$Duolingo, Inc.(DUOL)$ is basically a $Spotify Technology S.A.(SPOT)$ story. High growth in literally every metric — revenue, operating margins, subscriber conversion — yet the stock has been under pressure due to AI concerns, just like $Spotify Technology S.A.(SPOT)$ had been back then when Apple Music, Amazon Music and YouTube Music emerged to compete. Platforms that have crafted out a niche for themselves tend to have an edge within the niche. So much A/B testing has been done to keep user engagement and people instinctively associate language learning with Duolingo. They also have a huge social media following which helps funnel or