Upstart's (NASDAQ: UPST) stock closed at its all-time high of $390 on Oct. 15, 2021. At the time, investors were impressed by the AI-powered lending platform's ability to help lenders approve loans with non-traditional data like a person's education, GPA, standardized test scores, and work history. Its revenue surged 264% in 2021 as that disruptive approach enabled lenders to reach a broader range of customers with limited credit histories.

But today, Upstart's stock trades at about $18. Its shares plummeted as inflation, rising interest rates, and other macro headwinds caused its lending partners (banks, credit unions, and auto dealerships) to provide fewer loans. At the same time, rising interest rates caused consumers to take out fewer loans. 

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Source Fool.com