Abstract
Is the stock market reacting to the launch of ChatGPT? This study examines the reaction of US education firms to the introduction of ChatGPT, an advanced language model. Our event study methodology reveals a significantly negative investor reaction to the launch of ChatGPT in US education stocks. Furthermore, we observe that responses were more pronounced for education and training services companies (traditional) than for professional and technology services companies (technology-based). In so doing, this article sheds new light on the responses of the stock market to the launch of ChatGPT.
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