<p>周三股市整体表现强劲，截至东部时间上午 10:30，<strong>标准普尔 500 指数</strong>(^GSPC 1.60%) 和 <strong>纳斯达克综合指数</strong>(^IXIC 2.16%) 分别上涨了 1.7% 和 2.3%。然而，几只金融科技（fintech）股票的涨幅更为显著。</p>
<p>贷款技术平台 <strong>Upstart</strong>(UPST 9.42%) 上涨了 12%，创新经纪应用提供商 <strong>Robinhood</strong>(HOOD 9.84%) 几乎上涨了 10%，而房地产技术平台 <strong>Opendoor</strong>(OPEN 11.68%) 当天涨幅最高达 13%。这三者背后都有合理的原因。</p>
<h2>连续两个月温和的通胀数据</h2>
<p>周三，我们获得了最新的消费者价格指数（CPI）通胀数据。核心 CPI（不包括波动较大的食品和能源价格）同比增长 3.2%，好于经济学家预期的 3.3%。按月计算，核心 CPI 增长了 0.2%，也比预期低了十分之一个百分点。</p>
<p>市场对这一报告的积极反应部分原因在于，这一数据发布仅在另一天之后，另一项通胀指标——生产者价格指数（PPI）显示核心 PPI 环比持平，而预期为 0.3% 的增长。换句话说，周三的 CPI 数据帮助表明 PPI 数据是真实的，而不仅仅是一个单一的积极通胀数据点。</p>
<p>其重要性在于，低于预期的通胀可能导致美联储在 2025 年降低利率。进入 2025 年的中位数预期仅为今年降息一个季度百分点。但意外的低通胀可能导致更多的降息。</p>
<h2>降息是顺风，但原因各异</h2>
<p>这三家公司都将从低利率中获得巨大利益，但原因各不相同。</p>
<p>Upstart 通过代表第三方银行合作伙伴发放贷款（主要是个人贷款）来赚钱。它在本十年初的低利率时期快速增长并且盈利能力强，但随着利率上升，贷款量急剧下降。低利率可能会导致 Upstart 的贷款量增加，这可能意味着其盈利能力比许多人预期的恢复得更快。</p>
<p>Robinhood 是一款投资应用，主要依靠投资账户的资金流入和交易活动来推动业务，以及来自其 Robinhood Gold 订阅产品的收入。低利率将以几种方式帮助 Robinhood 的业务，但在低利率环境中对股市的兴趣增加可能会成为推动业务的一个重要催化剂。</p>
<p>最后，Opendoor 是 iBuying 业务中最大的公司，该业务涉及直接从业主手中购买房屋，进行一些外观修缮，然后转售给购房者。但一个关键点是，虽然 Opendoor 拥有这些房产，但它需要支付利息来融资。低利率意味着融资成本降低，这可能帮助公司更快实现盈利。</p>
<p>本周的通胀数据正在为美联储降息的未来创造乐观情绪，所有三家金融科技企业都处于有利位置。如果美联储在 2025 年真的多次降息，那么今天的涨幅可能只是一个起点。</p>

HOOD

OPEN

<p>在周三，金融科技股票 Upstart、Robinhood 和 Opendoor 分别上涨了 12%、近 10% 和 13%。这一上涨与积极的通胀数据相吻合，显示出低于预期的消费者物价指数（CPI）读数，这可能导致 2025 年美联储降息。较低的利率可能会提升 Upstart 的贷款量，增加 Robinhood 的交易活动，并降低 Opendoor 的融资成本，使这三家公司在市场乐观情绪上升的情况下具备未来盈利的潜力</p>

