Chegg Shares fell 38% as ChatGPT Steals the Show

Chegg, an online education firm, told investors that OpenAI’s ChatGPT is “having an impact on our new customer growth rate” as students embraced the chatbot as a study tool. In after-hours trading, Chegg shares fell 38%. Ouch! It didn’t help that the firm reported a 7% decline in revenues year over year after reporting a 1% decline in the fourth quarter.

Chegg, which had a market capitalization of $2.1 billion on Monday before the after-hours plunge, said it was embracing artificial intelligence by launching its own study aid powered by ChatGPT. The company is hardly the only software firm roiled by OpenAI’s software. About 13 companies including Grammarly now face the prospect of competing against a cheaper product—ChatGPT. Looks like Chegg and others are feeling the heat from ChatGPT!

Rapid Rundown

• 📉 Chegg shares fell 38% after warning that OpenAI’s ChatGPT is impacting its new customer growth rate.

• 🤖 About 13 companies including Grammarly now face the prospect of competing against a cheaper product—ChatGPT.

The Dream Team: Apple and Google team up to fight against AirTags stalkers

Apple and Google are teaming up to fight against unwanted location tracking caused by Apple’s AirTags item trackers. The companies have submitted a proposed industry specification to help combat the misuse of Bluetooth location-tracking devices for unwanted tracking.

Other companies making item trackers such as Samsung, Tile, Chipolo, eufy Security, and Pebblebee have stated their support for Apple and Google’s draft specifications. The goal is for Apple and Google to come up with something that will stop bad actors from using item trackers to stalk unsuspecting iOS and Android users. Let’s hope they succeed in their mission!

Rapid Rundown

• 🍎 Apple and Google team up to fight unwanted location tracking.

• 🕵️‍♀️ Goal: stop bad actors from using item trackers to stalk unsuspecting iOS and Android users.

Uber’s Revenue Rises 29%, Giving Investors a Reason to Smile

Uber’s revenue is on the rise like a hot air balloon! With a 29% increase in revenue and a 40% increase in ride-hailing bookings, it’s safe to say that Uber is expanding faster than my waistline during the holidays. And let’s not forget about their food-delivery business, which grew by 8%.

Changes in the UK business have also helped boost Uber’s revenue. Drivers are now classified as workers (hooray for workers’ rights!) and payments to drivers are recognized in the cost of revenues. If this change is excluded, Uber would have kept 21.4% of fares in its ride-hailing business.

And the cherry on top? Uber generated $549 million in free cash flow and its shares rose 11.5%, giving the company a market capitalization of roughly $73.5 billion. Not too shabby for a company that started out as a simple ride-hailing app. But despite all this good news, Uber is still trading at $36.52 per share, below its 2019 IPO price of $45.

Rapid Rundown

• 🚗 Uber’s revenue rises 29%, ride-hailing bookings up 40%, food-delivery business grows 8%.

• 💰 Uber generates $549 million in free cash flow, shares rise 11.5%, and market cap at $73.5 billion.

Tools & Apps

Oppflow — Oppflow makes content operations flawless with one tool

Equity Value Finder — Discover the value of your equity

Quadratic — Analyze your data with AI, Python, SQL, and formulas

JamGPT — AI debugging assistant to fix bugs faster

Marketing Machines — How to use AI for improve efficiency and storytelling

Articles & Resources

ChatGPT gets “eyes and ears” — Plugins allow ChatGPT to book a flight, order food, send email, execute code (and more).

One Big Web: A Few Ways the World Works — Joseph Tussman wrote that the world will do most of the work for you.

Mercedes Benz just announced a new EV that can travel 620 miles on a single charge — The future of solar electric vehicles (SEVs) looks a whole lot cooler thanks to Mercedes-Benz’s concept vehicle — the Vision EQXX.

I'm a hacking expert. These are the mainstream apps I would NEVER use because of privacy risks — Many of the world's most popular apps have dubious terms of service, and exploit private data to make money, according to a cybersecurity expert.