1 Artificial Intelligence Stock Down 92% That Could Be Set to Soar
Artificial intelligence (AI) has proven its worth in the corporate world this year for its ability to boost business productivity and unlock convenience for consumers. As a result, investors have rushed to get their hands on AI stocks, and Upstart (NASDAQ: UPST) is one of them; it has rocketed higher by 148% in 2023.
Upstart uses AI to originate loans for consumers on behalf of its banking partners, but while its stock is having a strong year, it's still trading 92% below its all-time high. Shares suffered a drastic decline in 2022 when the U.S. Federal Reserve started rapidly raising interest rates to fight soaring inflation, and that hurt Upstart's business in more ways than one.
But in the second quarter of 2023 (ended June 30), the company managed to deliver its first quarter-over-quarter revenue increase in more than a year. It might be an early sign that a recovery is in the works. Here's why Upstart stock presents an attractive risk-reward proposition for investors right now.
Source Fool.com
