Shares of robotics giant Symbotic (SYM 15.53%) rallied about 16% on Wednesday as of 3 p.m. EDT.

There wasn't much in the way of company-specific news today; however, a comment from Amazon (AMZN 0.20%) CEO Andy Jassy may have made investors more bullish on the future of warehouse automation and robotics. Considering Symbotic's leadership in the space and low public float, the stock made a dramatic move higher on the news.

AI is going to replace jobs: Jassy

Today, Amazon CEO Andy Jassy wrote a memo to employees, describing how Amazon is using artificial intelligence (AI) to its benefit across its entire business empire, from the Amazon retail site to the Amazon Web Services (AWS) cloud platform, to its fulfillment network. Over time, Jassy stated, "We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs."

Specifically regarding Amazon's warehouses, Jassy noted, "In our fulfillment network, we're using AI to improve inventory placement, demand forecasting, and the efficiency of our robots--all of which have improved cost to serve and delivery speed."

Why would that lead to such a big surge in Symbotic's stock? Well, for all its big customers, including Walmart (WMT 1.08%), Target, and grocery chain Albertsons, investors may have been a bit unsure exactly how big Symbotic's business can get. So, Jassy's comments today may have increased conviction that fully automated warehouses are, in fact, the future.

In addition, Symbotic's publicly traded float accounts for a relatively small amount of total shares outstanding. As of last September's annual report, the company's public A shares only comprise 18% of all shares outstanding, with the remainder held by the company's founders and large customer Walmart. Additionally, that small float had a high short interest on it, with roughly 40% of the public float and 15% of total shares outstanding sold short. So, today's positive sentiment change may be forcing short sellers to cover, turbo-charging the rally.

Image source: Getty Images.

Symbotic isn't cheap but is an interesting play on AI

When factoring in the non-public shares, Symbotic trades at about 10 times trailing-12-month sales, while profitability is still a touch below breakeven.

While the stock isn't cheap, last quarter also saw Symbotic post 40% revenue growth. And while current revenues are dominated by a single customer in Walmart, if automated warehouses and factories become the "must have" norm across the global economy, Symbotic is well positioned as the current industry leader for customers who don't have their own robotics technology, as Amazon does.