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| Pull up Chegg's most recent quarterly filing on SEC EDGAR. Read the first page. Revenue: $63.3 million. Down 48% year-over-year. Academic Services revenue: down 57%. The stock now trades just above $1. This is what happens. To a publicly traded company. In one cycle. My Final Displacement thesis has, until now, been a forecast. Today, it’s no longer a forecast. It’s already happening. Chegg is the first publicly traded American company that has been effectively killed by ChatGPT. A homework-help service whose business model – students paying for answers – was rendered obsolete by an AI that gives those same answers for free. The death certificate is on EDGAR. It will not be the last. Look at the receipts from the first quarter of 2026 alone. On January 30, Anthropic released "Claude Cowork" – agent plugins to GitHub. Four days later, on February 3, the news triggered a roughly $285 billion single-day decline in software and financial-services equities. Thomson Reuters alone lost $8.2 billion intraday. The Goldman U.S. software basket fell 6%. Microsoft is shutting down Xandr and Microsoft Invest – the old AppNexus – effective February 28, 2026. The largest third-party programmatic advertising platform on the open internet is being replaced by an agentic AI buying interface. The entire ad-tech ecosystem just lost its plumbing. Workday – the human capital management cornerstone – guided FY27 subscription revenue at $9.925–9.950 billion, which the market read as a soft print. The stock fell roughly 8% after-hours. The market took the miss as confirmation that seat-count, the metric that built every SaaS business of the last fifteen years, is now the bear case. And in India, the IT services sector – TCS, Infosys, Wipro, HCLTech, Tech Mahindra – sold off on the same Claude Cowork news. The Nifty IT index dropped ~6% in a single day. Roughly $50 billion in market cap evaporated. A $300 billion outsourcing book is threatened by code-writing AI agents. Every business you own equity in could have a Chegg moment coming. Some this year. Some in three. Some in seven. The question is not whether your portfolio holds companies that will be displaced. The real question is – whether you know which ones. I do. In The Final Displacement, I name the publicly traded companies most likely to have a Chegg moment in the next 24 months – and the ones still positioned to win. See if you own one – watch free. Good investing, Porter Stansberry |
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