The next EV maker to hit the public markets is set to make an electrifying debut today. Rivian Automotive (RIVN) has priced its IPO at $78/share, above an already-elevated range of $72 to $74, raising a whopping $11.9B for the biggest share sale of 2022. With a market capitalization of over $66B, Rivian would be roughly on par with Nio, but way bigger than Honda, slightly smaller than Ford (because that makes sense for a pre-revenue company).

The consumer price index surged 6.2% from a year ago in October, the most since December 1990. Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since November of the same year. Energy, shelter and vehicle costs led the gains, which more than wiped out the wage increases that workers received for the month. Shelter costs, which make up one-third of the CPI computation, increased 0.5% for the month and are now up 3.5% on a year-over-year basis, pointing to more reasons for concern that inflation could be more persistent than policymakers anticipate.

General Electric plans to break into three separate companies, effectively ending its status as America’s best-known industrial conglomerate after years of trying to respond to flaws in its model exposed by the financial crisis. The split into three public companies focused on healthcare, energy and aviation marks the final step in the undoing of the sprawling group created by Jack Welch at the end of the last century. It is also the boldest move yet by chief executive Larry Culp in his years-long effort to streamline the diversified company, which has faced growing investor pressure over its underperformance.