A new hype cycle is currently underway in the world of electric vehicles (EVs). This time, it isn’t due to a technological breakthrough or a macro backdrop fueling more and more of the risky and new companies now emerging in the entire stock market. This time, it seems EVs are booming due to a new untapped market that just entered the scene.
Shares of Rivian Automotive Inc. (NASDAQ: RIVN) have jumped by as much as 19.6% over the past quarter alone, a move that followed the stock's tight channel over the past year, with a 12-month performance as low as a 19.3% loss for most of that period.
