Serve Robotics, the Nvidia-backed company specializing in last-mile delivery solutions, saw its stock surge on Wednesday following the announcement of a new partnership with Shake Shack. Under this agreement, Serve’s delivery robots will handle Shake Shack orders through Uber Eats in Los Angeles.
The company’s shares received a significant boost last month after Nvidia, a major player in the artificial intelligence sector, revealed it had acquired a roughly 10% stake in Serve Robotics. This investment led to a notable increase in Serve’s stock price, which had recently been trending lower.
In its second-quarter earnings report, Serve Robotics outlined plans to deploy 250 additional robots by early 2025, moving closer to its goal of deploying 2,000 robots under its existing deal with Uber Eats. The Shake Shack partnership underscores Serve’s strategic growth and expands its operational footprint.
Despite recent fluctuations, Serve’s stock rose by 9.6% to $11.37 on Wednesday, reflecting positive market reactions to the new delivery deal.
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