ChatGPT sends shares in online learning giants into tailspin

Shares in companies that specialize in publishing school textbooks and offering online classes took a big hit on Tuesday after signs emerged that AI-bots such as ChatGPT were eating into their business.

Silicon Valley-based Chegg is an education tech company that provides online homework help and textbooks, and on Monday its CEO admitted that the explosion of generative AI chatbots had hurt revenue.

“In the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on new sign-ups,” Chegg CEO Dan Rosensweig told analysts on Monday.