Opendoor Stock Rips As CEO Claims Title Of 'Most AI-Pilled'

Core Viewpoint - Opendoor is undergoing a significant transformation towards an AI-driven operational model, which has positively impacted its stock performance and cost structure [1][7]. Group 1: Operational Changes - CEO Kaz Nejatian announced a complete departure from the previous operational model, branding Opendoor as "AI-Pilled" and emphasizing a cultural shift towards an AI-first approach [2][3]. - The company has reduced its annual run rate costs on hosting from $12 million to less than $5 million by moving core capabilities in-house and eliminating "tech debt" [3][6]. - The valuation pipeline now operates on a streamlined script of about 50 lines of code, resulting in a 90% reduction in feature-building costs [4]. Group 2: Cultural Shift - Nejatian described a "wartime" culture where employees are encouraged to deliver impactful code without bureaucratic delays, exemplified by an employee who automated seller disclosures in their spare time [5]. - The focus on AI has shifted analysts' roles from performing valuations to auditing AI-generated outputs, indicating a significant change in operational dynamics [7]. Group 3: Financial Performance - The stock price of Opendoor increased by 12.47%, reaching $5.23, reflecting investor confidence in the company's new direction towards profitability and efficiency [7]. - The company has successfully cleared legacy inventory and is addressing "organizational debt" that previously hindered its performance [6].