UPDATE: Symbotic shares jump 16% premarket after Walmart discloses 62.2% stake

Shares of AI supply chain company Symbotic Inc. rose 16% in premarket trade Tuesday after Walmart Inc. disclosed a 62.2% stake in the company. In a regulatory filing, Walmart said it had 58.8 million shares in Symbotic. In May, Walmart said it was adding Symbotic warehouse robotics to all 42 of its regional distribution centers. Previously, the agreement was for 25 of the facilities. Retrofitting all 42 facilities is expected to take more than eight years. The technology aims to speed store orders by moving merchandise in a more orderly fashion and increase inventory accuracy. Symbotic went public via a merger with a SPAC in early June. Walmart shares were up 0.6% premarket but have fallen 18% in the year to date, while the Dow Jones Industrial Average has also fallen 18%.

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