Since Chat Gpt's released this past, November the AI Chatbot has skyrocketed in popularity with an estimated 1 billion active users across its free and paid versions. In recent months, there has been much speculation in the media about how Chat GPT in similar, generative AI tools could cause mass unemployment as AI replaces human workers, journalists, writers, marketers, and software. Engineers are believed to be at the most risk, but surprisingly, the first victim of Chad GPT appears to be the online Education company. Chegg On Tuesday May 2nd, 2023, Chegg's share price fell by 50 in just one day, cutting more than one billion dollars off his market.

Cap this: Builds on prior losses, with the stock having lost 90 percent of its value or more than 10 billion dollars since its all-time highs. The dramatic decline was triggered by the CEO's acknowledgment of increasing competition from Chat. GPT In a subsequent projection of a 10 decline in second quarter, Revenue University Students seem to be increasingly turning to Chat Gbt to complete their homework and even cheat on exams. The collapse of Czech stock price raises concerns not only about the company's future viability, but also about the sustainability of other online education companies.

Furthermore, it calls into question the Integrity of the education system and highlights the ease with which cheating on exams can occur. Now with the rise of Chat. GPT Anyone with an internet connection has access to not only a wealth of information, but also the ability to reason faster and more advanced than even the most intelligent humans, This new reality necessitates a revelation of our education system and the way we work as fundamental changes may be needed to adapt to this rapidly evolving landscape. While new AI tools are certainly exciting, One thing a chat bot can't replace is life insurance, which is why today's video is brought to you by Policy Genius.

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it would be mailed to them and they'd return it at the end of the semester. This was very similar to how Netflix worked in the early days. As Internet bandwidth improved, both Netflix and Chegg pivoted their business model to be more digital checks. Started offering a subscription program where you can get practice problem sets with Solutions flash cards and practice tests.

The idea is that University students can use these online resources from Czech to supplement their normal classes and gain a better understanding of key academic. Concepts One of the differentiating features of Chegg is their network of subject matter experts or Smes. Smes are Freelancers who will answer questions posted by Chegg users for a fee. The majority of check subject matter experts come from India and are paid roughly two dollars to complete each question.

Smes are required to have at least a bachelor's degree in the relevant field. The Smes completely the entire problem and show all the relevant workings of the problem. Students can take pictures of their homework assignments and get them completed by check Smes. As you probably could guess, the pandemic was a massive Boon for Chegg.

With universities shifting to remote learning, this created a massive opportunity for students to use Check to cheat not only on their homework, but also on exams. Students would immediately take screenshots of their online exams and send them to Chegg. In many cases, the Smes would be able to answer their questions before time is up, yielding a high exam score regardless of the student's own abilities. Also, if that same exam had been used in a previous semester, which is often the case, the answer may already be saved on checks database, giving Cheg users instant access.

University Professors were quick to notice. Many of them complained about this new cheating phenomenon on social media channels such as Reddit's R professors. Some professors complain that students would answer complex exam questions that should have taken at least half an hour in less than one minute. Universities have tried to come up with various methods to prevent students from cheating with Chegg, but students are equally clever in finding ways to overcome these safeguards on social media.

Tick Tock and YouTube There are tons of post by students talking about how to cheat on online exams. Check officially states that they do not condone students using their platform to cheat. One of Chegg Services allows you to check your written essays against billions of sources to detect plagiarism. They claim that this is to prevent accidental plagiarism.

I'll let you draw your own conclusions as to what students will likely use this service for. Either way, Chegg was a massive beneficiary of remote learning, with their revenue growing 57 in 2020, far higher than their previous growth rates, and the company's stock price more than tripled. Thank you. Whether students use check to cheat or just to gain a better understanding of their course material, chat GPT represents a massive competitive threat To test this out I Found an example problem sheet written by a Harvard Physics Professor posted on the University's official website.

I've put a link in the comments section below. The first problem is about green-eyed dragons. You go to a remote island and find 100 dragons, all of which have green eyes. This island has a rule.

