<p>AI has transformed education by reshaping teaching and learning processes. ChatGPT plays a significant role in enhancing these processes; however, effective educator training is essential for its optimal use. Educators and researchers are increasingly adopting AI chatbots, expecting them to improve learning experiences and reduce teacher workload. This study aims to identify the factors contributing to ChatGPT’s perceived value and analyze their impact on its continued usage among students. Additionally, the study introduces a new model and investigates the moderating effect of privacy risk on the relationship between perceived value and the continued use of ChatGPT. A total of 600 questionnaires were distributed to students enrolled in various universities in Malaysia, with 244 students indicating their willingness to continue using ChatGPT. Partial Least Squares Structural Equation Modeling was used to analyze the data. The findings suggest that perceived usefulness, perceived ease of use, problem-solving, idea generation, information quality, and effective learning are significant determinants of ChatGPT’s continuous use among students, both directly and indirectly through perceived value. The results show that students benefit from ChatGPT in enhancing their performance, problem-solving, and idea generation. In line with concerns about privacy risks in online applications, the study reveals that privacy concerns affect ChatGPT’s perceived value. Students prioritize its effectiveness as a study aid. Academic institutions can train students to use ChatGPT as a complementary learning tool, while instructors can leverage it to enhance their teaching practices.</p>