New Delhi, Dec. 12 -- Shares of electric vehicle maker Rivian Automotive experienced a major reversal on Friday, surging 18% to reach their highest level in nearly two years at $19.37. The rally, which added to the stock's approximately 24% year-to-date gain, was driven by bullish commentary from analysts who praised the company's integrated strategy for developing custom self-driving chips and artificial intelligence (AI).

The strong upward movement effectively erased the 6% decline the stock had experienced on Thursday following the company's inaugural Autonomy and AI Day. During the event, Rivian announced its plan to shift away from using Nvidia processors for autonomous driving and unveiled a competitively priced driver-assistance s...