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Cheaters Ditching Chegg for ChatGPT?
Wednesday, May 3rd, 2023
1. Chegg's Stock Plummets After Admitting That ChatGPT is Ruining Everything
Chegg's stock plummeted more than 40% after the online education company admitted that ChatGPT is hurting its growth. In the first part of the year, Chegg didn't notice any impact from ChatGPT on its new account growth, but since March, the company has seen a significant spike in student interest in ChatGPT. To which we say, duh! Why would anyone sift through tens of Chegg posts for homework answers that end up not even being correct when you can just ask ChatGPT and get the answer directly? Chegg's revenue is expected to be between $175 million and $178 million this quarter, far below the $194 million estimate from Morgan Stanley analysts.
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2. The Dream Team: Apple and Google Work Together to Fight Stalkers
Apple and Google have teamed up to create a new industry specification aimed at preventing the misuse of Bluetooth-enabled tracking devices. The new standard requires the implementation of "unauthorized tracking detection and alerts" across Android and iOS devices. This means that if a tracker is separated from its owner, it will alert the owner and provide instructions on how to find and disable the device. Other companies that make similar tracking devices, including Tile, Chipolo, Eufy Security, Samsung, and Pebblebee, have already agreed to the proposed standard. Gone will be the days of creepy men following us home after tagging our vehicles and luggage with airtags. Or wait... this actually won't help in that scenario. Carry on then!
3. Can You Hear Me Now, Mavenir?
Mavenir, a company specializing in Open Radio Access Networks and related services for 5G networks, has raised $100 million to expand its technology and customer base. The company already has more than 250 service provider and enterprise customers across 120 countries, and its services cover more than half of the world's mobile subscribers. The funding was anchored by Siris, a private equity firm that has been backing Mavenir for years and the company has not disclosed its valuation.
4. Five Stars for Uber's Q1
Uber's stock price has soared by 7% after the company reported first-quarter results that beat analysts' expectations for revenue. The company's revenue was $8.82 billion, compared to the $8.72 billion expected by analysts and their net loss was only $157 million, compared to the $5.9 billion net loss in the same quarter last year. CEO Dara Khosrowshahi said Uber is off to a strong start for the year, and that the company's global scale provides it with a "significant data advantage" over its competitors. We still just go with whichever is cheaper between Uber or Lyft, but pop off with your "significant data advantage".
5. Densify: 1, VMware: 0
In a verdict that will surely leave VMware's lawyers crying, a Delaware federal jury has ordered the company to pay $84.5 million for infringing on two patents belonging to rival software company Densify. The verdict comes after Densify accused VMware of using its "virtualization" technology as a blueprint for its own software. Densify's CEO Gerry Smith said the company was "grateful" for the verdict, which "validated the hard work of our inventors." Truly heartwarming.