Rising retail wages will fuel “hyper growth” in demand for warehouse robotics, the SoftBank-backed company that is automating all of Walmart’s US distribution centres predicted as its valuation more than doubled to $10bn on its first day of trading.
Symbotic, which uses artificial intelligence and fleets of wheeled devices to help retailers store packages and assemble pallets in their warehouses, raised $725mn through a merger with a special purpose acquisition company that is affiliated with SoftBank.
Shares in Symbotic jumped by 120 per cent to close at $20.07 on Wednesday, giving it an equity value of just over $10bn.
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