Shares of Chegg (NYSE:CHGG) surged 8.7% as technology stocks rallied on renewed AI optimism. The market sentiment lifted big tech stocks, positively impacting AI-related companies like Chegg. The company’s focus on AI, with plans to enhance its Chegg Study service, attracted investor interest. Chegg closed at $1.84, up 10.2% from the previous close. The market views this news as significant, building on the positive sentiment from the company’s recent AI strategic shift. Chegg is up 9.5% year-to-date but still trades 30.6% below its 52-week high. Investors 5 years ago would see a return of $26.87 on a $1,000 investment in Chegg.

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