In May 2025, customer reviews signaled the exact friction Duolingo's CEO acknowledged publicly — twelve months later. By then, the stock had fallen 81% and $20B in market cap was gone.

In this episode, you'll learn:

• The AI-first pivot created a permanent shift in negative reviews. AI mentions rose 2.18× and never came back down.

• The Energy Points rollout was framed by reviewers as a disguised paywall. Bookings growth crashed from +41% to +24% that same quarter.

• ChatGPT displaced Duolingo as the default alternative. Competitor naming on Android doubled post-pivot.

• See how the 12-month customer signal maps to Duolingo's SEC filing trail, and what it means for your own data.