This week, the popular study tool Chegg experienced a staggering drop in their stock due to disruption caused by artificial intelligence (AI). Students are flocking to ChatGPT, an AI-based educational assistant, for their homework help which is seeing it’s growing popularity affect other companies like Chegg. During an investor call, Chief Executive Officer (CEO) Dan Rosensweig expressed his caution towards the situation by stating that they are unable to forecast the repercussions of the growing success of ChatGPT.
The first quarter of 2021 left Chegg with a net income of $2.2 million, a decline of 61% from their $5.7 million obtained a year ago. The company has come to recognize the considerable potential of AI, vowing to release their own AI-powered tool called CheggMate in the near future, which combines the power of ChatGPT with their own propriety data and subject matter experts.
Teachers also have started to use ChatGPT, with almost half of all teachers using it at least once a week. Since educators cannot beat the convenience and effectiveness of ChatGPT, the Association for Supervision and Curriculum Development suggests four ways for them to leverage ChatGPT to their advantage. This includes utilizing it to have work streamlined and make their day-to-day lives easier.
OpenAI, the developer of ChatGPT, has continued to be the center of attention in the media, with Microsoft co-founder Bill Gates arguing that AI chatbots are well on their way to replacing teachers. He believes that AI will be able to achieve tutoring abilities to the same level as humans, aiding students with reading and writing.
ChatGPT has undeniably been an incredible revolution in our current education system. By embracing the power of AI, educators can use ChatGPT to their advantage to aid their students. Educators should look into how they can keep up with the latest technology and continue to better the educational industry.
