Tag: Growth

Chegg Inc. is a leading American educational technology and textbook rental company, committed to helping students succeed with discounts on textbooks. CEO Dan Rosensweig highlighted the risks associated with the influx of generative AI, resulting in a 38% drop in the company's share prices. The stock market reacted to Chegg's gloomy forecasts as a sign of threat posed by OpenAI's ChatGPT. Retention rates remain high, yet students may opt for the AI chatbot alternative to Chegg's services.

The cloud infrastructure revenue grew by 19% in the first quarter despite budget cuts, generating an impressive $63B in the period. Major players such as Amazon, Microsoft Azure, and Google Cloud remain key contributors. China is back in the game, increasing cloud adoption and driving market growth. Benefits of using cloud technology are clear and evident.

The European Union has recently passed a new act that tightens regulations on the use of AI in content creation. Generative AI tools, such as ChatGPT and Midjourney, must now disclose any use of copyrighted material in their training. The objective is to ensure data privacy and foster innovation, while also protecting copyrighted content.

Centuro Global is an AI startup based in London which provides businesses with a platform to simplify the daunting process of expanding into different countries, aiding in compliance to local regulations, taxes and intellectual property laws. Recently, with the help of AI the company raised $4 million from Mercia Asset Management, to provide users with tools for immigration and tax, as well as to build up its marketing team.

Dropbox, the leading cloud-based storage and collaboration platform, announces layoffs of 500 global staff members, reducing workforce by 16 percent. With incoming 'AI era' of computing and due to impacts of Covid-19, CEO and co-founder, Drew Houston, stated that the company is taking steps to remain ahead of the curve and remain competitive in a rapidly changing environment. Results of this measure, estimated to incur costs between $37-($42 million) will be included in their upcoming Q1 results, reported on Thursday, May 4th.