North America Equity Research December 2025 US Internet 2026 Outlook Doug Anmuth AC (212) 622-6571 douglas.anmuth@jpmorgan.com J.P. Morgan Securities LLC Dae Lee, CFA AC (415) 315-8500 dae.k.lee@jpmorgan.com J.P. Morgan Securities LLC Bryan M. Smilek AC (212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Neeraj Kookada, CFA (212) 622-0270 neeraj.s.kookada@jpmorgan.com J.P. Morgan Securities LLC Margaret Hoffman (212) 622-1710 margaret.hoffman@jpmchase.com J.P. Morgan Securities LLC See the e ...

杰富瑞将多邻国的目标价从210美元上调至220美元，维持"持有"评级。(格隆汇) ...

Key Takeaways DUOL has dropped 59% in six months while its industry and the S&P 500 posted gains.AI and proprietary data power rapid content growth, including 148 new language courses in April.A 2.82 current ratio and sharply higher 2025 earnings estimates highlight DUOL's solid outlook.Duolingo, Inc. (DUOL) has been facing heavy selling pressure, sliding 59% over the past six months. This sharp decline stands out when compared to the broader industry, which climbed 20% in the same period and the Zacks S&P ...

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Core Viewpoint - Duolingo (DUOL) is considered mispriced due to market overreactions to slowing user growth and fears of AI competition, while the company's engagement durability, new non-language vertical opportunities, and data advantage are undervalued [1] Group 1 - The company has experienced a 65% decline in stock price [1] - The analyst emphasizes a focus on long-term investment opportunities based on fundamentals [1] - Extensive research has been conducted on various industries, including energy, technology, and homebuilding, indicating a broad analytical perspective [1] Group 2 - The analyst encourages discussions with other analysts, especially when differing views are held, to enhance the investment thesis [1]

Core Viewpoint - There is significant fear and uncertainty surrounding Duolingo (DUOL), particularly due to concerns related to AI and its impact on the company's performance [1]. Company Summary - Duolingo has experienced a decline in its stock value since the last review, primarily attributed to worries about AI developments [1].

Duolingo ( DUOL ) is quietly becoming one of the most profitable consumer apps in the market. With nearly 72% gross margins and a stunning 40% net income margin, the company converts revenue into earnings far more efficiently than peers. Its strong cash flow, overHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with ...

Core Insights - The analysis of Duolingo (DUOL) indicates a mixed outlook, with AI presenting both long-term risks and short-term benefits [1] Group 1: Company Analysis - The initial assessment of Duolingo was in July 2024, categorizing it as a hold due to concerns about AI's impact [1] - The analyst emphasizes a fundamental approach to investment, focusing on identifying undervalued stocks with growth potential [1] Group 2: Market Context - The analyst has experience covering both Brazilian and global stocks, suggesting a broad understanding of market dynamics [1]

从口语对话到习惯管理，从解题讲解到情绪支持，一类被称为「AI 学习伙伴（AI Learning Companion）」的新物种正在全球教育领域快速崛起。 本文将以技能训练、情绪陪伴、知识引导为核心维度，结合国内外产品演进，观察 AI 学习伙伴如何在具体场景中重写学生的学习方式。 01 AI语言陪练：当沉浸式对话不再依赖真人 语言学习一向是教育科技创新的敏感地带，也是「AI 学习伙伴」最早跑通的场景。在这个领域，高频开口、沉浸语境和即时纠错是提升能力的三大关 键。过去，这三项资源高度稀缺，往往依赖专业教师甚至母语者，一旦离开课堂，很难再维持相同强度。AI 在此填补了明显的供给缺口。 美国语言学习平台 Duolingo 是这一趋势的典型实践样品。为了弥补传统语言学习中「缺场景、缺陪练」的长期痛点，Duolingo 在 2023 年将 GPT-4 引入自 己的游戏化体系，推出了 Roleplay 对话功能。用户可以在咖啡馆、地铁、公司等虚拟情境中与 AI 自由对话，体验接近日常交流的练习氛围。与过去固定 脚本式的练习不同，AI 会根据用户的表达实时调整情节走向。如果用户提到「对坚果过敏」，扮演店员的 AI 便会立即 ...

There's no doubt that the Q3 earnings season leading up to the close of 2025 has been a very volatile quarter. Investors have bashed many previously high-flying stocks, as ultra-high valuation multiples have demanded essentially perfect fundamental performance.With combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He ...