NEW YORK & SAN MATEO, Calif., December 01, 2022--Carver Federal Savings Bank Partners with AI Lending Marketplace Leader Upstart to Enhance its Loan Offering Capabilities and Expand Credit
The artificial intelligence-assisted lending platform Upstart (NASDAQ: UPST) has gone from trading at all-time highs in 2021, when shares hit nearly $400, to all-time lows, with shares trading below $18. High inflation, followed by rapidly rising interest rates, has disrupted a key part of Upstart's business model, making formerly enthusiastic investors reverse course. What went wrong for Upstart?
Several fintech stocks reversed course and moved higher this afternoon after Federal Reserve Chair Jerome Powell, during a highly anticipated press conference, said that the Fed is preparing to slow the pace of its interest rate hikes. Shares of the artificial intelligence-assisted lending platform Upstart Holdings (NASDAQ: UPST) traded nearly 3% higher in the final hour of trading today. Meanwhile, shares of the digital bank SoFi Technologies (NASDAQ: SOFI) traded nearly 4% higher, and shares of the buy now, pay later company Affirm Holdings (NASDAQ: AFRM) were up close to 6%.