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After its first two days of trading in 2010, electric vehicle maker Tesla had a market cap of just over $2 billion.

R.J. Scaringe, the CEO of EV manufacturer Rivian, is worth that much on his own after his company’s second day on the public market.

Rivian shares popped 57% in their first two days on the Nasdaq, giving the company a market cap of almost $105 billion. Scaringe, who founded Rivian in 2009, owns 17.6 million shares, valued at $2.2 billion, based on Thursday’s closing stock price of $122.99.

Scaringe, 38, lured investors to his vision for an EV company that will sell to both consumers who want to go electric, and companies that are trying to drastically reduce their reliance on fossil fuels. In his letter to shareholders in the IPO prospectus, Scaringe said that in 2012 he moved away from an effort to build an “efficient sports car” and started focusing on how to “maximize impact.”

“We began thinking about the truck, SUV, and crossover segments as they presented a massive opportunity for us to demonstrate how a clean sheet, technology-focused vehicle could eliminate long accepted compromises,” Scaringe wrote. “We wanted to establish our brand by delivering a combination of efficiency, on-road performance, off-road capability, functional utility, and product refinement that simply didn’t exist in the market.”

The company says it has 55,400 pre-orders for its R1S SUV and R1T pickup truck and a contract to build 100,000 electric vans with Amazon by 2030. However, trusting Rivian to assemble the vehicles and deliverthem profitably represents a massive gamble for investors who are already valuing the company higher than traditional auto giants Ford and General Motors. The company has never recorded revenue and expects less than $1 million in sales in Q3.

But business fundamentals aren’t driving the current run-up in EV stocks.

Since Tesla’s relatively tepid IPO in 2010, the EV market has turned into a haven for speculators, with Tesla serving as the catalyst. On a split-adjusted basis, Tesla went public at $3.40 a share. It closed on Thursday at $1,063.51 and is one of only five U.S. companies valued at over $1 trillion.

Maja Hitij | Getty Images News | Getty Images

Others in the space have skyrocketed of late, with China’s Nio valued at $69 billion and California’s Lucid Motors worth about $73 billion four months after hitting the public market.

Nio reported third-quarter revenue of about $1.5 billion and an operating loss of over $150 million.

Lucid just confirmed last month the first customer deliveries of its $169,000 Air Dream Edition sedan were set to begin. In its presentation to to investors, the company projected full-year revenue of $97 million.

Scaringe has control

Tesla is the only one of the group that’s turned into a profitable high-growth business, but it’s still a car company that trades like a software maker. Much of the hype is tied to boisterous CEO Elon Musk, the richest person on the planet, with a net worth of close to $300 billion, mostly tied to his Tesla holdings.

Scaringe, who has a PhD in mechanical engineering from the Massachusetts Institute of Technology, is far from Musk’s financial mark. But he has created a similar ownership structure that gives him outsized authority.

Rivian, which is based in Irvine, California, has two classes of stock. Scaringe owns just 1% of Class A shares, or those held by the broader investor base and available for trading. But he owns 100% of Class B shares, and each one has 10 times the amount of voting control as a Class A share.

Add it all up, and Scaringe, who is also chairman of the board, has 9.5% voting control. His veto power is even greater. That’s because in order to make any major changes at the board level or in the company’s bylaws, the holders of at least 80% of Class B shares would have to go along with the move.

In addition to his hefty equity holdings, Scaringe has the opportunity to dramatically increase his wealth if the company performs well. In January, the board approved an equity award of 6.8 million shares that’s time based and an award of 20.4 million shares, which vest in 12 installments based on where the stock is trading.

The company acknowledges in its prospectus that a bet on Rivian is a bet on Scaringe.

“We are highly dependent on the services and reputation of Robert J. Scaringe, our Founder and Chief Executive Officer,” the company says, in the risk factors section of the filing. “Dr. Scaringe is a significant influence on and driver of our business plan. If Dr. Scaringe were to discontinue his service due to death, disability or any other reason, or if his reputation is adversely impacted by personal actions or omissions or other events within or outside his control, we would be significantly disadvantaged.”

Scaringe isn’t only in generating a windfall from his company’s IPO. Rivian’s corporate backers are sitting on even bigger sums.

Amazon, which invested more than $1.3 billion in Rivian, owns a stake worth $19.7 billion as of Thursday’s close. The company said in September that its equity investments, including Rivian, were worth a total of $3.8 billion.

T. Rowe Price and its funds own shares in Rivian valued at over $16 billion. Global Oryx, a unit of Saudi Arabia’s Abdul Latif Jameel Companies, controls about $14 billion worth of shares, while Ford owns a stake worth $12.6 billion.

WATCH: Who is Rivian’s billionaire founder?

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Week in review: The Nasdaq’s worst week since April, three trades, and earnings

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Week in review: The Nasdaq's worst week since April, three trades, and earnings

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Too early to bet against AI trade, State Street suggests 

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Too early to bet against AI trade, State Street suggests 

Momentum and private assets: The trends driving ETFs to record inflows

State Street is reiterating its bullish stance on the artificial intelligence trade despite the Nasdaq’s worst week since April.

Chief Business Officer Anna Paglia said momentum stocks still have legs because investors are reluctant to step away from the growth story that’s driven gains all year.

“How would you not want to participate in the growth of AI technology? Everybody has been waiting for the cycle to change from growth to value. I don’t think it’s happening just yet because of the momentum,” Paglia told CNBC’s “ETF Edge” earlier this week. “I don’t think the rebalancing trade is going to happen until we see a signal from the market indicating a slowdown in these big trends.”

