Chegg, once a leading platform for student homework assistance, is facing significant challenges following the launch of ChatGPT. The company's stock has plummeted 95% since the introduction of the AI tool two years ago, with its market capitalization dropping from $12 billion to approximately $159 million. Chegg has conducted two rounds of layoffs in the past six months, with its CEO attributing these difficulties to the rise of generative AI technologies. Analysts have noted that Chegg is among the first high-profile casualties of this AI shift, as students increasingly turn to ChatGPT for academic support, undermining Chegg's business model. The company's decline has raised concerns about its viability in the rapidly evolving educational technology landscape.