Artificial intelligence concerns weigh on truck stocks decline.

On Thursday, shares of trucking and logistics companies dropped, as the industry was hit by concerns that rapid advancements in artificial intelligence technology would intensify competition for old-school companies that rely on software to provide services. Logistics companies Landstar System and C.H. Robinson both fell by more than 14%, while the Dow Jones Transportation Average index dropped by 4% after reaching a historic high in the previous trading day. Before the steep decline in logistics stocks, software stocks also experienced a major drop, as investors fear that future artificial intelligence products could bring fierce competition to traditional companies and undermine their profit margins. These concerns contrast sharply with the optimism surrounding artificial intelligence technology, which in recent years has helped drive Wall Street to historic highs. Jefferies trader Jeffrey Favuzza wrote in a client note on Thursday, "Not just tech stocks, but now every corner of the market has a prominent theme, that is to 'shoot first, ask questions later' for any area in the market with artificial intelligence in the title." The stock market's plunge on Thursday was triggered by Algorhythm Holdings, a logistics company focused on artificial intelligence, stating that its SemiCab division had increased customer freight volumes by 300%-400% "without a corresponding increase in operational personnel." Algorhythm's stock surged by about 30%, raising its market value to around $6 million.