a credible path to break even in gross margin bit fourth quarter and said a reduction in cash burn alleviates some near-term overhang on the stock. those shares, though, down nearly 50% this year. scott? >> pippa, i appreciate that. >>> breaking news on the ipo front. angelica peeples has that for us. >> bloomberg is reporting clario has filed confidentially for an ipo. bloomberg says clario is targeting a listing for next year. they're saying the underwriters are jpmorgan chase, morgan stanley, jeffries and ubs. we're still reading through this. we'll let you know. they're targeting evaluation of about $10 billion. >> appreciate that. thank you. >>> up next, navigating nvidia's volatility. eric jackson is back. he'll make a bold call, too, where he thinks that stock is heading. he'll do it after the break. you're watching "closing bell" on cnbc. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, a

are increasingly trading down as they search for cheaper alternatives and electric vehicle maker rivianed at this hour and shares accelerating by 20% and best inter-day percentage gain in history after volkswagen announced plans for $5 billion startup and analyst see it as a vote of confidence. fellow ev maker lucid counts saudi arabia sovereign fund as investor getting a boost interestingly enough and gaining 4.4% right now. shares of vista outdoors, look at those and shooting higher by nearly 9%er andier -- 9% and earlier getting a bid for shooting sports and outdoor product and ways to bid for vista to $42 a share from 39.50 and stock at 36.80 and amounts to $3.2 billion offer and capital upping the ante after vista a $2 billion offer from czechoslovakia group and hitting the tape and according to tafanely report from roiters and bosh making home appliance maker whirlpool and going on terms of the deal and investors are loading up on whirlpool at this hour and shares surging 15.6%. that is the largest percentage increase since march of 2020. we know that appliances go in homes but wh

stuart: rivian?y are up today in an $18 price target so they are at 11 now after 6.5% gain. the firm sees a credible path to breakeven gross margins for this year. stuart: okay i'll believe in that lauren thanks very much indeed. today is the new york primary. in indiana incumbent jamaal bowman faces off against george latimer. eric shawn is in yonkers for us. there's a real fear i believe that bowman's campaign could lose the primary. what's it look like? reporter: yeah, exactly, stuart. it doesn't look great, they say here for jamaal bowman. the squad today could shrink by one. bowman, of course is the progressive democratic congressman here, a member of the squad. he's been one of the most outspoken members of the squad and a race that lately is focused a lot on israel. bowman is facing a moderate democrat the popular westchester county executive george latimer. he also was a state senator. he said bowman is out of step with the district and his attach on israel and support for the palestinians an

. >> anyway, rivian, today there was more news. amazon, very quietly, is actually bucking some of the trend here. >> yeah, to nvidia, we know the story here, it's microsoft, it's meta, amazon, google, and dell make up 50% of their revenues. we're going to hear from all of those companies, going to hear their guidance. and micron, this stock joined the party a few months ago, it had tremendous appreciation, they were telling a story how memory is going to be hugely important in these data centers and the like. dell was also telling that story about servers. both of those stocks got nailed after they gave guidance that wasn't better than expectations, and so, to your point, karen, you have that sort of appreciation over a periodof time. you have a multiple that severely stretched at 13.5 times sales, and, you know, like, 35 times earnings, it doesn't leave a lot of room for disappoint or not beating far better than the consensus. >> do you think the roi expectation also applies to nvidia, though? >> sure. listen, i'm going to tell yo

. >> now we've got lucid and rivian. they're much younger companies.going to have a 1015 year runway to lose money before they're profitable? we'll see. >> ktvu fox two news at five starts now. >> now at five richmond leaders take aim at the chevron refinery, the crucial vote that could make the city's largest employer subject to a major tax. >> maybe that's the best way to get at the pollution problem, but it does really carry the risk that the refinery will scale back operations is a yes vote tonight would put the tax on the november ballot. >> good evening. >> i'm julie julie haener and i'm mike mibach. the richmond city council expected to vote in just a matter of hours. here but the concern tonight is whether this so-called buck a barrel tax could actually lead to job cuts and higher gas prices. ktvu tom vacar live tonight in richmond with the very latest tom. >> well, no matter what actually happens tonight with the vote, you can bet. bet that chevron is going to oppose this, ballot measure and they're going to oppose it tooth and nail. now, it's

this is burger perfection guaranteed said was routing a blue school rivian sale is now on these. >> it's sandals sandals.com or called running hundred saddles billy the kid, sderot to take over the town what it needs is cleaning up they've appointed in a new sheriff. >> pat garrett means something to you sure know, use the roi with billy. >> now it's your job to hunt them down. the law doesn't take this ad game for me have you been tracking her car's value with corona just like seven months. >> should we sell it? we hold all silver vans are gone for more right now. should we are low mileage is paying off. you think we should depreciations really heating up we just did already sold the car. >> von go to car ivana and track your car's value today? look in the hotels.com act to find your perfect somewhere liberty mutual customize my car insurance, then i saved hundreds with all the money i saved. >> i thought i'd by stilts being so tell definitely has its advantages you go ghetto i have any ready to go? yep there it is here we go. >> i guess it also has some disadvantages. yes, it does. >>

