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

Updated June 21, 2022 9:34 am ET / Original June 21, 2022 6:54 am ET

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Walmart owns almost 59 million shares of Symbotic. Photo by George Frey/Getty Images

Symbotic shares were soaring Tuesday after Walmart disclosed it holds a 62.2% stake in the artificial intelligence supply chain technology company.

Symbotic (ticker: SYM) shares gained 58.3% to $26.59 on Tuesday. It rose to as high as $28.48. Walmart (WMT) rose 0.7%.

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 joseph.woelfel@barrons.com

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