Serve Robotics (SERV) Expands AI-Powered Robot Delivery Into Laundry Services Through NoScrubs Deal

Serve Robotics Inc (NASDAQ:SERV) is one of the best AI stocks under $10 to buy now. While Serve Robotics shares are down roughly 45% year-to-date, analysts see the pullback as a buying opportunity as they expect the stock to surge more than 190% over the next 12 months. Some 14 hedge funds have stakes in Serve Robotics stock.

Serve Robotics Inc (SERV) Adds Laundry to Food Delivery

alex-knight-2EJCSULRwC8-unsplash

On June 2, Serve Robotics Inc (NASDAQ:SERV) announced a deal to expand its AI-powered robot delivery service beyond the food industry. The company said that NoScrubs will use its sidewalk autonomous robots to deliver laundry orders. NoScrubs offers laundry services across seven major metros. It picks up clothes from customers, then washes, dries, folds, and sends them back.

Serve Robotics operates a fleet of roughly 2,000 robots across the US, and it primarily delivers restaurant meals. It will fulfill NoScrubs laundry orders along with food deliveries in shared markets. This will involve picking up clothes and returning them after the laundry service. According to Serve Robotics, laundry pickup and returns usually happen outside food delivery peak hours.

NoScrubs will assign orders to Serve based on availability and storage needs. Serve Robotics considers laundry delivery as another expansion vertical. It also sees opportunities in grocery, pharmacy, retail, and dry cleaning markets.

Serve Robotics Inc (NASDAQ:SERV) builds AI-powered sidewalk delivery robots. These autonomous robots are used for last-mile food and goods deliveries. The company has a large fleet of robots serving thousands of restaurants across major cities.

While we acknowledge the risk and potential of SERV 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 SERV and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Most Promising Healthcare Stocks According to Wall Street Analysts and 15 High-Growth Large-Cap Stocks to Invest In Now.

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1