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After weeks of struggling and high volatility, many tech stocks are back in the green today, including Rivian Automotive (RIVN) .
The electric truck and SUV producer made a massive splash in November 2021 with its record-setting initial public offering (IPO). But in the years since, it has been forced to work hard to remain competitive in an increasingly competitive electric vehicle (EV) market and an increasingly uncertain economy.
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While Tesla’s (TSLA) place as leader of the EV sector still appears precarious, Rivian hasn’t been able to demonstrate it's a truly formidable rival, as some experts once framed it. That said, over the past two quarters, RIVN’s performance has been extremely similar to Tesla's; both stocks have risen roughly 10%.
However, Rivian has recently reported something unexpected that has pushed shares up today and could help usher in a turnaround if its progress on this front continues.
Rivian is going all in on a red-hot type of technology
Over the past few years, many companies in the EV space have realized the importance of embracing artificial intelligence (AI) and using it to enhance their products. Tesla helped lead the charge in this area, but its use of AI has led to many questions, particularly concerning its autonomous driving technology and the crashes to which it's been linked.
Related: Analysts agree to disagree on Rivian's "empty" 2025
Rivian just took a major step toward utilizing AI by appointing a key figure in the space to its board of directors. An 8-K filing with the U.S. Securities and Exchange Commission (SEC) dated April 21 reveals that Aidan Gomez, founder and CEO of AI enterprise startup Cohere, has been elected to the company’s board.
Noted for his expertise in the fields of AI research and data science, Gomez is an established leader in both areas. He previously served as a key member of Google Brain, a deep learning research and intelligence team that helped lay the groundwork for Google’s AI innovations.
Now he will be lending this expertise to Rivian as the company prepares to continue establishing itself as a key player in the industry. This decision from Rivian shows that it plans to further its AI endeavors, offering investors exposure to multiple fast-growing markets.
In a LinkedIn post published today, Gomez revealed that his work with Rivian will include work in areas spanning autonomy, manufacturing, and large language models (LLMs).
“We are thrilled to welcome Aidan to the Rivian board,” states Rivian founder and CEO RJ Scaringe. “Aidan has demonstrated exceptional leadership in the rapidly evolving AI industry, and his thinking and expertise will support Rivian as we integrate new, cutting-edge technologies into our products, services, and manufacturing.”
