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$DUOL CEO Luis von Ahn, on scaling learning content: “We’ve now launched content up to Duolingo Score 129 (CEFR B2) across courses teaching our 9 most-learned languages, so learners can use Duolingo to reach professional proficiency. Given the number of language combinations we teach, expanding to this level required building an enormous amount of content. In Q1 2026 alone, we published 20,500 course units across our language courses, up from 7,100 per quarter in 2025 and 1,800 per quarter in 2024. Automating more of our content creation process also lets us iterate in ways that were not possible before. We can now push changes across many courses at once and improve quality more quickly and consistently. This is already improving engagement among new users.” Generative AI is accelerating $DUOL. Content creation and iteration are going vertical. This might take a few quarters to fully kick in, but over time it should translate into better teaching, stronger user growth, and eventually monetization. (Not investment advice.)

I do have some thoughts on SBC as well. There were some special circumstances this Q, as you point out. And there was the recent expiry of the 2021 incentive plan (granted near the all-time peak), which removed a lot of upside optionality for management. The board may have felt compelled to do something to offset that impact. Also I feel that the senior leadership team is doing a hell of a job and deserve to get paid. It is also worth pointing out that $LMND has continued to leverage SBC (i.e. SBC / revenues has been on a steady downward trend). So as long as SBC continues to scale like opex and not like revenues I don't think there is a problem long-term. In my mind, the main problem here was one of optics. In an environment where investors are asking a lot more questions about SBC their guidance for a higher run rate of SBC invites questions like the ones I was responding to. If $LMND wanted to put these questions to rest permanently they could do what some other companies have done and set clearer targets around continued SBC leverage. But that is up to them. And to reiterate, in substance I don't think there is a problem here.

I exited $SE I just got one very , I think, reasonable observation. They are lending to the buyers on their marketplace. This is a difficult model to pull off when you lend to customers that buy from you. 80% of the Y/Y growth in the ecommerce topline can be attributed to Shopee Pay loans through Monee. Hey, I will loan you $20,000 to buy my jeep and I'll book a profit on the lending and the sale. Look, as long as you get the $20K back it is ok. But what if they want to keep sales momentum and they make loans they shouldn't . I just don't like this setup... You should never be the lender and the seller at the same time imo. But I guess auto dealers are the same. Seems odd to me... Amazon doesn't do this. I just wanted to point these things out. Bye!