U.S. Stocks Open Higher on Tuesday; Serve Robotics Jumps Another 14%

Tiger Newspress07-30

US stocks rose on Tuesday as investors digested key corporate earnings and looked to the beginning of the Federal Reserve’s policy meeting.

The broad market index gained 0.2%, while the Dow Jones Industrial Average climbed 103 points, or 0.3%. The Nasdaq Composite advanced 0.4%.

Serve Robotics shares jumped another 14% in morning trading on Tuesday after soaring 46.7% on Monday.

Serve Robotics is rising due to excitement surrounding fireside chats featuring Nvidia CEO Jensen Huang that had be held at the SIGGRAPH 2024 conference Monday. Serve stock has seen explosive gains after it was revealed that Nvidia owned a stake in the company.

While Jensen Huang's highly anticipated fireside chats at the SIGGRAPH 2024 conference failed to provide any significant updates or announcements related to the company's robotics strategy or its investment in Serve Robotics.

Serve is a last-mile-delivery robotics specialist that was spun off from Uber in 2021 and continues to have deals with the company's Uber Eats division and other partners, including 7-11. The company's sidewalk-delivery robots make use of artificial intelligence (AI) technologies for navigation capabilities and are already being used for food deliveries.

Serve Robotics received a massive profile boost after Nvidia published a regulatory filing with the Securities and Exchange Commission (SEC) on July 18 disclosing that it owned roughly 10% of the company following the recent redemption of promissory notes.

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Vanthahuo
07-30
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