Shares in trucking and logistics firms plunge after AI freight tool launch

SemiCab platform by Algorhythm, previously considered a penny stock', sparks category 5 paranoia' across sector

Shares in trucking and logistics companies have plunged as the sector became the latest to be targeted by investors fearful that new artificial intelligence tools could slash demand.

A new tool launched by Algorhythm Holdings, 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.