COUR - Why AI Worries Led to Coursera Stock Plummeting This Week
2023-05-05 17:15:00 ET
This week was not kind to education stocks. Exhibit A: the performance of sector mainstay Coursera (NYSE: COUR) . The company's share price sank by almost 12% over the course of the five trading days, according to data compiled by S&P Global Market Intelligence , but it wasn't its own fault.
As for-profit education as a viable and populated stock market sector is a relatively new phenomenon, companies in the grouping can move in tandem at times. That's what broadly happened this week, which was unfortunate as one of their number sounded a warning about artificial intelligence (AI) and the effect on its business.
That company was Chegg , which on Tuesday unveiled its latest set of quarterly earnings. Although the company notched a beat on the bottom line, its comments about ChatGPT -- the hot AI technology of the moment -- were concerning.
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Why AI Worries Led to Coursera Stock Plummeting This Week