With the success of the generative artificial intelligence chatbot ChatGPT, the debate over the nature and risks of AI has settled into the public discussion but is also beginning to have a strong impact in the corporate worldreports Bloomberg.

Take Cheeg, a company that offers a subscription-based online essay-writing and test-solving help service to students, which saw its share price fall 42% on May 1 after the company issued a warning about the impact of chatbots on its business model and reported sales and earnings projections below analysts' expectations. The company is confident it can meet the challenge, but for now the market has shown its doubts.

IBM, meanwhile, announced that it will scale back its hiring plans in areas where the company envisions AI can handle the tasks. The tech giant's CEO told Bloomberg that the decision would involve some 26,000 jobs over the next five years.

Meanwhile, a number of firms, including Samsung, JP Morgan, Bank of America and Citigroup are banning or restricting their employees from using generative AI tools such as ChatGPT amid fears that sensitive company information is being stored on external servers and cannot be deleted or could be leaked to other users. 

And there is a particularly important concern in the area of content generation. The Hollywood writers and writers' union, which had gone on strike at press time, included in their demands the regulation of generative AI tools, while NewsGuard, a group that evaluates news services, has identified at least 49 websites whose content is generated by generative AI.NewsGuard, a group that evaluates news services, has identified at least 49 websites whose content is generated by generative AI, drawing attention to the risks involved.

The AI wave is just beginning. Goldman Sachs noted in April that the technology could drive 7% growth in the global economy.