Stock Track | Rivian Automotive Plummets 9.49% Intraday as Wall Street Skeptical of AI Ambitions

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Rivian Automotive, Inc. (RIVN) saw its shares drop sharply by 9.49% during intraday trading on Thursday, reflecting investor skepticism about the company's newly announced autonomy and AI initiatives.

The decline followed Rivian's first "Autonomy and AI Day," where it unveiled its proprietary Rivian Autonomy Processor (RAP1) and a $2,500 driver-assistance package, Autonomy+. Despite the technological advancements, analysts expressed concerns over the high costs of developing in-house AI chips and scaling autonomous driving features, compounded by Rivian's ongoing cash burn. The stock's slump also mirrored a broader downturn in AI-related stocks.

CEO R.J. Scaringe outlined ambitious plans for Level 4 autonomy and a subscription-based revenue model, but the market reaction suggests doubts about Rivian's ability to execute these plans profitably in the near term.

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