Upstart Holdings (NASDAQ: UPST) stock rallied in June, with shares surging 31.5%, according to data provided by S&P Global Market Intelligence. That's nearly 5 times the 6.5% gains of the S&P 500 (SNPINDEX: ^GSPC), compounding its impressive climb so far in 2023, with the stock up an eye-popping 189%.

The company has benefited from multiple factors, including its ties to artificial intelligence (AI), overall improvements in the economy, and a rebound among technology stocks. Prevailing economic conditions aside, the fintech specialist got a massive vote of confidence from a well-capitalized investor. This development has served to ease investor concerns regarding the viability of its loan portfolio.

Upstart's stock continued to climb in June, but the catalyst that sparked its ascent began earlier. A little background will help provide context for the move higher.

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Source Fool.com