I hold some RIVN and I'm wondering why they're spending resources on custom silicon instead of using something off-the-shelf. What is their advantage here? Can they hire the right people? Can they ship enough units to pay for it?

Those are my bearish questions. On the bullish side, the VW deal shows that they're willing and able to license part of their platform, so possibly have a big chance to recoup costs and maybe turn a profit just on that side, which justifies a big software + autonomy investment.

Maybe they think custom silicon is biting off more than they can chew, coming at a time when they need to focus on R2 production and scale-up.

They just told potential buyers to not buy an outdated Gen2 or an early R2, assuming it is not delayed.

It could be that Gen 3 shipping late 2026 is a concession that R2 might be delayed until then.

Personally I think they will ship R2 Gen 2 vehicles to the early adopters that are less concerned with ADAS.

My R2 reservation is very late (I had to redo it for reasons) so I probably won't be able to order one until it's available anyways.

“Buy the rumors and sell the news.” Just typical market stuff.

Excessive hype leading up to selling the news, happens all the time.