Rivian $RIVN ( ▲ 8.63% ) is getting a much warmer reception on Friday after investors slept on the company’s AI Day news. The stock jumped more than 16 percent in early trading, with call option volumes hitting roughly 70 percent of their 20 day average within the first 20 minutes. The rally pushed Rivian to its highest share price since January 2024.
The shift comes after Rivian’s Thursday event, where the company said it plans to replace Nvidia $NVDA ( ▲ 3.74% ) chips with its own in house silicon and teased a future robotaxi platform. Needham & Co. responded by raising its price target from 14 dollars to 23 dollars. Analyst Chris Pierce said the event “strengthened [Needham’s] conviction in RIVN’s longer term autonomy roadmap and points of differentiation vs legacy OEMs.”
Investors may not have reacted instantly yesterday, but today they’re clearly buying the story.