Archer Aviation Inc. (ACHR) witnessed a remarkable pre-market surge of 7.83% on Friday, driven by two key factors – a strategic agreement with Abu Dhabi and a surge in retail investor interest fueled by the Reddit community.
The electric aircraft company announced an agreement with cross-industry stakeholders in Abu Dhabi to launch the first commercial electric air taxi flights. This groundbreaking partnership with the Abu Dhabi Investment Office aims to facilitate the safe launch of commercial eVTOL (electric vertical take-off and landing) operations in Abu Dhabi as soon as possible.
Additionally, Archer Aviation's stock soared as it became a heavily discussed "meme stock" on Reddit's popular WallStreetBets forum. The growing influence of retail investors congregating on the forum drove a broader rally in US equities, with Archer Aviation becoming a target of the "fear of missing out" (FOMO) frenzy propelling stocks like GameStop (GME) and AMC Entertainment (AMC) to record highs.
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