10 AI Stocks Investors Are Watching Closely

7. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 41

Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the 10 AI Stocks Investors Are Watching Closely. On August 12, Morgan Stanley analyst Adam Jonas lowered the price target on the stock to $12.00 (from $13.00) while maintaining an Equal Weight rating.

The price target cut comes amid concerns about the upcoming R2 vehicle launch amidst challenging demand conditions for electric vehicles. Significant capital is also required to compete in autonomous robotization.

“We believe Rivian can play a role in AI-enabled autonomy, but remain cautious on the ‘steering-wheel-having’ R2 into a tough demand backdrop for EVs and capital requirements to participate in the robotization of autos. The VW relationship reduces stock volatility but potentially the opportunity.”

Rivian Automotive, Inc. (NASDAQ:RIVN) is an automaker that creates and manufactures electric vehicles, as well as software and services.