Why UiPath, Shutterstock, and Duolingo Are Plummeting This Week
Shares of UiPath (NYSE: PATH), (NYSE: SSTK), and Duolingo (NASDAQ: DUOL) have seen big losses in this week's trading amid concerns that artificial intelligence (AI) will disrupt their businesses. The companies' share prices were down 8.4%, 9.5%, and 23.1%, respectively, as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence.
Online education services company Chegg published its first-quarter results on Monday, and while the company's sales and earnings for the period were better than anticipated, CEO Dan Rosensweig stated that OpenAI's ChatGPT was now hindering the business's customer growth.
The warning from the executive triggered wide-ranging sell-offs for companies that could feasibly see negative impacts from disruptive AI technologies. UiPath, Shutterstock, and Duolingo were among those to see significant valuation pullbacks.
Source Fool.com
Shutterstock Inc. Stock
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