Massive Sell-Offs Just Hit These 10 Stocks Today

6. Pony AI Inc. (NASDAQ:PONY)

Pony AI snapped a five-day winning streak on Tuesday, dropping 10.56 percent to close at $17.95 apiece as investors resorted to profit-taking to take advantage of its higher valuation.

The company’s recent rally was boosted by its recent partnership with ride-hailing giant Uber Technologies Inc. (NYSE:UBER) to expand the former’s autonomous driving cars globally.

According to the companies, they joined forces to begin the launch of robotaxis in a key market in the Middle East later this year. The announcement provided a boost to Pony AI Inc. (NASDAQ:PONY), a ride-hailing giant based in China, as it would leverage Uber’s wide customer base globally.

During the initial phase, the robotaxis will remain supervised by safety operators onboard until the fully autonomous commercial launch.

“At Pony.ai, our vision is to develop autonomous driving technology that is not only safe and reliable but also scalable, transforming daily transportation,” said Pony AI Inc. (NASDAQ:PONY) CEO James Peng.