Latest news with #PonyAI
Yahoo
13 hours ago
- Business
- Yahoo
Pony AI (PONY) Soars 11.98% on Uber Acquisition
Pony AI Inc. (NASDAQ:PONY) is one of the . Pony AI grew its share prices by 11.98 percent on Thursday to finish at $14.58 apiece following news that Uber Technologies Inc.'s (NYSE:UBER) co-founder, Travis Kalanick, is setting his sights on the Chinese robotaxi firm's US subsidiary. Pony AI Inc. (NASDAQ:PONY), which went public only last year, has been mulling over selling or spinning off its US subsidiary since 2022, even going as far as creating a copy of its software. Reports added that Uber Technologies Inc. (NYSE:UBER) is ready to back Kalanick's acquisition plan. Acquiring Pony AI Inc. (NASDAQ:PONY) would bring Kalanick back to the transportation business since he was pushed out of his own co-founded company in 2017. A worker assembling parts in an automotive factory for an autonomous vehicle. The buyout bid followed Pony AI Inc. (NASDAQ:PONY) and Uber Technologies Inc.'s (NYSE:UBER) partnership of expanding the former's international market presence, kicking off with key markets in the Middle East. While we acknowledge the potential of PONY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Business Insider
a day ago
- Automotive
- Business Insider
Pony AI Stock Spikes as Uber, Kalanick Circle Potential Deal
Pony AI (PONY) stock surged yesterday following reports that Uber Technologies (UBER) and its former CEO, Travis Kalanick, are in early discussions to acquire the U.S. arm of the autonomous driving company. The news has sparked investor excitement, signaling a possible comeback for Kalanick in the self-driving space and a strategic move by Uber to deepen its presence in AI-powered mobility. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Following the news, PONY stock soared by nearly 12% on Thursday. Meanwhile, UBER stock gained over 2%. Uber and Kalanick Reunite? According to market reports, Kalanick is working with investors to finance the acquisition of Pony AI's U.S. operations, and Uber may assist in making the deal happen. which went public last year, had already begun preparing its U.S. unit for a sale or spinoff in 2022. If the acquisition proceeds, it would mark Kalanick's return to the autonomous vehicle space after his exit from Uber in 2017. He is expected to manage while continuing to lead his ghost kitchen venture, CloudKitchens. According to Bloomberg Intelligence, any potential deal involving Kalanick would likely be valued at under $500 million, as currently generates no U.S. revenue. Uber to Deepen Push Into Self-Driving Tech For Uber, backing the Pony AI deal could signal a return to a more aggressive approach to autonomous vehicle development. During Kalanick's tenure, Uber focused on building in-house self-driving technology. But after his departure, the company shifted toward partnerships, now collaborating with over a dozen autonomous tech firms, including Alphabet's (GOOGL) Waymo. Earlier this week, Uber and Waymo expanded their partnership to Atlanta, boosting Uber's stock. Meanwhile, Pony AI's rival Tesla (TSLA) launched its long- awaited robotaxi service in Austin last weekend, intensifying the autonomous vehicle race. Is Pony AI a Good Stock to Buy? On TipRanks, PONY stock Pony AI share price target is $23.50, which implies an upside potential of over 60% from current levels.