Paglia, who has spent 25 years in the exchange-traded funds industry, sees a higher likelihood that the space will cool off early next year.

“There will be much more focus about the diversification,” she said.

Her firm manages several ETFs with exposure to the technology sector, including the SPDR NYSE Technology ETF, which has gained 38% so far this year as of Friday’s close.

The fund, however, pulled back more than 4% over the past week as investors took profits in AI-linked names. The fund’s second top holding as of Friday’s close is Palantir Technologies, according to State Street’s website. Its stock tumbled more than 11% this week after the company’s earnings report on Monday.

Despite the decline, Paglia reaffirmed her bullish tech view in a statement to CNBC later in the week.

Meanwhile, Todd Rosenbluth suggests a rotation is already starting to grip the market. He points to a renewed appetite for health-care stocks.

“The Health Care Select Sector SPDR Fund… which has been out of favor for much of the year, started a return to favor in October,” the firm’s head of research said in the same interview. “Health care tends to be a more defensive sector, so we’re watching to see if people continue to gravitate towards that as a way of diversifying away from some of those sectors like technology.”

The Health Care Select Sector SPDR Fund, which has been underperforming technology sector this year, is up 5% since Oct. 1. It was also the second-best performing S&P 500 group this week.

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People with ADHD, autism, dyslexia say AI agents are helping them succeed at work

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People with ADHD, autism, dyslexia say AI agents are helping them succeed at work

Neurodiverse professionals may see unique benefits from artificial intelligence tools and agents, research suggests. With AI agent creation booming in 2025, people with conditions like ADHD, autism, dyslexia and more report a more level playing field in the workplace thanks to generative AI.

A recent study from the UK’s Department for Business and Trade found that neurodiverse workers were 25% more satisfied with AI assistants and were more likely to recommend the tool than neurotypical respondents.

“Standing up and walking around during a meeting means that I’m not taking notes, but now AI can come in and synthesize the entire meeting into a transcript and pick out the top-level themes,” said Tara DeZao, senior director of product marketing at enterprise low-code platform provider Pega. DeZao, who was diagnosed with ADHD as an adult, has combination-type ADHD, which includes both inattentive symptoms (time management and executive function issues) and hyperactive symptoms (increased movement).

“I’ve white-knuckled my way through the business world,” DeZao said. “But these tools help so much.”

AI tools in the workplace run the gamut and can have hyper-specific use cases, but solutions like note takers, schedule assistants and in-house communication support are common. Generative AI happens to be particularly adept at skills like communication, time management and executive functioning, creating a built-in benefit for neurodiverse workers who’ve previously had to find ways to fit in among a work culture not built with them in mind.

Because of the skills that neurodiverse individuals can bring to the workplace — hyperfocus, creativity, empathy and niche expertise, just to name a few — some research suggests that organizations prioritizing inclusivity in this space generate nearly one-fifth higher revenue.

AI ethics and neurodiverse workers

“Investing in ethical guardrails, like those that protect and aid neurodivergent workers, is not just the right thing to do,” said Kristi Boyd, an AI specialist with the SAS data ethics practice. “It’s a smart way to make good on your organization’s AI investments.”

Boyd referred to an SAS study which found that companies investing the most in AI governance and guardrails were 1.6 times more likely to see at least double ROI on their AI investments. But Boyd highlighted three risks that companies should be aware of when implementing AI tools with neurodiverse and other individuals in mind: competing needs, unconscious bias and inappropriate disclosure.

“Different neurodiverse conditions may have conflicting needs,” Boyd said. For example, while people with dyslexia may benefit from document readers, people with bipolar disorder or other mental health neurodivergences may benefit from AI-supported scheduling to make the most of productive periods. “By acknowledging these tensions upfront, organizations can create layered accommodations or offer choice-based frameworks that balance competing needs while promoting equity and inclusion,” she explained.

Regarding AI’s unconscious biases, algorithms can (and have been) unintentionally taught to associate neurodivergence with danger, disease or negativity, as outlined in Duke University research. And even today, neurodiversity can still be met with workplace discrimination, making it important for companies to provide safe ways to use these tools without having to unwillingly publicize any individual worker diagnosis.

‘Like somebody turned on the light’

As businesses take accountability for the impact of AI tools in the workplace, Boyd says it’s important to remember to include diverse voices at all stages, implement regular audits and establish safe ways for employees to anonymously report issues.

The work to make AI deployment more equitable, including for neurodivergent people, is just getting started. The nonprofit Humane Intelligence, which focuses on deploying AI for social good, released in early October its Bias Bounty Challenge, where participants can identify biases with the goal of building “more inclusive communication platforms — especially for users with cognitive differences, sensory sensitivities or alternative communication styles.”

For example, emotion AI (when AI identifies human emotions) can help people with difficulty identifying emotions make sense of their meeting partners on video conferencing platforms like Zoom. Still, this technology requires careful attention to bias by ensuring AI agents recognize diverse communication patterns fairly and accurately, rather than embedding harmful assumptions.

DeZao said her ADHD diagnosis felt like “somebody turned on the light in a very, very dark room.”

“One of the most difficult pieces of our hyper-connected, fast world is that we’re all expected to multitask. With my form of ADHD, it’s almost impossible to multitask,” she said.

DeZao says one of AI’s most helpful features is its ability to receive instructions and do its work while the human employee can remain focused on the task at hand. “If I’m working on something and then a new request comes in over Slack or Teams, it just completely knocks me off my thought process,” she said. “Being able to take that request and then outsource it real quick and have it worked on while I continue to work [on my original task] has been a godsend.”

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