Serve Robotics Inc. (SERV) stock soared 7.52% in pre-market trading on Thursday, as robotics stocks surged following Symbotic's announcement of a $200 million deal to acquire Walmart's robotics business.
The deal involves Symbotic purchasing Walmart's robotics business for $200 million in cash to help expand the retail giant's automated supply chain. Additionally, Walmart will fund Symbotic's development of its pickup and delivery centers using AI-enabled robotics, with an initial order covering hundreds of stores for $520 million.
The news has sparked a broader rally in robotics stocks, with Symbotic itself rising 16%, Palladyne AI up 8%, Richtech Robotics up 7%, and Lifeward up 6% in morning trading. The positive sentiment surrounding the robotics industry and potential growth opportunities have likely contributed to Serve Robotics' surge.
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