Reuters
2 days ago
- Automotive
- Reuters
Breakingviews - Uber founder turns US-China rift to his advantage
HONG KONG, June 27 (Reuters Breakingviews) - Robotic taxis and geopolitical tensions offer Uber (UBER.N), opens new tab founder Travis Kalanick a lift back to the industry where he first made – and sullied – his name. The ride-hailing company is in talks with its former boss about the possibility of funding an acquisition of autonomous driving company Pony AI's (PONY.O), opens new tab U.S. arm, the New York Times reported, opens new tab on Thursday, citing sources. Kalanick has kept his distance from the mobility sector since his ouster as Uber CEO eight years ago, following a string of scandals. His current venture, CloudKitchens, specialises in commercial cooking spaces for takeaways. Now the rise of robotics has once again piqued his interest. He has experimented with automation in his new venture, and has discussed emerging tech including self-driving cars during increasingly frequent chats with his successor at Uber, Dara Khosrowshahi, the Times reported. Uber is likewise rekindling a fascination with the idea. Replacing drivers with software was once at the heart of its business plan. Khosrowshahi struck a deal to sell the company's cash-hungry autonomous vehicle unit in 2020, but he has since built a roster of robotaxi partners. They are not the only ones. A new generation of cheaper, smarter robotaxis makes the economics more compelling, Pony AI co-founder and CEO James Peng told Breakingviews on a podcast, opens new tab this week. Tesla launched a mini fleet of driverless cabs on Sunday. But tensions between Beijing and Washington mean the fledgling industry is increasingly fragmented, forcing U.S. and Chinese ventures to focus on their respective domestic markets. Rules announced in January, for example, will prohibit the import and sale of connected car hardware and software to the U.S. from the People's Republic. That's why Pony AI could be open to overtures from Kalanick. The $5 billion company said it had 'no plans for further expansion for the foreseeable future' for American operations in its IPO filings last year. The 101-strong team focuses on R&D and testing, and generated less than 1% of global revenue last year, per its annual results, opens new tab released in March, versus 15% in 2022. Pony seems prepared to bid the U.S. farewell. The company 'forked' its software in 2022 in anticipation of a split, the Times noted. The prospectus for its November initial public offering also flagged the risk of forced delistings. Just six months after its New York debut, it filed confidentially for a Hong Kong listing, Bloomberg reported. For both Pony and Kalanick, a deal could help engineer a fresh start. Follow Katrina Hamlin on Bluesky, opens new tab and Linkedin, opens new tab.
Yahoo
3 days ago
- Business
- Yahoo
Pony AI stock surges after NYT reports Uber-Kalanick talks for acquisition
-- Pony AI (NASDAQ:PONY) stock rose 15% after The New York Times (NYSE:NYT) reported that Uber (NYSE:UBER) is in preliminary talks with its former CEO Travis Kalanick to help fund his acquisition of the U.S. arm of the autonomous vehicle company. According to the report, Kalanick would run Pony AI if the deal is completed, while maintaining his current role as CEO of CloudKitchens. The financial details of the potential transaction were not disclosed. Pony AI, which went public last year in the U.S., currently has a market capitalization of approximately $4.5 billion. The discussions highlight Uber's growing concern over competition from self-driving taxi services like Waymo, which was spun out of Google (NASDAQ:GOOGL), and Tesla (NASDAQ:TSLA)'s recently unveiled robot taxi service in Austin. These autonomous vehicle services could potentially reduce demand for rides from human drivers. Pony AI, founded in Silicon Valley in 2016 but with its main presence in China, holds permits to operate robot taxis and trucks in both the United States and China. The company raised $260 million in its public offering last year. An Uber spokesperson declined to comment specifically on the deal talks but noted that the company "has a platform strategy, and we intend to work with multiple players in the U.S. and around the world who can safely bring autonomous technology to the world." If the deal materializes, it would mark a significant reunion between Uber and Kalanick, who was ousted from the company in 2017 following a boardroom coup. Related articles Pony AI stock surges after NYT reports Uber-Kalanick talks for acquisition India rejects a UN investigator offered to help probe into the 787 crash Raymond James lifts FactSet rating on cheaper valuation, signs of revenue rebound Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Uber in Talks to Fund Kalanick Bid to Buy Pony AI Unit, NYT Says
Uber Technologies Inc. is in talks with founder Travis Kalanick to help fund his acquisition of the US arm of Chinese self-driving firm Pony AI Inc., the New York Times reported. Shares of both companies jumped in Thursday trading. The talks are preliminary, according to the Times, citing two unnamed people. Kalanick would run Pony if the deal is completed while continuing to lead his current company, CloudKitchens, the report cited the people as saying. Financial details of the potential transaction were not known, the report said.
