Why Upstart Stock Plunged 23% in July
The market sees too many risks right now.
Overview
Upstart (NASDAQ: UPST) stock dropped 23% in July, according to data provided by S&P Global Market Intelligence. There was macroeconomic data pointing to continued pressure for lenders, which is its core business, as well as continued concern about agentic artificial intelligence (AI) replacing software-as-a-service (SaaS) products.
Upstart stock plunged several years ago when it couldn't sustain incredibly high growth as interest rates rose, and it hasn't gotten back on its feet yet. The business has somewhat recovered, but it's not where it used to be. It's also facing a tough macroeconomic environment, hampering market confidence in its future.
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Originally published at www.fool.com.