ChatGPT Chops Chegg Stock | CCC's Velocity of Content Podcast
Recent remarks made by Dan Rosenweig, the CEO of Chegg, shows that AI, particularly ChatGPT, may have a significant impact on the publishing and educational business. Chegg started as a textbook rental company, but now it is an online learning platform for university students. In the first quarter of the year, Chegg's financial performance was said to have a considerable increase in student interest in ChatGPT, according to Rosenweig.
During the London Book Fair in April, industry leaders discussed generative AI technology, which they saw as disruptive to traditional business models. Rosenweig said that Chegg is embracing AI technology aggressively and aiming to use it in Chegg services. He also mentioned that he believes that AI is the next significant shift.
As Senior Writer of Publishers Weekly Andrew Albanese reports, the Chegg CEO shared in a downgraded financial forecast for the company, which resulted in Chegg's stock price dropping by almost half on Tuesday, down 48.4% at $9.08. Albanese discussed this on CCC's Chris Kenneally podcast, "Velocity of Content."
The use of AI and ChatGPT is evolving rapidly, and industries need to prepare to take advantage of these changes in technology.
