Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
Artificial intelligence is having a moment. And in markets, that usually means someone else is having a rough week.
The latest victims of the technology are real estate, trucking and logistics stocks, joining financial and software-as-a-service stocks in plunging on AI fears.
Office towers could soon be empty, according to Elon Musk, who made the comments on a podcast last week, as AI replaces workers. It’s a point echoed in an essay by OtherSide AI co-founder and CEO Matt Shumer, who argued that AI could eradicate entry-level, white-collar jobs. If fewer people clock in, fewer leases get signed.
In freight, the pressure was more concrete. AI company Algorhythm Holdings
