<p><strong>Opendoor Technologies</strong>（OPEN 14.24%）的股价在 2025 年迄今已惊人上涨了 400%。其中大部分涨幅是在过去几个月内实现的，这段时间对公司来说发生了巨大的变化。</p>
<p>其中最大的变化之一是新任首席执行官，他一直在谈论利用人工智能（AI）来改善 Opendoor 的业务机会。</p>
<h2>Opendoor Technologies 的业务是什么？</h2>
<p>从大局来看，Opendoor Technologies 是一家房屋翻转公司。它基本上为房屋卖家提供一个低价报价，快速成交，并减轻了在出售前进行房屋改进的需求。</p>
<p>如果达成交易，Opendoor 会投入时间和资本来改善房产，然后以高于购买价格的价格上市出售。希望所有 Opendoor 购买的房屋都能迅速且具有成本效益地转手，从而在房屋成本（包括在装修期间的持有成本）和 Opendoor 出售价格之间创造出较大的利润空间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTcvMjNfMDdfMDQtYS1zY2FsZS1zaG93aW5nLXJpc2stZnJvbS1sb3ctdG8taGlnaC13aXRoLXRoZS1wb2ludGVyLW9uLXRoZS1kaWFsLW9uLWhpZ2gtX21mLWRsb2FkLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTcvMjNfMDdfMDQtYS1zY2FsZS1zaG93aW5nLXJpc2stZnJvbS1sb3ctdG8taGlnaC13aXRoLXRoZS1wb2ludGVyLW9uLXRoZS1kaWFsLW9uLWhpZ2gtX21mLWRsb2FkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>这是一种通常由小型投资者在当地进行的商业模式。通常，小型投资者会自己进行装修工作，以降低成本。</p>
<p>房屋翻转可以非常盈利，但尚未在大规模上复制。值得注意的是，Opendoor 的损益表尚未看到全年盈利，股票也从几年前的历史高点大幅下跌。随着投资者意识到该公司实际上只是一个亏损的初创企业，早期的兴奋感逐渐消退。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/77c784797c92ddba3166348979e8306d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/77c784797c92ddba3166348979e8306d.png"/></p>
<p>数据来源：YCharts。</p>
<h2>Opendoor 的前景可能会变得有趣</h2>
<p>在过去几个月中，随着一位激进投资者的介入并有效地推动首席执行官下台，Opendoor 的氛围发生了剧烈变化。最近宣布，前 <strong>Shopify</strong> 高管 Kaz Nejatian 将接任 Opendoor 的首席执行官。因此，股价飙升。</p>
<p>Opendoor 的业务在选择房屋时高度依赖技术。新首席执行官计划利用人工智能，目标是降低成本（包括裁员）并做出更强的购房/售房决策。</p>
<p>如果 Nejatian 是正确的，Opendoor 的业务可能最终会实现盈利，并有可能扩展到目前运营的有限市场之外。这里有一个巨大的潜在机会可以挖掘。</p>
<p>但有一个问题：Nejatian 是否正确尚不清楚。从今天到他设想的未来需要进行许多昂贵的变革，无论他是否能够将 Opendoor 转变为一个可持续盈利的企业。</p>
<p>如果他错了，那么这可能意味着业务的终结，因为在向人工智能过渡的过程中，重建将会失去的人类知识基础可能会非常困难。这里存在大量特有风险，首席执行官看似激进的商业改革的成功将决定未来的走向。</p>
<h2>投资者正在定价大量好消息</h2>
<p>目前，投资 Opendoor Technologies 的投资者必须退后一步，考虑风险/回报的平衡。此时，该公司在几个月内从面临退市风险的便士股变成了飙升的火箭，尽管在业务层面几乎没有变化。</p>
<p>股票会继续上涨吗？绝对会，特别是因为新首席执行官正在采用一种在华尔街上备受追捧的技术。</p>
<p>一旦投资者对一个好故事产生迷恋，就无法预测股票能涨多高。但大多数投资者此时可能更好地选择在旁观望，等待 Nejatian 的长期计划是否真的如预期那样有效的确凿证据。</p>

OPEN

<p>Opendoor Technologies 的股票在 2025 年飙升了 400%，这主要归功于新任首席执行官 Kaz Nejatian 的任命，他旨在利用人工智能来增强公司的房屋翻转商业模式。尽管近期股价上涨，但 Opendoor 尚未实现盈利，并面临与其向人工智能驱动运营转型相关的重大风险。投资者被建议保持谨慎，因为股票的快速上涨可能并未反映出基础业务的改善，而 Nejatian 的战略成功仍然不确定</p>

<p>Share prices of <strong>Opendoor Technologies</strong>(OPEN 14.24%) have risen a shocking 400% so far in 2025. Most of that gain has come in just the last couple of months, which has been a time of massive change for the company.</p>
<div class="lb-trans"><p><strong>Opendoor Technologies</strong>（OPEN 14.24%）的股价在 2025 年迄今已惊人上涨了 400%。其中大部分涨幅是在过去几个月内实现的，这段时间对公司来说发生了巨大的变化。</p>
</div><p>One of the biggest changes is a new CEO who has been talking up the opportunity of using artificial intelligence (AI) to improve Opendoor's business.</p>
