Spin Master Acquires AI Sticker Firm; Serve Robotics Expands

The Bloomberg Money Minute highlights significant moves in both the toy and robotics industries, signaling a growing intersection with artificial intelligence. Toy conglomerate Spin Master, known for iconic brands like Rubik's Cube, Paw Patrol, and Kinetic Sand, is making a strategic leap into AI by acquiring Brooklyn-based startup Hapiko. Meanwhile, Serve Robotics is scaling its autonomous delivery operations through new and expanded partnerships.

Spin Master Enters AI Arena with Hapiko Acquisition

Spin Master's acquisition of Hapiko marks a notable entry for the established toy company into the artificial intelligence sector. Hapiko is the creator of Sticker Box, a machine designed to engage children with AI-powered creativity. The Sticker Box utilizes AI to generate images based on spoken ideas from users, which are then printed as stickers. These stickers are intended for children to color and collect, blending digital AI technology with a tangible, creative play experience. Sticker Box was launched last year, and the financial terms of the acquisition by Spin Master were not disclosed.

Serve Robotics Expands Delivery Network

In other business news, Serve Robotics is broadening its reach in the autonomous delivery space. The company is enhancing its collaborations with delivery partners, notably expanding its tie-up with DoorDash. Serve Robotics will now work with DoorDash in two additional cities: Washington, D.C., and San Jose. Furthermore, Serve has announced a new partnership with Grubhub, which will deploy its sidewalk robots in Los Angeles, Chicago, and Alexandria, Virginia. The company stated that these new business agreements will lead to the deployment of 2,000 delivery robots. This expansion comes as Serve Robotics winds down its previous collaboration with Uber.

The full discussion can be found on Bloomberg Podcast's YouTube channel.

Market Update: Futures Hold Steady

On the market front, stocks managed to achieve a third consecutive week of gains on Friday. This morning, S&P futures are holding steady, with tech shares showing positive movement. This indicates a continued investor interest in the technology sector amidst broader market stability.