Good news for all the Black Mirror fans out there: a futuristic driverless society might be closer than you think.

Today, Uber revealed plans to invest up to $1.25 billion in EV maker Rivian Automotive, starting with an initial $300 million stake pending regulatory approval. As part of the deal, Uber will purchase 10,000 autonomous R2 vehicles, with the option to add up to 40,000 more starting in 2030.

The companies plan to deploy up to 50,000 R2 robotaxis across 25 cities in the US, Canada, and Europe through 2031—exclusively on Uber’s platform—with San Francisco and Miami expected to launch first in 2028. Rivian shares rose 3.8% on the news, while Uber lost 1.72%.

Nvidia drives the shift

It’s the latest bit of big news for Uber, which also just announced a partnership with Nvidia to roll out robotaxi services in 28 cities globally by 2028. Nvidia provides the “brains” behind many of these driverless systems, supplying the chips and software that power autonomous driving, while Uber handles the wheels.

“The autonomous vehicle revolution is here—the first multitrillion-dollar robotics industry,” CEO Jensen Huang said at Nvidia’s GTC conference on Monday.

Nvidia is emerging as a key enabler of physical AI in the robotaxi ecosystem, with Huang calling this the “ChatGPT moment” for self-driving cars. Nvidia’s DRIVE Hyperion platform, a full-stack autonomous driving system, is already used by automakers including BYD, Geely, Isuzu, and Nissan, and it has expanded partnerships with Hyundai and Kia.

The robotaxi race

Today’s Rivian partnership marks the latest push from Uber, which has struck deals with more than two dozen companies, most recently adding Amazon’s Zoox to its network—another player competing alongside Tesla and Alphabet’s Waymo in the fast-growing robotaxi market.

While some fear a winner-takes-all outcome in autonomous driving, Deutsche Bank’s Benjamin Black says Nvidia’s broad adoption enables a more decentralized supply of self-driving vehicles, helping avoid a “doomsday scenario” where one player dominates. That benefits Uber: more suppliers, more access to autonomous vehicles across its platform.

BofA’s Justin Post echoed that view, saying Uber’s stock multiple could rise as broader supply lowers costs and makes it easier for the company to scale its robotaxi fleet.

For now, Uber is quickly becoming the stock to watch while the driverless future starts to take form.—SY

🟢 What’s up

• Iranian attacks destroyed 17% of Qatar’s LNG export capacity, creating an opportunity for US-based companies to fill the gap. Cheniere Energy gained 5.88%, while NextDecade rose 4.9%.
• Tower Semiconductor surged another 16.99% after it inked a deal with Oriole Networks earlier this week to create high-speed networking for AI infrastructure.
• Signet Jewelers popped 13.77% thanks to better-than-expected results last quarter, though the jeweler warned of a slowdown ahead.
• Align Technology gained 2.23% on reports that activist investor Elliott Management has built a stake in the company behind Invisalign.
• Five Below rallied 10.68% after the discount retailer revealed a beat-and-raise earnings report.

What’s down

• Mining stocks fell across the board, with precious metal miners taking it on the nose as gold prices fell. Newmont lost 6.89%, Hycroft Mining sank 12.36%, and Royal Gold fell 7.2%.
• Alibaba stumbled 7.09% lower after its net profit plunged 66% year over year.
• Figma lost another 4.12% two days after Alphabet revealed a new product that investors fear will steal market share from the interface design company.

In a world of geopolitical turmoil and AI volatility, real estate can seem downright boring. But it’s precisely the uneventful nature of real estate investment trusts, or REITs, that make them the perfect way to protect your portfolio.

At least, that seems to be the consensus among private credit investors fleeing the industry. Those same investors asking funds for redemptions at alarming rates are reportedly turning around and using that money to invest in REITs, with big money pouring into non-traded, publicly registered REITs over the last few months. Those are special types of trusts that aren’t publicly traded—meaning they don’t have the daily price fluctuations of a stock, giving investors more stability—though non-accredited retail investors can still invest in them.

That stability is particularly appealing right now. REITs own physical assets (real estate, duh) that makes them the perfect HALO trade, protecting them from AI trade volatility. REITs also provide a dividend that can buoy your portfolio as the market ebbs and flows—and that payout will also provide some relief if inflation climbs due to oil market upheaval, or if the Fed starts hiking interest rates.

