ChatGPT is quickly escalating to a level of hype that can’t be denied. Companies all over the world are jumping on board to harness the power of artificial intelligence and use it to their advantage. Uber has revealed a plan to predict estimated time of arrivals, while tech giant Box has released their own AI-centric product called Box AI. Snap, the popular media company, has also entered the ChatGPT arena, introducing its AI-backed product My AI to advertisers. These developments have created a sense of optimism in the market, and company stocks are often seen responding to the news.
However, the effects of ChatGPT haven’t only been positive, as online learning platform Chegg recently revealed. On Monday, Chegg revealed that new customer growth rate had declined after they introduced the chatbot. Despite the announcement of a partnership with ChatGPT creator OpenAI and the development of their own service, CheggMate, their stock dropped by 48%. This story serves as a reminder that the early adopters of ChatGPT technology may come up with the short end of the stick if they don’t demonstrate an excellent implementation of the capabilities.
Uber, the global transportation technology company, is quickly integrating ChatGPT into their operations. They are hoping that artificial intelligence can help the company accurately estimate riders’ arrival times. Box, the cloud storage giant, has also joined the ChatGPT bandwagon, releasing their breakthrough product, Box AI. This allows users to interact with their content through the AI technology. The social media platform, Snap, has also acknowledged the power of AI, introducing their My AI chatbot to advertisers in hopes of increasing their profits.
Chegg, the leading online education firm, was not as lucky on their journey with ChatGPT. After introducing the chatbot, their customer growth rate declined, forcing them to take a new approach. Despite announcing a partnership with OpenAI and developing their own innovative service CheggMate, the market responded with a 48% dip in their stock. This goes to show that companies need to ensure a comprehensive understanding of ChatGPT before they introduce it to their own operations, otherwise they risk falling in the wake of potential success.