If any one of them figures out that they have green eyes, the next day, they will turn into a sparrow and lose their dragon. Powers But there are no mirrors on the island and the dragons never talk to each other about eye color. Every Dragon knows that all the other 99 dragons have green eyes, but they have no way of knowing their own eye color. So despite having lived on the island for millions of years, none of the dragons have ever turned into sparrows.

One day, you get all the dragons together and tell them at least one of them has green eyes. This is something they already know because each dragon can see that the other 99 dragons have green eyes. What if anything happens to the dragons, Feel free to pause video if you want to try to figure out this problem on your own. I Thought nothing would happen.

All the dragons already knew that at least one of them has green eyes, but they would still have no way of knowing their own eye color. I asked Chad Gbt and it turns out I was wrong on the 100th night. Since all 100 dragons see 99 other Green Iron dragons and no dragons have transformed in the previous 99 nights, they all deduce that they themselves must also have green eyes. As a result, at the end of the 100th day, all 100 dragons transform into sparrows at the same time to understand why this is.

It's useful to start with a simple example of just two dragons. The two dragons are named Alice and Bob. Let's look at the situation. from Alice's perspective.

she can see that Bob's eyes are green, but she does not know the color of her own eyes. They could be green or blue. On day. Zero you tell Alice and Bob that at least one of them has green eyes.

If Alice's eyes are blue, Bob will know that he himself must have green eyes by process of elimination. He'll thus turn into a sparrow the next day. However, if Alice's eyes are green, Bob will still be ignorant as to the color of his own eyes and he will not turn into a sparrow on day one. Alice observes that Bob did not turn into a sparrow.

Alice can therefore deduce that she must have green eyes for the same reason. Bob deduces that he must also have green eyes. So on day two, they both turn to sparrows. Now, let's take the example of Three Dragons, Alice, Bob and Charlie.

Again, let's view the world from Alice's perspective. She knows that Bob and Charlie both have green eyes. Let's suppose that Alice has blue eyes, but Bob and Charlie can both directly observe Alice's eyes and they see that they are blue. Now, let's shift to Bob's perspective.

He can directly observe that Alice has blue eyes and Charlie has green eyes, but he does not know the color of his own eyes. If Bob's eyes are blue, Charlie will know by the process of elimination that he must be the only dragon with green eyes. Thus, Charlie will turn into a sparrow on day one. If Bob's eyes are green, Charlie will remain ignorant of his own eye color.

if on day one, Charlie has not turned into a sparrow, Bob will know that his own eye color must be green. Thus, on day two, both Charlie and Bob will turn into sparrows. However, if Alice's eyes are green, the same process of elimination logic will no longer work and by day 2, None of the Dragons will turn into sparrows. Now, let's move back to Alice.

On day Zero, She knows that both Bob and Charlie have green eyes, but she doesn't know her own eye color. But she knows that for eyes are blue, both Bob and Charlie will turn to sparrows on day two. So when she observes on Day 2 that neither Bob nor Charlie have turned into sparrows, she knows that her eyes must be green. All the dragons make the same deductions, and on day 3, they all turn into sparrows.

You can scale this example up to 100 and you'll see that on day 100, all the dragons will deduce that they have green eyes and they will all turn into sparrows at the same time. The deeper takeaway from the 100 green-eyed dragons problem is the concept and significance of common knowledge and reasoning and decision-making processes, particularly in situations that involve groups or communities. Each Dragon already knew that there are many green-eyed dragons around them. However, they lacked a common base of knowledge, which prevented them from initiating the chain of logical deductions that would eventually lead to determining their own eye color.

The learning from the green-eyed dragons can be applied to the real world. Even if other people are unwilling or unable to tell you what they know, you can still deduce information based on how they react to commonly known information. The fact that Chad Gbt can solve such a complicated problem in a matter of seconds has huge implications for the education system. If it's so easy for people to have chat Gbt solve problems for you, why would anyone do any work themselves? Openai has tried to develop software to detect whether or not a piece of text has been written with the help of an AI chat bot, but it looks like the AI is already too realistic for this to work.

