Robinhood Buys AI-Powered Platform Pluto [Video]

Shares of Robinhood Markets (HOOD) climbed about 1% to $22.85 in intraday trading Monday after the online trading site moved to add an artificial intelligence (AI)-powered investment research platform to its portfolio.

Robinhood said it is acquiring Pluto Capital, which it said “delivers highly-customized investment strategies based on customer needs and financial goals.” Financial details were not disclosed.

Robinhood said that the addition of Pluto’s AI technology will give its customers enhanced data analytics capabilities, personalized investment strategies, and real-time insights and portfolio optimization. 

Pluto Capital founder and CEO Jacob Sansbury will join Robinhood to “accelerate our product roadmap and help integrate AI-powered capabilities across the Robinhood platform,” the company said.

With Monday’s gains, Robinhood shares have added 80% in 2024 so far. The company in late May announced a $1 billion buyback program.