Battered by AI: Online education company Chegg cuts workforce by 23%

Online education company Chegg announcing that it will cut its workforce by 23% and closed two offices outside of the United States. The stock has a tiny market capitalization right now, around $320 million, but it is notable because the company is a continued and clear victim of AI. It's down 90% that stock since ChatGPT was unveiled back in November of 2022. Now, you may remember in May of last year, the company's CEO at the time gave the first indication that ChatGPT was killing its business. This is a company that charges people to help with online learning. The CEO who made those comments stepped aside at the beginning of this month. And again, this is something that ChatGPT seems to have taken over completely. This was teaching you how to study, teaching you how to learn on some of these things. Now you can get the answers, even have papers written for you by ChatGPT. So there's a stock that has been affected by AI. It's going to be those too. Not everything's going to. We keep looking for winners. Look for the losers. Got one, NVIDIA, a couple others, but there will be plenty of losers. We're watching the shares of Lennar, the stock falling despite earnings that were above expectations. Average sale prices, though, dropped 5% from a year earlier because of an increased use of incentives on those sales to drive orders. Rival home builder KB Homes is set to report today after the closing bell and shares a Lazy Boy or higher earnings and 91 cents a share, or well above $0.70. Revenue is also above. The furniture maker said it executed well in the face of a difficult housing market, improving supply chain logistics and remodeling its manufacturing operations.