Rivian $RIVN ( ▼ 2.25% ) picked a rough moment to host its “Autonomy and AI Day.” The stock is sliding heading into the event as investors continue dumping tech names after Oracle’s weak earnings triggered a broader AI sell-off.
The timing doesn’t help Rivian’s broader pitch. With EV demand slowing and tax credits rolling off, the company has been trying to reposition itself as an autonomy and AI player to win back Wall Street confidence. Morgan Stanley isn’t convinced, downgrading the stock to underweight this week and resetting its target to 12 dollars.
Rivian’s competitor Lucid $LCID ( ▼ 2.0% ) is feeling the pressure too. The company, which recently announced plans for a privately owned autonomous vehicle built with Nvidia $NVDA ( ▲ 3.08% ) technology, also received a downgrade as investors reassess both the EV sector and the AI trade tied to it.