Shares of the education technology company Chegg have lost nearly half their value in a single day.
FILE - Text from the ChatGPT page of the OpenAI website is seen in New York, Feb. 2, 2023. Shares of the education technology company Chegg lost half their value Tuesday, May 2, after its CEO warned that OpenAI's free ChatGPT service was cutting into its growth.
“Since March we saw a significant spike in student interest in ChatGPT," Rosensweig said."We now believe it’s having an impact on our new customer growth rate." because it had sparked a panic among some educators with the ease with which it could answer take-home test questions and assist with assignments.
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