This is tied to how truths shall convey among humans, especially how ancient truths shall convey.
CNN as an authority determines what testimonies or stories from eyewitness accounts can be deemed valid, then it acts as a mass media to broadcast what it authenticated as factual.
The need of a chosen people is such an authority to authenticate stories from the prophets (God's chosen eyewitnesses) and for their testimonies/stories to convey through the broadcasting media we call Judaism. They validate the stories, record them down to pass from generation to generation, and finally with all books canonized as a preparation on broadcasting towards the whole world. The Jews failed at this point. God shifted the authority from the Jews to Christians, from Judaism to Christianity. The Jewish temple ceased to exsts while God's Church was set up.
The Church on earth becomes the authority to reckon the NT Canon and to preach/broadcast the gospel (news) to all nations in a human-facing manner (just like how CNN broadcasts but in a US-facing manner).
The Jews' role and Judaism ceased to function as God's CNN. God's Church on earth and Christianity took up the role instead.
However, in the perspective of God's covenant with the circumcised Jews, they can still be deemed as Jews as long as they choose to fulfill the requirements specified in the Mosaic Covenant. For the same reason, the Jews can still be marginally deemed as the chosen people of God (by means of the Mosaic Covenant adopted by those circumcised and willingly observing the Mosaic Law).
Ancient Jews are God's chosen people as their role acts as God's chosen CNN.
Modern Jews can still be God's chosen people as long as enough number of Jews are circumcised and to observe the Jewish laws acceptable within the Mosaic Covenant.