Autonomous delivery provider Serve Robotics (NASDAQ:SERV) stock plunged after a Friday regulatory filing disclosed Nvidia Corp (NASDAQ:NVDA) held no stake in the company.

A July 18, 2024 filing disclosed that Nvidia held 3.73 million shares in the robotics company, implying a 10% stake.

Serve Robotics has developed an AI-robotics mobility platform, with last-mile delivery in cities as its first application that serves people in public areas, starting with food delivery.

Also Read: Nvidia Reveals 3.6% Stake In Applied Digital, Stock Soars

Serve Robotics Ali Kashani sold 46,425 common stock in 2025, shortly after the company announced a $80 million registered direct offering to support general corporate purposes, including working capital.

Serve Robotics raised $86 million in December 2024 (bringing its total funding for the year to $167 million) to develop its third-generation robots, scale operations, and enter new markets.

Serve Robotics reported a third-quarter revenue of $0.22 million, up from $0.06 million a year ago. As of September 30, 2024, the company held $50.9 million in cash and cash equivalents.

Last October, Northland Capital Markets analyst Michael Latimore initiated coverage on the stock, citing its innovative use of autonomous delivery robots, highlighting their efficiency in lowering delivery costs.

Price Action: Serve Robotics stock is down 38.1% at $14.31 in premarket at last check Friday.

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This article Serve Robotics Tumbles After Nvidia Exit Shakes Investor Confidence originally appeared on Benzinga.com

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