Robotics Stocks Surge As Symbotic Signs $200 Mln Deal to Buy Walmart's Robotics Unit
Symbotic said on Thursday it would buy Walmart's robotics business for $200 million in cash to help expand the retailer's automated supply chain, sending robotics shares up in morning trading.
Symbotic rose 16%; Palladyne AI rose 8%; Richtech Robotics rose 7%; Lifeward rose 6%; Serve Robotics rose 4%.
The automation firm reached another agreement with Walmart to develop the retail giant's pickup and delivery centers using its artificial intelligence-enabled robotics platform.
As a result, Walmart would fund the development program and pay Symbotic $520 million, including $230 million at closing, for the new agreement that includes an initial order to cover hundreds of stores.
The robotics vendor, which has been helping Walmart automate its supply chain since 2017, said the acquisition was expected to close in the second quarter of fiscal 2025.
Retailers have been including AI-powered chatbots into their customer services, along with targeted promotions and loyalty programs, to entice shoppers who have increasingly turned to AI for better product recommendations.
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