with low cost ground shipping from the united states postal service aid was really the blue school rivian sally's now on these, it's sandals.com or called 1800 samples it's time yes. >> the time has come for a fresh approach to dog food every day more dog people are deciding it's time to quit the kibble and feed their dogs fresh food from the farmers dog made by vets and delivered right to your we're door precisely portion for your dog's needs it's an idea it's time has come as a cardiologist, when i put my patients on a statin to reduce cholesterol, i also tell them it can deplete their core q ten levels i recommend taking cute all coke q ten queue at all has three times better absorption than regular coke putin, kunal, the brand i trust for moderate to severe crohn's disease. >> sky rosie is the first il-23 inhibitor that can deliver remission and visibly improved damage of the the intestinal lining. serious allergic reactions and an increased risk of infections or a lower ability to fight them may occur. tell your doctor if you have an infection or symptoms had a vaccine or plan to liv

we fix it, guaranteed i said those rigueur blue sky rivian, sally's now on visit sandals.com or callednty hundred saddles see idp disrupts, cid p derails. let's be honest it sucks. >> but living with cdp doesn't have to. when you sign up at shining through cid p.com, you'll find inspiration and real patients worries helpful tips, reliable information, and more cid p can be tough. but finding hope just got a little easier sign up. >> it's shining through cip.com be heard, be hopeful, be you i word box on capitol hill. and this in just three days, the supreme court will make a ruling that found and could fundamentally reshaped the office the presidency, and it will have huge implications for 2024 race and don't trump's legal fate. monday is when the court will rule and tell us finely on whether trump will be immune from criminal prosecution of the foundation decisions for the supreme court. this term and just say that same court ruled to the justice department overstepped in charging january 6 rioters with obstruction, and that could impact the prosecution's of dozens of people who storm

dani: rivian is one of those tesla wannabes, wanting to build up a big presence in the u.s.d of these right now with a lot of vc backing and have run out of money. there is one, for skirt, which filed for bankruptcy last week, ran out of cash and couldn't keep going. here is rivian trying to extend the runway. i think it makes sense from their point of view. vw, they already invested in another trucking ev, so i don't get it, it seems like they are cannibalizing their own business. i'm not certain. lisa: maybe that is why. katie koch expecting rising defaults without a bubble in private credit. i spoke to the co-ceo of oaktree at the bloomberg invest conference yesterday. >> where are we in the credit cycle? lee, i would say we think the credit cycle is mature and we expect there to be some challenges ahead in public and private markets and we can come back to that. we don't think that necessarily the equilibrium rate is 5.5%, but it is also not zero, by definition things will get more restrictive ahead of us and then you just have to think about the vulnerability of compani

two months free when you buy any iphone like iphone 15 pro with titanium by the rise those rhythm rivian sale is now on the visit sandals.com or call 1800 saddles every day, more dod people are deciding it's time for a fresh approach to pet food developed with made from real meat and veggies portioned for you her dog and delivered right to your door. >> it's smarter healthier, pet food. >> how long have you been tracking the value of a car? should we sell it? we hold are low mileage is paying off. you think we should already sold? the car, ivana, go to carvajal and track your car's value today, we decided to put in an end ground pool, i literally went on angie and typed in pool, getting to talk to different contractors, see different bids we wanted something beautiful. >> we wanted something that our children will feel happy swimming in, and we love it get started today at andy.com, the future is not just going to happen, you have to make it. >> and if you want a successful business, all it takes is an idea. and now becomes a future where you dream into a reality we all knew godaddy arro

we'll start with the electric vehicle side of things in shares of rivian, which are down -- or now upth a buy rating, and an $18 price target. they cite amongst other things, optimism over the r-2 and r-3 sport utility vehicle models and being a more notable beneficiary of any potential protectionist policy iies in the united state over foreign-made imports. next up, a look at capri holdings, which are higher by just over about 2% right now, at about 10,000 shares of volume. this is the apparel company behind fashion brands like michael coors, versace, jimmy choo and others. it's getting upgraded, but they're citing the value and the brand portfolio overall, even if its proposed purchase by tapestry does not come to fruition because of pooetential anti-trust hurdles. capri holdings is up 2%. and we'll end with a check on penn entertainment, which is down roughly 2.5% at this point, about 9, 10,000 shares of volume. the casino and online gambling operator is facing headlines in part due to raymond james, which is downgrading sthook from a market perform to a prior outperform. they thin