Serve Robotics Inc. saw its stock price fall 5.08% on Thursday, underperforming the broader market. This plummet came as rival robotics companies surged after Symbotic announced a major deal to acquire Walmart's robotics unit for $200 million.
While the deal bodes well for the robotics industry and automation of supply chains, it appears to have negatively impacted Serve Robotics' stock performance relative to its competitors. Symbotic rose 16%, while other robotics stocks like Palladyne AI, Richtech Robotics, and Lifeward also saw significant gains.
The $520 million agreement between Symbotic and Walmart involves developing AI-enabled robotics systems for Walmart's pickup and delivery centers. As one of Symbotic's rivals in the robotics space, Serve Robotics may have been perceived as a relative loser in this deal.
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