Walmart Discloses It Holds a 62.2% Stake in Symbotic. The AI Company’s Shares Surge.

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Symbotic

shares were rising sharply Tuesday after

Walmart

disclosed it holds a 62.2% stake in the artificial intelligence supply chain technology company.

Symbotic

(ticker: SYM) shares gained 28.5% to $21.58 in premarket trading. The stock’s high over the past year is $20.77.

Walmart

(WMT) rose 0.6% early Tuesday.

In a regulatory filing, Walmart disclosed it owns almost 59 million shares of Symbotic.

In late May, it was announced that Symbotic’s robotics and software automation platform would be installed in all 42 of Walmart’s regional distribution centers. Previously, the agreement was for 25 regional distribution centers.

Symbotic went public earlier this month in a merger with SVF Investment Corp. 3, a SPAC company.

Write to Joe Woelfel at [email protected]