The AI Scare Trade Has Now Come for Trucking Stocks
The selloff rolls on as investors take fright at the disruptive technology.
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This is how crazy the AI disruption trade has gotten: A company with a $4.8 million market value, which a couple of years ago was in the business of importing karaoke machines from China, announced that its AI-driven platform is helping clients manage more freight shipments with fewer people.
Trucking and logistics stocks immediately tanked. The Russell 3000 Trucking Index dropped 6.6%, with CH Robinson falling 15% and Landstar System sinking 16%.