<p>The stock market was having a generally strong day on Wednesday, with the <strong>S&amp;P 500</strong>(^GSPC 1.60%) and <strong>Nasdaq Composite</strong>(^IXIC 2.16%) up by 1.7% and 2.3%, respectively, as of 10:30 a.m. ET. However, several financial technology, or fintech, stocks were spiking much higher.</p>
<div class="lb-trans"><p>周三股市整体表现强劲，截至东部时间上午 10:30，<strong>标准普尔 500 指数</strong>(^GSPC 1.60%) 和 <strong>纳斯达克综合指数</strong>(^IXIC 2.16%) 分别上涨了 1.7% 和 2.3%。然而，几只金融科技（fintech）股票的涨幅更为显著。</p>
</div><p>Lending technology platform <strong>Upstart</strong>(UPST 9.42%) was higher by 12%, innovative brokerage app provider <strong>Robinhood</strong>(HOOD 9.84%) gained nearly 10%, and real estate technology platform <strong>Opendoor</strong>(OPEN 11.68%) was up by as much as 13% for the day. And there are good reasons behind all three moves.</p>
<div class="lb-trans"><p>贷款技术平台 <strong>Upstart</strong>(UPST 9.42%) 上涨了 12%，创新经纪应用提供商 <strong>Robinhood</strong>(HOOD 9.84%) 几乎上涨了 10%，而房地产技术平台 <strong>Opendoor</strong>(OPEN 11.68%) 当天涨幅最高达 13%。这三者背后都有合理的原因。</p>
</div><h2>Two tame inflation readings in a row</h2>
<div class="lb-trans"><h2>连续两个月温和的通胀数据</h2>
</div><p>On Wednesday, we got the latest official look at Consumer Price Index (CPI) inflation data. Core CPI, which excludes volatile food and energy prices, came in at 3.2% year over year, which was better than the 3.3% economists had been expecting. On a monthly basis, core CPI increased by 0.2%, which was also one-tenth of a percentage point lower than expected.</p>
<div class="lb-trans"><p>周三，我们获得了最新的消费者价格指数（CPI）通胀数据。核心 CPI（不包括波动较大的食品和能源价格）同比增长 3.2%，好于经济学家预期的 3.3%。按月计算，核心 CPI 增长了 0.2%，也比预期低了十分之一个百分点。</p>
</div><p>One reason the market is receiving this report as such a positive move is that it comes just one day after another inflation metric, the Producer Price Index (PPI), showed that core PPI was flat month over month, compared with an expectation for an 0.3% rise. In other words, Wednesday's CPI reading helped show that the PPI data is the real deal, not just a single positive inflation data point.</p>
<div class="lb-trans"><p>市场对这一报告的积极反应部分原因在于，这一数据发布仅在另一天之后，另一项通胀指标——生产者价格指数（PPI）显示核心 PPI 环比持平，而预期为 0.3% 的增长。换句话说，周三的 CPI 数据帮助表明 PPI 数据是真实的，而不仅仅是一个单一的积极通胀数据点。</p>
</div><p>The significance is that lighter-than-expected inflation could lead the Federal Reserve to lower interest rates in 2025. The median expectation heading into 2025 was for just a single quarter-percentage-point rate cut this year. But unexpectedly low inflation could lead to several additional cuts.</p>
<div class="lb-trans"><p>其重要性在于，低于预期的通胀可能导致美联储在 2025 年降低利率。进入 2025 年的中位数预期仅为今年降息一个季度百分点。但意外的低通胀可能导致更多的降息。</p>
</div><h2>Lower interest rates are a tailwind, but for different reasons</h2>
<div class="lb-trans"><h2>降息是顺风，但原因各异</h2>
</div><p>All three companies stand to benefit tremendously from lower interest rates, but for very different reasons.</p>
<div class="lb-trans"><p>这三家公司都将从低利率中获得巨大利益，但原因各不相同。</p>
</div><p>Upstart makes money by originating loans (mostly personal loans) on behalf of third-party bank partners. It was growing rapidly and was highly profitable during the low-interest rate period earlier this decade, but loan volumes have declined sharply as rates increased. Lower interest rates are likely to lead to higher loan volumes for Upstart, which could mean a return to profitability quicker than many expect.</p>
<div class="lb-trans"><p>Upstart 通过代表第三方银行合作伙伴发放贷款（主要是个人贷款）来赚钱。它在本十年初的低利率时期快速增长并且盈利能力强，但随着利率上升，贷款量急剧下降。低利率可能会导致 Upstart 的贷款量增加，这可能意味着其盈利能力比许多人预期的恢复得更快。</p>
</div><p>Robinhood is an investment app that primarily relies on investment account inflows and trading activity to drive its business, as well as revenue from its Robinhood Gold subscription product. Lower interest rates would help Robinhood's business in a few ways, but increased interest in the stock market in a lower-rate environment would likely be a big catalyst for the business.</p>
<div class="lb-trans"><p>Robinhood 是一款投资应用，主要依靠投资账户的资金流入和交易活动来推动业务，以及来自其 Robinhood Gold 订阅产品的收入。低利率将以几种方式帮助 Robinhood 的业务，但在低利率环境中对股市的兴趣增加可能会成为推动业务的一个重要催化剂。</p>
</div><p>Finally, Opendoor is the largest company in the iBuying business, which involves buying homes directly from owners, making some cosmetic repairs, and flipping them to homebuyers. But one key point is that while Opendoor owns the properties, it is paying interest to finance them. Lower rates mean lower financing costs, which could help the company achieve profitability faster.</p>
<div class="lb-trans"><p>最后，Opendoor 是 iBuying 业务中最大的公司，该业务涉及直接从业主手中购买房屋，进行一些外观修缮，然后转售给购房者。但一个关键点是，虽然 Opendoor 拥有这些房产，但它需要支付利息来融资。低利率意味着融资成本降低，这可能帮助公司更快实现盈利。</p>
</div><p>This week's inflation data is creating optimism about the future of Federal Reserve rate cuts, and all three fintech businesses are well positioned to benefit. If the Fed <em>actually</em> ends up cutting rates more than once in 2025, today's gain could be just a starting point.</p>
<div class="lb-trans"><p>本周的通胀数据正在为美联储降息的未来创造乐观情绪，所有三家金融科技企业都处于有利位置。如果美联储在 2025 年真的多次降息，那么今天的涨幅可能只是一个起点。</p>
</div>

Upstart, Robinhood, and Opendoor Are All Spiking on Wednesday -- Here's Why They Could Go Even Higher

- 周三股市表现强劲，S&P 500 和 Nasdaq 分别上涨 1.7% 和 2.3%。  
- 三家金融科技公司 Upstart、Robinhood 和 Opendoor 股价大幅上涨，原因在于通胀数据低于预期。  
- 低通胀可能促使美联储在 2025 年降息，利好这些公司。  

Upstart、Robinhood 和 Opendoor 在周三都在飙升——以下是它们可能会进一步上涨的原因