Algorhythm Holdings triggered a $17bn sell-off in US trucking stocks after a report claimed its AI logistics platform boosted Indian freight efficiency. The tiny company, once near delisting, saw its shares surge 450% following a Fox Business appearance by CEO Gary Atkinson, who called the progress a 'rude wake-up call'. This surge was fueled by a $20mn financing deal with Streeterville Capital, led by controversial investor John M Fife.

Fife, who faced SEC charges for unregistered securities dealing totaling $60mn in profits, purchased discounted shares, allowing Streeterville to profit significantly as Algorhythm's stock rocketed. Algorhythm's transformation from karaoke machine seller to AI logistics firm provided the capital Streeterville sought, though the company reported 'substantial doubt' about its survival just months prior. The SEC dismissed Fife's charges in June 2025, shortly before his investment, though his history raised eyebrows. The market frenzy, likened to a 'DeepSeek-type panic' by short seller Fugazi, saw Algorhythm shares give up most gains but remain up a third from pre-report levels.