For a sense of how the stock market has been struggling to understand the disruptive threats posed by AI, consider the bout of selling set off by Florida-based Algorhythm earlier this year.
A karaoke machine maker that pivoted into AI in 2024, Algorhythm’s $2mn market cap made it the least valuable company on Nasdaq in January, according to Brendan Hopkins, who handles its investor relations.
But when its chief executive, Gary Atkinson, declared in a February press release that its AI software could eradicate the wasteful trips that account for 30 per cent of the global trucking industry’s journeys, US transport stocks plunged.
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