Why Symbotic Rocketed Some 16% Higher Today
Shares of robotics giant Symbotic (NASDAQ: SYM) rallied about 16% on Wednesday as of 3 p.m. EDT.There wasn't much in the way of company-specific news today; however, a comment from Amazon (NASDAQ: AMZN) CEO Andy Jassy may have made investors more bullish on the future of warehouse automation and robotics. Considering Symbotic's leadership in the space and low public float, the stock made a dramatic move higher on the news.Today, Amazon CEO Andy Jassy wrote a memo to employees, describing how Amazon is using artificial intelligence (AI) to its benefit across its entire business empire, from the Amazon retail site to the Amazon Web Services (AWS) cloud platform, to its fulfillment network. Over time, Jassy stated, "We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs."Continue reading
Shares of robotics giant Symbotic (NASDAQ: SYM) rallied about 16% on Wednesday as of 3 p.m. EDT.
There wasn't much in the way of company-specific news today; however, a comment from Amazon (NASDAQ: AMZN) CEO Andy Jassy may have made investors more bullish on the future of warehouse automation and robotics. Considering Symbotic's leadership in the space and low public float, the stock made a dramatic move higher on the news.
Today, Amazon CEO Andy Jassy wrote a memo to employees, describing how Amazon is using artificial intelligence (AI) to its benefit across its entire business empire, from the Amazon retail site to the Amazon Web Services (AWS) cloud platform, to its fulfillment network. Over time, Jassy stated, "We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs."
