The contribution investigates the potential of neural network-based tools in developing project competencies in university students. Rapid integration of generative artificial intelligence models such as ChatGPT, YandexGPT, Gamma, and DeepSeek opens up new prospects for improving the formation and development of competencies of competitive university graduates. A mixed-methods study was conducted at Surgut State University to assess the impact of artificial intelligence based tools on student project work. The study determines how neural network tool technologies can optimize various stages of project activities – from idea generation and planning to information analysis and presentation development. Based on the results of the study and a literature review, the authors present benefits and risks of integrating neural networks into the process of preparing university graduates to make them competitive in the labor market. The results of the study convincingly showed that responsible and controlled use of AI tools contributes to the formation and development of students’ project-based competencies (creativity, self-efficacy, critical thinking and teamwork), and also emphasizes the need for digital literacy and ethical awareness.