<div class="lb-trans"><p>其中最大的变化之一是新任首席执行官，他一直在谈论利用人工智能（AI）来改善 Opendoor 的业务机会。</p>
</div><h2>What does Opendoor Technologies do?</h2>
<div class="lb-trans"><h2>Opendoor Technologies 的业务是什么？</h2>
</div><p>From a big-picture perspective, Opendoor Technologies is a home flipper. It basically offers home sellers a low-ball bid that comes with quick execution and alleviates the need to invest in home improvements prior to the sale.</p>
<div class="lb-trans"><p>从大局来看，Opendoor Technologies 是一家房屋翻转公司。它基本上为房屋卖家提供一个低价报价，快速成交，并减轻了在出售前进行房屋改进的需求。</p>
</div><p>If a deal is made, Opendoor puts in the time and capital investment necessary to spruce up the property and then lists it for a higher price than it bought it for. The hope is that all of the homes Opendoor buys can be turned around quickly and cost-effectively, creating a wide spread between the cost of the home (including carrying it through the renovation period) and the price at which Opendoor sells it.</p>
<div class="lb-trans"><p>如果达成交易，Opendoor 会投入时间和资本来改善房产，然后以高于购买价格的价格上市出售。希望所有 Opendoor 购买的房屋都能迅速且具有成本效益地转手，从而在房屋成本（包括在装修期间的持有成本）和 Opendoor 出售价格之间创造出较大的利润空间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM0MTcvMjNfMDdfMDQtYS1zY2FsZS1zaG93aW5nLXJpc2stZnJvbS1sb3ctdG8taGlnaC13aXRoLXRoZS1wb2ludGVyLW9uLXRoZS1kaWFsLW9uLWhpZ2gtX21mLWRsb2FkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833417%2F23_07_04-a-scale-showing-risk-from-low-to-high-with-the-pointer-on-the-dial-on-high-_mf-dload.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>This is a business model that's usually done locally by small investors. Often, the small investor does the renovation work themselves to keep costs low.</p>
<div class="lb-trans"><p>这是一种通常由小型投资者在当地进行的商业模式。通常，小型投资者会自己进行装修工作，以降低成本。</p>
</div><p>Home flipping can be very profitable, but it hasn't been replicated on a large scale. Notably, Opendoor's income statement has yet to see a full-year profit, and the stock has fallen dramatically from its all-time highs just a few years ago. The early excitement wore off as investors realized that the company was really just a money-losing start-up.</p>
<div class="lb-trans"><p>房屋翻转可以非常盈利，但尚未在大规模上复制。值得注意的是，Opendoor 的损益表尚未看到全年盈利，股票也从几年前的历史高点大幅下跌。随着投资者意识到该公司实际上只是一个亏损的初创企业，早期的兴奋感逐渐消退。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/77c784797c92ddba3166348979e8306d.png" alt="" original-src="https://media.ycharts.com/charts/77c784797c92ddba3166348979e8306d.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><h2>Things could get interesting for Opendoor</h2>
<div class="lb-trans"><h2>Opendoor 的前景可能会变得有趣</h2>
