A KTV company with a market cap of 6 million sparks a storm in logistics stocks!
On Thursday, logistics stocks plunged, with the sector becoming the latest victim of the AI "panic trade." The center of this sell-off was a former karaoke company with a market cap of just $6 million.
The little-known company's market cap is a mere fraction of the value it dragged down across many other firms—all of which were sold off by investors spooked by even the faintest threat from AI. The company's heavy promotion of its logistics platform led to a 6.6% drop in the Russell 3000 Trucking Index. CH Robinson Worldwide Inc. shares plummeted 15%, at one point falling a record 24%, while Landstar System Inc. shares also fell 16%.
$6M market cap karaoke company triggers logistics stock storm! CHRW plunges 24% 🤯 AI panic spreads across the entire sector.
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