In May 2023, Chegg — the $700M ed-tech company built on providing homework help subscriptions — disclosed in its earnings call that ChatGPT was causing 'a significant impact on new customer growth.' The stock dropped 48% in a single trading day, erasing hundreds of millions in value. Chegg had been charging students $15/month for what ChatGPT now did free. It became the starkest early example of an entire industry being disrupted overnight by generative AI.