Trucking stocks skid as AI worries weigh

Core Viewpoint - Trucking and logistics stocks have experienced a significant decline due to concerns that rapidly advancing AI technology will increase competition for established firms reliant on software for their services [1] Industry Summary - Shares of logistics companies such as Landstar System and C.H. Robinson fell more than 14%, while the Dow Jones Transportation Average dropped 4% after reaching a record high [1] - The decline in logistics shares follows a selloff in software stocks, with investors worried that future AI products could severely impact profit margins of established businesses [1] - The market sentiment reflects a trend of reacting aggressively to any news related to AI, as noted by Jefferies trader Jeffrey Favuzza [1] Company Summary - Algorhythm Holdings, an AI-focused logistics firm, reported that its SemiCab unit increased customers' freight volumes by 300%-400% without a corresponding increase in operational headcount, leading to a 30% surge in its stock price [1] - Algorhythm Holdings, previously known as The Singing Machine Company, transitioned from selling karaoke machines to focusing on AI logistics solutions [1]