Symbotic is an AI-powered warehouse technology that has deals with Walmart, Target and Albertsons. Its stock is up a lot, and Walmart is a big shareholder.
Most investors would say Softbank's big artificial intelligence bet is the chip company Arm Holdings, which just went public.
"I've seen a lot of robotics tech and I've never seen anything like it in my life," TD Cowen analyst Joseph Giordano said."Compared to what it replaces, it's like day and night."It might even mute the memory of Softbank's most disastrous commercial real estate management investment ever, the notorious office-sharing company WeWork.
Softbank, perhaps not surprisingly, doesn't like the WeWork analogy even being mentioned, with spokesperson Kristin Schwarz declining an interview request for Vikas Parekh, Softbank's representative on Symbotic's board , after the firm learned CNBC would ask about it. Symbotic has generated stock-market excitement even before the GreenBox deal. Its shares are up 190% this year.
But the biggest innovation the tech allows is in business models, rather than in technology itself. That hasn't spread outside of giant companies yet, but Giordano and Mason say they think it will. Symbotic and C&S have made the 71-year old Cohen one of America's richest men, with a net worth hovering around $15.9 billion, according to Forbes.
But the rise of Greenbox more than doubles Symbotic's potential market, and nearly doubles its backlog. Symbotic has said that its total market is about $432 billion, a figure chief strategy officer Bill Boyd repeated on the conference call when the GreenBox alliance was announced. Early adopters will be in businesses like grocery and packaged goods, with Symbotic expanding into pharmaceuticals and electronics over time, according to Symbotic's annual federal regulatory filing this year.
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