ChatGPT Bandwagon Runs Over Chegg — The Information
As the hype around ChatGPT continues to grow, more and more companies are announcing how they plan to use the technology. Uber has said that artificial intelligence will enable more accurate ETA predictions for riders, while Box has announced its new AI offering, called Box AI, which promises to transform how users interact with their content.
ChatGPT's owner, OpenAI, has also been in the news recently, as it seeks to capitalize on the growing interest in its chatbot technology. Snap, for example, is pitching advertisers on how they can use My AI, its new AI chatbot, to serve ads to users.
However, not all companies are benefiting from the AI hype. Chegg, an online education firm, revealed on Monday that its "new customer growth rate" had been affected by the use of the chatbot, leading investors to punish the company by selling off its stock.
Chegg attempted to soften the blow by announcing a partnership with OpenAI two weeks earlier to develop a new service called CheggMate. However, investors were not convinced, and Chegg's stock plummeted by 48% in a single day.
This serves as a cautionary tale for companies looking to jump on the ChatGPT bandwagon; they may find that they get tangled up in its wheels, as Chegg did.
