Upstart's Performance & Strategy - Upstart's Q2 saw 102% year-over-year growth [3] - 92% of loans on Upstart's platform are fully automated by AI [3][4] - The majority of funding comes from long-term committed partnerships with private credit [3] - Upstart beat guidance on both top and bottom lines [3] - Loan origination increased 154% year-over-year [8] AI & Automation in Lending - AI enables instant loan approvals, reducing lending costs and improving the consumer experience [6][7] - AI models improve risk assessment in lending [7] - Upstart views AI as its core product, aiming for instant and personalized credit access [19][20] Consumer Credit & Market Conditions - The American consumer is in an elevated risk state with low savings rates and elevated default rates across lending categories [8][9] - Consumer credit demand remains consistently high [14][15] - Consumers are becoming more price-sensitive, which Upstart views positively [12]