Shares of Serve Robotics (SERV 4.09%), a maker of food delivery robots, were moving higher for the second day in a row today, even though there was no news out on the emerging technology company.
Instead, the stock seems to be getting bid higher in line with Tesla's recent gains, as CEO Elon Musk has been talking up Tesla's robotics program as its electric vehicle business fizzles. Emerging technology stocks in areas like quantum computing, electric vertical takeoff and landing (eVTOL) vehicles, and solid-state batteries have all soared in recent months, and investors appear to be looking for a start-up with exposure to robotics and seeing Serve Robotics as a good candidate.
At 10:44 a.m. ET, the stock was up 9.3% after gaining 6.8% yesterday. At the same time, Tesla was up 5.4%.
Additionally, multiple quantum computing stocks were up double digits, showing investor interest in emerging stocks is mounting.
Image source: Serve Robotics.
What's happening with robotics
Earlier this month, Tesla CEO Elon Musk posted on X that "80% of Tesla's value will be Optimus," referring to the company's autonomous robot, which is still in development.
That enthusiasm and prediction could be enough to send some investors flocking to Serve Robotics, even though it doesn't have a relationship with Tesla.
However, any interest in robotics is likely to benefit the company, which works closely with Uber Eats to deliver food from a range of restaurants.
What's next for Serve Robotics
Serve Robotics is still essentially a development-stage business with revenue in its latest quarter of $642,000. That was up 37% from the quarter a year ago, but its net loss also more than doubled to $20.9 million.
With a market cap of less than $1 billion, there's plenty of room for Serve to move higher if investor enthusiasm pushes it that way, but the fundamental case for the stock is still thin at this point.
