MercadoLibre (MELI) to Use Digit Robots in Texas Warehouse

MercadoLibre, Inc. (NASDAQ:MELI) is one of the 14 Most Promising Fintech Stocks to Invest In. On December 10, MercadoLibre, Inc. (NASDAQ:MELI) and Agility Robotics announced a commercial agreement. Agility Robotics is the creator of the leading humanoid robot called Digit.

This agreement will bring Agility Robotics’ Digit humanoid robot into MercadoLibre, Inc.’s (NASDAQ:MELI) facility in San Antonio, Texas. Initially, Digit will help with tasks that support commerce fulfillment.

MercadoLibre (MELI) to Use Digit Robots in Texas Warehouse

MercadoLibre, Inc. (NASDAQ:MELI) and Agility Robotics also plan to find more use cases where AI-powered humanoids can support and add value to logistics operations in MercadoLibre, Inc.’s (NASDAQ:MELI) warehouses across Latin America.

The main goal here is to automate jobs that are hard to recruit for, especially those that are extremely repetitive and physically difficult. This could help improve safety for the company’s workers and also reduce labor gaps. By using robots and automating these tasks, MercadoLibre, Inc. (NASDAQ:MELI) hopes to increase productivity and allow employees to focus on more value-added work.

In other news, on December 5, TipRanks reported that Citi analyst Joao Soares reiterated a Buy rating on MercadoLibre, Inc. (NASDAQ:MELI). The research firm has a price target of $2,500 on the stock.

On December 3, TipRanks reported that BTIG analyst Marvin Fong reaffirmed a Buy rating on MercadoLibre, Inc. (NASDAQ:MELI) with a price target of $2750.00.

MercadoLibre, Inc. (NASDAQ:MELI) is the leading e-commerce and financial technology company in Latin America with a presence in 18 countries.

While we acknowledge the potential of MELI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MELI and that has a 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.