Real estate may not be the most exciting investment you’ll ever make, but at times like these, boring is beautiful.—MR

Micron just delivered a monster quarter, with revenue nearly tripling and guidance signaling 200% year over year growth driven by surging demand. So why did the stock fall 3.78% today?

Here’s what went wrong:

1. Supply vs. demand mismatch: Micron can only meet 50% to 66% of demand, as customers like Nvidia, Amazon, and Samsung continue to ramp AI-related orders. High demand is a good thing, until Micron can’t meet customer needs and they begin to look elsewhere.
2. Rising spending concerns: CEO Sanjay Mehrotra said the company anticipates $25 billion in FY2026 capex, higher than analysts had forecast, with 2027 spending expected to “step up meaningfully.”
3. The rally is already priced in: After a 335% surge over the past year, much of the upside may already be reflected, with Deutsche Bank noting shares are trading down amid fears the memory spending cycle might be nearing a peak.
4. Profit-taking: Investors are taking the opportunity to lock in gains following the strong rally.
5. Higher expectations: Micron now faces a much higher bar, where even strong beats like yesterday’s may not be enough to satisfy investors going forward.

A structural shift is afoot

The thing is, you can’t really blame Micron for the supply-demand imbalance—the entire demand ecosystem is shifting. AI data center buildouts are driving memory consumption at a pace the industry has never seen, while supply remains constrained by the complexity of producing high-bandwidth memory. That’s why some analysts say investors shouldn’t value Micron like a traditional cyclical commodity business, where supply eventually floods the market and prices collapse, but rather as a structurally scarce AI infrastructure provider with sustained pricing power.

The company’s GAAP gross margin has surged to 74.4%, up from 36.8% a year ago, a dramatic expansion that signals more than just a cyclical upswing. If the entire memory industry really has permanently shifted, this may not be a temporary peak, but a new baseline level of profitability that the market may not have fully priced in yet, leaving room for further upside.

Deutsche Bank maintained its Buy rating after earnings dropped, while Gabelli Funds called Micron a “strong buy.” Others are more cautious: Goldman Sachs rates the stock Neutral, citing risks to high-bandwidth memory pricing in 2027 as other suppliers join the market, while Summit Insights Group downgraded the stock, expecting the current demand-supply imbalance to ease into late 2026 and 2027.

From the market’s reaction, it’s clear that investors are still anchored to the idea of a cyclical peak, but the divergence in analyst views suggests the story may be more complex than a typical memory downturn.—SY

• US national debt just climbed above $39 trillion. Kind of makes your using a buy now, pay later app to finance your Chipotle meal look thrifty by comparison, doesn’t it?
• Nearly one in 10 people who had Affordable Care Act plans last year no longer have health insurance due to rising costs.
• President Trump is reportedly considering designating Stephen Miran as acting Fed chair if his nomination of Kevin Warsh is stalled. Meanwhile, Trump also encouraged the DOJ to continue its probe of Jerome Powell.
• The Bank of England and European Central Bank both kept rates steady, but the war in Iran is quickly becoming a European problem, raising the chances of rate hikes.
• Trial results revealed Eli Lilly’s new Type 2 diabetes treatments resulted in patients losing an average of 16.8% of their weight.
• The SEC will allow the Nasdaq to test tokenized stock trading.
• Treasury Secretary Scott Bessent said the US is considering removing sanctions against Iranian oil that’s already on the water, and that the US may unilaterally release more of its oil reserves.
• Crypto.com is laying off 12% of its workforce and replacing them with AI.
• US regulators are considering easing capital restrictions for big banks, which has never ended poorly before.

There are no major economic reports or earnings announcements coming tomorrow, which feels like a much-needed relief at the end of yet another wild week.

So instead of giving you a preview of what’s ahead, in the spirit of March Madness let’s do a quick check-in over at the Brew Markets Fantasy Investing League.

Last week the leaderboard was topped by Landon C., who made a whopping 143 trades in just eight days. Landon hasn’t slowed down one bit, and he’s now put together an obscene 522 trades that have helped him turn his starting $100,000 into over $1.5 million.

While Landon clearly needs some hobbies outside of investing, you’ve got to admire the grind. He has retained the top spot thanks to some savvy micro-cap trades in companies like Serina Therapeutics, Envirotech Vehicles, and Artelo Biosciences—all companies that none of us here at Brew Markets have ever heard of.

While nobody has made as many trades as Landon, the competition is still fierce. There’s just 11 days left to make your trades and claim your prizes, so join us while you still can!—MR