Rivian Shares Surge to 12-Month High Amid AI Chip Pivot
Rivian Automotive Inc. (RIVN) soared to a new 12-month high above $22, marking a dramatic reversal for the once-struggling electric vehicle maker. The rally follows Rivian's December 11 announcement of its shift into AI chip development, a MOVE that has reignited investor interest in the stock.
The shares' vertical climb reflects market Optimism about Rivian's strategic pivot, though the company remains far below its all-time peak above $86. This resurgence comes after years of underperformance compared to EV sector peers, with RIVN previously languishing near $10 lows.
Industry observers note Rivian's timing aligns with a broader rush toward AI adoption across sectors. However, skepticism remains about the company's ability to deliver tangible results in semiconductor manufacturing—a challenge that has tripped up established tech firms like Oracle in the past.
