Good morning! Chegg just pulled its full-year guidance after acknowledging that ChatGPT was having a major impact on new user growth. Looks like crafty kids hopping on ChatGPT just cost Chegg 50% of its market cap 🧨

🌶 Highlight of the day 🌶

Peacock announced a new ad format that lets users buy products that appear in its streaming content. After an AI algorithm identifies shoppable products, a QR code is displayed on the TV screen, letting users make a purchase with the payment details they already use for Peacock 😎

I’m bullish on how these type of ads perform, given their highly contextual nature (e.g. purchasing knives and cutting boards while watching “Top Chef”).

♨️ Hot off the press launches

Big tech

• Snap tests sponsored links in its My AI chatbot

• Snap launches ads on Spotlight, it’s TikTok competitor

• Meta rolls out discovery controls for Reels

• Reddit ships enhanced sharing functionality and link embeds

• Coinbase launches an international futures exchange 

General and early-stage

• Finix launches its own payment processor

• Pietra ships a commerce enablement product for creators

• Roku unveils new ad slots and contextual AI ad formats

• Wealthfront increases FDIC insurance to $5m

• Mixpanel launches a marketing analytics product

• New Relic ships Grok, an AI observability assistant

🔍 Other good finds

• Seeking signal. Regression and correlation analysis for PMs

• Frenemies. Apple and Google team up on Bluetooth tracking

• Eject. Pornhub shuts down in Utah due to age verification law

🧈 Twitter nugget

Thanks for reading! If you've got any comments or feedback, please hit reply - I'd love to hear from you :)

- Amol