"A new tool launched by Algorhythm, a former maker of in-car karaoke systems turned AI company with a market capitalisation of just $6m (4.4m), sparked a sell-off on Thursday that made the logistics industry the latest victim of AI jitters that have already rocked listed companies operating in the software and real estate sectors. The announcement about the performance capability of Algorhythm's SemiCab platform,"
"However, the impact of the announcement sent the Russell 3000 Trucking Index which tracks shares in the US trucking sector down 6.6% on Thursday, with CH Robinson Worldwide plunging 15% by the close of trading, having been down as much as 24%. The fall across the sector Landstar System dropped 16%, RXO 20.5% and JB Hunt Transportation Services and XPO both about 5% was the worst since Donald Trump's tariff trade war in April last year."
Shares in US and European trucking and logistics companies plunged after Algorhythm introduced an AI tool that claimed major freight-scaling improvements. Algorhythm said its SemiCab platform was helping customers scale freight volumes by 300% to 400% without increasing headcount, and the company’s shares jumped almost 30%. The Russell 3000 Trucking Index fell 6.6%, with CH Robinson down 15% by the close and larger intraday losses. Landstar, RXO, JB Hunt and XPO also dropped heavily, marking the sector’s worst decline since April last year. Drug distributors and several European logistics firms also experienced notable declines.
Read at www.theguardian.com
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