Upstart runs a Cloud-platform for retail loans with AI technology based credit scoring. The platform connects consumers that apply for loans with banks and other credit providers. Upstart's partner network funds the retail loans. The company did an IPO in December 2020 at $20 and reached $390 in Oct'21. It fell below $15 before rising to $72 in 2023 (+400% YTD).
The 2023 run was caused by a (expected) short squeeze from a short interest of 35% in July '23 combined with the ongoing AI-hype.
The company targets a traditional market with modern technology and can potentially win a large share of the loans market with TAM >$1 trillion. Sounds like a strategic interesting market, but management does not deliver (yet?)!