Core Insights - Rivian Automotive held its first "Autonomy & AI Day," revealing the development of an in-house AI chip, indicating progress towards fully autonomous vehicles [1] - Following the event, Rivian's shares increased significantly, including a 15% rise to reach a 52-week high, driven by an analyst's upgrade of the price target by 78% [2] - Baird analyst Ben Kallo raised his rating on Rivian to "buy" and increased the price target from $14 to $25 per share, reflecting a 42% potential gain [3] Product Development - Rivian is set to launch a new, more affordable R2 SUV, which is expected to enhance demand and brand recognition by 2026 [4] - The company plans to follow the R2 with the R3 crossover SUV, which could further stimulate demand [5] - The recent autonomy event highlighted Rivian's ambition to achieve the highest level of complete autonomy in its vehicles, suggesting future growth potential [5]