Rivian falls; announces custom AI chip

Rivian's RIVN.O shares fall 8.5% to $16.01 in afternoon trading

RIVN unveils first custom computer chip for self-driving and a new paid driver-assistance package called Autonomy+

Rivian says its longer-term goal is Level 4 autonomy, in which a vehicle can operate without human input in certain conditions

The new chip, called the Rivian Autonomy Processor, will boost the vehicles' capacity to process data from cameras, LIDAR and other sensors

RIVN also launches an AI Assistant to manage some vehicle functions, sync with apps and flag potential repair issues

Up to Wednesday's close, RIVN had risen over 30% YTD