Shares of Rivian Automotive (NASDAQ: RIVN) soared nearly 11% yesterday on news of a new partnership. But investors seem to be rethinking that initial reaction, and the stock dropped as much as 4.5% this morning. As of 11:50 a.m. ET, the stock had recovered some of that drop but remained down 0.6%. 

Two things may be taking over investors' thinking today. First, Rivian already has a market cap of nearly $34 billion. That valuation is despite the fact that the company generated less than $500 million in revenue in the first half of 2022. Immediately assigning more than $3 billion in valuation from yesterday's announcement seems excessive. Additionally, plans for the new partnership with the Mercedes-Benz Van division of Daimler AG won't see vehicles being produced for several more years. 

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Source Fool.com