Richtech Robotics (RR) Climbs 23% on Deal With Retail Giant

We recently published 10 Big Names With Surprising Gains. Richtech Robotics Inc. (NASDAQ:RR) is one of the top performers of Monday.

Richtech Robotics Inc. (NASDAQ:RR) jumped by as much as 23 percent at intra-day trading on Monday before paring gains to end the day at $2.38 apiece after sealing an agreement to support automation and robotics adoption of one of the largest retailers in the world.

In a regulatory filing on Monday, Richtech Robotics Inc. (NASDAQ:RR) said it entered into a two-year master services agreement with an undisclosed retailing giant under which it will provide support to the latter’s automation and robotics needs.

Richtech Robotics (RR) Climbs 23% on Deal With Retail Giant

The agreement will automatically renew for one year unless either party provides written notice of non-renewal at least 60 days before the contract ends.

The deal comes amid the growing adoption of robotics and automation globally, as businesses seek to lower costs and improve operational efficiency.

In the retail industry alone, giant operators such as Amazon, Walmart, and Target, among others, have heavily adopted automation to streamline logistics networks.

Amazon alone committed earlier this year to invest $25 billion for the deployment of 1 million robots by 2030 as it aims to generate $10 billion in annual savings.

While we acknowledge the risk and potential of RR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RR and that has 10,000% upside potential, check out our report about this cheapest AI stock.