I assume they are competing with other people who also used AI to complete their assignments, so absolutely nothing out of the ordinary will happen.
AI will also rob students of analysis, synthesis, deduction, and induction.
And AI is not going to work so well when you are at a company that is doing anything new. There's no training data for a new type of product, technique, industry, etc. Maybe companies will be forced to add all their internal/proprietary data to the training sets just so that their workers and rely on AI to come up with the proposals that leadership uses AI to summarize.