ChatGPT is causing a decline in interest in online education
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| Chegg |
The impact of artificial intelligence on some of the industry's top players has rocked the education sector.
Chegg, a provider of online tutoring and textbook rental services, experienced a roughly 50% decline in stock price after its CEO disclosed that the company is losing users as a result of the widespread adoption of ChatGPT.
Other education-related businesses were impacted by this revelation; Pearson's stock fell 15% while Duolingo's market value dropped 10%.
Education-related businesses are quickly developing AI-powered tools to buck this trend. Chegg has teamed with OpenAI to create an AI-powered tutoring service. An AI-powered subscription has been introduced by Duolingo. Users should most likely only gain from this, too.
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