We recently published an article titled Massive Sell-Offs Just Hit These 10 Stocks Today. In this article, we are going to take a look at where Pony AI Inc. (NASDAQ:PONY) stands against the other stocks.
Wall Street’s main indices finished mixed on Tuesday, as investors digested the country’s latest inflation figures, which came out lower than expected.
On Tuesday, the Labor Department reported that the Consumer Price Index for April rose by only 0.2 percent last month, bringing the annual inflation rate to 2.3 percent, versus the 2.4 percent in March. It was the lowest annual rate since February 2021.
Only the S&P 500 and the tech-heavy Nasdaq registered gains among all major indices, up by 0.72 percent and 1.61 percent, respectively. The Dow Jones, on the other hand, was down by 0.64 percent.
Beyond the main indices, 10 firms lagged in performance amid negative news, sparking sell-offs.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
A scientist at a computer station, surrounded by a neural network of artificial intelligence code.
Pony AI Inc. (NASDAQ:PONY)
Pony AI Inc. 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., 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. CEO James Peng.
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This article is originally published at Insider Monkey.