I Tested this out by asking chat GPT what it knows about check I then copied and pasted this into Open Ai's own AI detection tool. They said it was unclear whether or not it was written by AI I then asked it to rewrite the same text in such a way that cannot be identified as being written by Ai And sure enough, it was able to trick the detection tool which said the text was unlikely to have been written by AI. In August of 2022, Academic Integrity took another hit with the landmark Ogletree versus Cleveland State University case. During online proctored exams, many universities implemented so-called room scan policies where students had to show a proctor their entire room with their webcam such that they can detect any secondary computers or other cheating devices.

A student at Cleveland State University sued the university saying that the room scan represented an unreasonable Surge and thus violated his Fourth Amendment rights under the U.S Constitution The Federal judge ruled in favor of the student. This ruling potentially puts the entire concept of remotely proctored exams in Jeopardy. There's no putting the genie back in the bottle with the widespread adoption of tools like chat. GPT Universities will have to adjust to a new reality.

Students will use AI to help them complete homework, assignments and likely also exams. Foreign Gbt is not only affecting education, but the Working World too. If you can leverage Chat Gbt to work twice as fast, you could do twice as much work in a day, but if you complete your tasks faster, your boss may just increase your workload and not even pay you more. So many workers are instead secretly applying for new jobs and working two full-time jobs at the same time without telling either employer.

This works best for certain roles in Marketing, Accounting and software development. These are jobs which involve a lot of writing or code which can be greatly sped up with the help of chat. GPT Accountants who work with Excel often find that Chat Gbt can create complex Excel macros which greatly increase their productivity. For many of these jobs, you're expected to work on your own for the majority of the time, so Zoom calls are infrequent with enough finesse.

Many workers are able to work two or even three jobs at a time where their managers being none the wiser. This phenomenon is called over Employment and there's even a subreddit called R Slash Over Employment with 173 000 members. If workers are able to get their jobs done to the extent that their manager is satisfied with the quality and quality of output, why should it matter how long it took to get the work done. Of course, this could only be a temporary phenomenon.

Eventually, managers will figure out that most of their workers are using Chat Gbt. They will then increase work output expectations accordingly, such that over employment is no longer a viable option. As we stand on the cusp of a new era in technology, it's clear that generative AI models like Chat GPT are here to stay. These AI systems have the potential to revolutionize the way we work and learn.

This is no longer theoretical. We already see tens of thousands of over-employed workers leveraging Chat Gbt to competently perform multiple full-time jobs simultaneously. With that being said, AI is still a far ways off from completely replacing humans. For example, in late January of this year, Buzzfeeds start experimenting with AI generated articles.

The company's stock price initially quadrupled on this news as investors were overtaken by AI hype when they started publishing AI generated articles. They were laughably bad. We've linked a few of them in the comments section below. If you want to check them out for yourself, after investors realize that Buzzfeed's AI articles were trash, the stock resumed its prior trajectory towards zero.

This highlights the current inability of AI to fully replace human creativity and nuanced thinking. It can only be used to enhance the efforts of human workers in less creative functions such as software engineering and accounting. Utilizing tools like chat, Gbt is a valuable skill in and of itself. There are already countless YouTube videos and articles talking about how to engineer chat GPT prompts to get the most effective results instead of embarking on a futile effort to ban AI assistance.

Educational institutions would be better off teaching students how to use them and creating new types of Assessments where students are expected to use chat GPT This will prepare them to enter the modern Workforce where they will have to use AI tools to stay competitive. As far as Chegg, They recently announced a partnership with Openai to create their own AI chatbot called Cheggme Chegmate will leverage Teg's existing database of human vetted quiz answers to create what they claim will be a more accurate chatbot specifically designed for education. However, Checkmate will almost certainly be more expensive than Chad Gbt Plus, as both Open Ai and Chegg will take their cut. and given how effective Chad GPT already is at solving even complex problems, it's unclear if Chegny can offer Superior value proposition.

That's why we've seen such a dramatic decline in checks. share price. All right guys. That wraps it up for this video.

How do you think generative AI will impact how we learn and work going forward? Let us know in the comments section below. As always, thank you so much for watching and we'll see you in the next one! Wall Street Millennial Signing out.