With the advances in the field of artificial intelligence (AI), chatbot platforms like ChatGPT by OpenAI, as well as Google Bard, have become increasingly commonplace and utilizable in the analysis of the stock market, as recently observed in the case of Rivian Automotive (NASDAQ: RIVN).
Indeed, the stock of the American electric vehicle (EV) manufacturer Rivian has had an interesting year, ranging from the lows of $12 in April to yearly highs of $27.64 reached in late July, as well as the recent push from $18 to above the $22 threshold in the last few days.
As it happens, Rivian’s recent success coincides with the announcement that it would be supplying its electric commercial vans and trucks for the fleet of the world’s largest telecom company, AT&T (NYSE: T), in a pilot deal set to take effect early next year, as the EV manufacturer stated on December 14.
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With this in mind, Finbold has asked ChatGPT’s most recent model, GPT-4, to provide insights on the price of the Rivian stock at the start of 2024 from the present viewpoint as of December 15, 2023 – and the platform delivered.
ChatGPT’s estimate for Rivian stock
Indeed, the AI platform has predicted that the price of the Rivian stock at the beginning of the next year could end up somewhere within the range of $20 and $30, in line with the “recent analyst price targets and the current stock price, indicating a moderate growth potential.”
Specifically, as it explained:
“Based on historical data and recent developments, it’s reasonable to anticipate a potential price range for Rivian’s stock at the start of 2024 to be within the range of $20 to $30 per share.”
According to ChatGPT, there are multiple factors to take into account when trying to predict the future price of the Rivian stock, including “recent trends and developments, (…) positive analyst ratings and price target upgrades from firms such as Stifel and Canaccord Genuity, [and] strategic partnerships with Amazon (NASDAQ: AMZN) and AT&T.”
Rivian stock price analysis
As things stand, the price of Rivian stock at press time amounted to $22.43, indicating an impressive increase of 14% on the day, in addition to gaining 16.88% in the last week and advancing as much as 30.1% across the past month, as the most recent charts indicate.
Overall, the Rivian stock has enough momentum to reach the price in the upper range of ChatGPT’s predictions, with a positive short-term trend and an average volume of nearly 43 million traded shares per day, which suggests optimal liquidity and is typically a good sign.
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