$UPST
Even though Upstart has shown a clear recovery in volume, revenue, and profitability over the last few quarters, the market wants clearer proof on credit outcomes before it re rates the stock. The core question driving the stock is not growth; it’s whether AI underwriting can produce better and more predictable credit performance across a full credit cycle. Operational automation is very high and the infrastructure is ready to scale, but marginal gains in this area are nearing saturation, so it no longer serves as a standalone re rating catalyst. The wide dispersion of returns across cre