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Duolingo short thesis ‘only gotten stronger,’ Citron Research says

Citron Research said in a post to X:” We were short $DUOL before last earnings and got it wrong. But the thesis hasn’t weakened-it’s only gotten stronger. Yesterday, Google changed the entire language learning market at I/O 2025. Google translate cannot replicate your sound tone and expression of our voice. Saying Google’s new AI translation tool won’t impact Duolingo (DUOL) is like saying calculators didn’t reduce the need to learn arithmetic. Sure, nothing replaces learning a language – but let’s not pretend this doesn’t change the business.”

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