Chegg Inc. Faces Disruption from AI, Leading to Significant Decline
Chegg Inc. (NYSE: CHGG), a former Wall Street favorite, has experienced a dramatic decline due to the rise of AI tools like ChatGPT and Gemini, which have rendered its services redundant. The company has undergone multiple rounds of layoffs and its stock has plummeted from a high of $115 in 2021 to $1.02, with a market cap dropping from $14.7 billion to $114.59 million.
Tickers: $CHGG
Topics: AI disruption edtech industry layoffs market cap reduction stock price decline