We recently published 10 Big Names Leaving Wall Street in the Dust; 4 at Fresh Highs. Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the best performers on Friday.
Rivian Automotive saw its share prices jump to a new 52-week high as investors took heart from its artificial intelligence and automation ambitions.
At intra-day trading, the stock soared to as high as $19.60 before paring gains to end the day just up by 12.11 percent at $18.42 apiece, marking a recovery from the two previous days’ losses.
Image by Varun Kulkarni from Pixabay
This followed announcements from its “Autonomy and AI Day” on Thursday that it would expand its AI and automation initiatives, as well as internally developed silicon chips called the Rivian Autonomy Processor, in a bid to keep up with the rapidly growing industry.
The chips will be produced by Taiwan Semiconductor Manufacturing Co.
Following the news, investment firm Needham & Company raised its price target to $23 per share, noting that Rivian Automotive, Inc. (NASDAQ:RIVN) signaled a shift from being an autonomous automaker to leveraging AI to build end-to-end autonomy. The price target marked a 25 percent upside potential from Rivian Automotive, Inc.’s (NASDAQ:RIVN) latest closing price.
Meanwhile, BNP Paribas said that the automaker “exceeded our expectations and cements our view for Rivian to become the number 2 North America EV player, even leapfrogging Tesla right now in certain AI-integration areas.”
While we acknowledge the potential of RIVN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
