Rivian (RIVN) Touches New 52-Week High on AI Ambitions

We precocious published 10 Big Names Leaving Wall Street successful the Dust; 4 astatine Fresh Highs. Rivian Automotive, Inc. (NASDAQ:RIVN) is 1 of the champion performers connected Friday.

Rivian Automotive saw its stock prices leap to a caller 52-week precocious arsenic investors took bosom from its artificial quality and automation ambitions.

At intra-day trading, the banal soared to arsenic precocious arsenic $19.60 earlier paring gains to extremity the time conscionable up by 12.11 percent astatine $18.42 apiece, marking a betterment from the 2 erstwhile days’ losses.

Image by Varun Kulkarni from Pixabay

This followed announcements from its “Autonomy and AI Day” connected Thursday that it would grow its AI and automation initiatives, arsenic good arsenic internally developed silicon chips called the Rivian Autonomy Processor, successful a bid to support up with the rapidly increasing industry.

The chips volition beryllium produced by Taiwan Semiconductor Manufacturing Co.

Following the news, concern steadfast Needham & Company raised its terms people to $23 per share, noting that Rivian Automotive, Inc. (NASDAQ:RIVN) signaled a displacement from being an autonomous automaker to leveraging AI to physique end-to-end autonomy. The terms people marked a 25 percent upside imaginable from Rivian Automotive, Inc.’s (NASDAQ:RIVN) latest closing price.

Meanwhile, BNP Paribas said that the automaker “exceeded our expectations and cements our presumption for Rivian to go the fig 2 North America EV player, adjacent leapfrogging Tesla close present successful definite AI-integration areas.”

While we admit the imaginable of RIVN arsenic an investment, our condemnation lies successful the content that immoderate AI stocks clasp greater committedness for delivering higher returns and person constricted downside risk. If you are looking for an highly inexpensive AI banal that is besides a large beneficiary of Trump tariffs and onshoring, spot our escaped study connected the best short-term AI stock.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.