Pearson shares fall after US digital learning rival says AI hurting its business

Company’s shares fall 15% after Chegg says ChatGPT is affecting subscriber numbers

Almost £1bn has been wiped off the stock market value of the digital learning company Pearson after a US rival admitted that the rise of artificial intelligence chatbot ChatGPT is hurting its business.

Jittery investors sent Pearson’s shares down more than 15%, making it the biggest faller among London-listed companies on Tuesday, after the California-based online learning service Chegg reported a 5% drop in subscribers and pulled its full-year guidance.