Rivian Automotive Inc (NASDAQ:RIVN) shares are trading higher by 4% to $16.87 during Wednesday's session amid overall market strength. Major indexes are higher as chip and tech stocks gain following strong earnings from Advanced Micro Devices, Inc..
The semiconductor industry, particularly companies like AMD, plays a crucial role in the production of electric vehicles (EVs). Strong performance and positive outlooks in the semiconductor sector can boost investor confidence in EV manufacturers, as semiconductors are vital components in EVs.
Innovations and advancements in semiconductor technology also directly benefit EV companies by providing more efficient, powerful, and cost-effective components. AMD's strong performance may indicate such advancements, which in turn could enhance Rivian's product offerings.
Read Also: Boeing's Q2 Earnings: Huge Revenue Decline, Lower Deliveries, Names Former Aerospace Industries Association Chair Kelly Ortberg As New CEO
How To Buy RIVN Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
According to data from Benzinga Pro, RIVN has a 52-week high of $27.64 and a 52-week low of $8.26.