SpaceX, of course, is also one of the biggest AI stocks on the planet, even though many laypeople think of the company as a rocket stock<\/a> or a satellite internet company. At its core, however, SpaceX’s growth opportunities are fueled by its investments in AI. The same is true for Tesla. <\/p>\n If you needed even more proof that Tesla is being valued as an AI stock, not an EV stock, all you need to do is review the company’s recent quarterly earnings announcement. Tesla sold 480,126 vehicles globally last quarter. That’s a 25% increase over the prior year, meaningfully exceeding Wall Street estimates of roughly 400,000 vehicles. And yet shares fell 14% on the announcement. Why? Because the company reported lackluster results for its AI-backed initiatives, including robotics and robotaxis. <\/p>\n While Tesla’s valuation dipped below $1 trillion following quarterly earnings, investors are still likely attributing hundreds of billions of dollars to the company’s AI efforts. And yet there’s another EV maker attempting to pivot toward AI, and it still has a market cap of just $23 billion. If you’re looking for the next Tesla, this could be it. <\/p>\n Earlier this year, I named Rivian Automotive\u00a0(NASDAQ: RIVN) my top growth stock for 2026<\/a>. There were two primary reasons for this. <\/p>\n First, Rivian began deliveries of its third EV model — the R2 SUV — in June. This is Rivian’s first model priced under $50,000. The company also has plans to release two additional affordable models — the R3 and R3X — both of which should also cost less than $50,000. <\/p>\n Story Continues <\/p>\n Given that the vast majority of U.S. car buyers want to spend less than $50,000 on their next vehicle purchase, having more affordable models in its lineup allows Rivian to tap the mass market like never before, similar to what the Model 3 and Model Y did for Tesla. For context, those two models currently account for well over 90% of Tesla’s auto sales, underscoring the importance of EV options priced below the $50,000 threshold. <\/p>\n I expect Rivian’s R2 SUV to help significantly scale sales, making the company more of a household name and bringing it closer to full profitability. All of this leads to my second reason for liking Rivian stock right now: its AI ambitions. <\/p>\n Rivian recently dropped its 2027 profit guidance due to accelerated investments in AI. While Tesla can physically manufacture the cars necessary for its robotaxi fleet, many other robotaxi divisions don’t have the same advantage. That means these robotaxi operators need to source vehicles from other EV companies. With a new affordable model in its lineup, Rivian has positioned itself well. A $1.25 billion order for up to 50,000 R2 SUVs from Uber Technologies earlier this year added significant social validation to Rivian’s approach. <\/p>\n Rivian’s AI investments — investments that will help its vehicles reach full self-driving capabilities — will take time to pay off. But over the next few years, the company should have several affordable models in its lineup, plus a technology stack that robotaxi operators will covet. With a market cap of just $22 billion, Tesla investors should strongly consider Rivian as a higher-risk\/higher-upside investment. <\/p>\n Should you buy stock in Rivian Automotive right now? <\/p>\n Before you buy stock in\u00a0Rivian Automotive, consider this: <\/p>\n The Motley Fool\u00a0Stock Advisor\u00a0analyst team just identified what they believe are the\u00a010 best stocks<\/a>\u00a0for investors to buy now\u2026 and\u00a0Rivian Automotive\u00a0wasn’t one of them.\u00a0The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. <\/p>\n Consider when\u00a0Netflix\u00a0made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation,\u00a0you’d have $379,662!*\u00a0Or\u00a0when\u00a0Nvidia\u00a0made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation,\u00a0you’d have $1,206,116!* <\/p>\n That performance is why people listen. With a track record of\u00a0beating the S&P 500 by 4x,\u00a0Stock Advisor\u00a0offers a distinct advantage. Don’t miss the latest top 10 list, available with\u00a0Stock Advisor, and join an investing community built for the long haul. <\/p>\n See the 10 stocks \u00bb<\/a> <\/p>\n *Stock Advisor returns as of July 28, 2026. <\/p>\n Ryan Vanzo<\/a> has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Uber Technologies. The Motley Fool has a disclosure policy<\/a>. <\/p>\n<\/a> Image source: Rivian. This Tesla competitor could be the next big AI stock <\/p>\n