Why Upstart Stock Soared 209% in 2023

After collapsing in 2022, shares of Upstart (UPST -5.48%) were on the rebound last year, jumping 209%, according to data from S&P Global Market Intelligence.The artificial intelligence (AI)-based consumer lending company benefited from a more resilient performance from the economy than expected, an increasing premium on AI technology, and expectations that interest rates could start falling this year. A short squeeze also seemed to help drive the stock higher.As you can see from the chart, Upstart's gains p ...