Joby Aviation today completed its first commercial flight from New York's JFK Airport to Manhattan. This milestone is real and operational—not a test, but the starting point of commercial operations. It rose 6.4%, which feels less significant than the event itself.
The eVTOL sector has been hyped too many times with "the next milestone," and the market is now pricing it more cautiously.
Is this a true commercial inflection point, or will the real valuation repricing only come after scaled operations are underway?
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