</div><p>The mood around Opendoor shifted dramatically in the last few months after an activist investor got involved and effectively pushed out the CEO. Just recently, it was announced that Kaz Nejatian, a former <strong>Shopify</strong> executive, was taking over as CEO of Opendoor. As a result, the stock rocketed higher.</p>
<div class="lb-trans"><p>在过去几个月中，随着一位激进投资者的介入并有效地推动首席执行官下台，Opendoor 的氛围发生了剧烈变化。最近宣布，前 <strong>Shopify</strong> 高管 Kaz Nejatian 将接任 Opendoor 的首席执行官。因此，股价飙升。</p>
</div><p>Opendoor's business is highly reliant on technology when it comes to selecting homes. The new CEO is planning to lean into artificial intelligence, with the goal of cutting costs (including firing employees) and making stronger homebuying/home-selling choices.</p>
<div class="lb-trans"><p>Opendoor 的业务在选择房屋时高度依赖技术。新首席执行官计划利用人工智能，目标是降低成本（包括裁员）并做出更强的购房/售房决策。</p>
</div><p>If Nejatian is correct, Opendoor's business could finally break into the black and, perhaps, be expanded beyond the limited number of markets in which it currently operates. There is a significant potential opportunity available to tap into here.</p>
<div class="lb-trans"><p>如果 Nejatian 是正确的，Opendoor 的业务可能最终会实现盈利，并有可能扩展到目前运营的有限市场之外。这里有一个巨大的潜在机会可以挖掘。</p>
</div><p>There's just one problem: It's far from clear that Nejatian is correct. Getting from today to the future he envisions will require a lot of costly changes, regardless of whether or not he manages to turn Opendoor into a sustainably profitable business.</p>
<div class="lb-trans"><p>但有一个问题：Nejatian 是否正确尚不清楚。从今天到他设想的未来需要进行许多昂贵的变革，无论他是否能够将 Opendoor 转变为一个可持续盈利的企业。</p>
</div><p>If he's wrong, meanwhile, it could be the end of the business, since it would likely be difficult to rebuild the human knowledge base that will be lost in the transition to AI. There is a huge amount of idiosyncratic risk here, and the success of the CEO's seemingly drastic business overhaul is going to determine what happens.</p>
<div class="lb-trans"><p>如果他错了，那么这可能意味着业务的终结，因为在向人工智能过渡的过程中，重建将会失去的人类知识基础可能会非常困难。这里存在大量特有风险，首席执行官看似激进的商业改革的成功将决定未来的走向。</p>
</div><h2>Investors are pricing in a lot of good news</h2>
<div class="lb-trans"><h2>投资者正在定价大量好消息</h2>
</div><p>Investors looking at Opendoor Technologies right now have to step back and consider the risk/reward balance. At this point, the company has gone from being a penny stock at risk of being delisted to a soaring rocket in just a few months, even though very little has changed on the business level.</p>
<div class="lb-trans"><p>目前，投资 Opendoor Technologies 的投资者必须退后一步，考虑风险/回报的平衡。此时，该公司在几个月内从面临退市风险的便士股变成了飙升的火箭，尽管在业务层面几乎没有变化。</p>
</div><p>Could the stock keep climbing? Absolutely, particularly since the new CEO is taking up a technology that's hot on Wall Street today.</p>
<div class="lb-trans"><p>股票会继续上涨吗？绝对会，特别是因为新首席执行官正在采用一种在华尔街上备受追捧的技术。</p>
</div><p>There's no telling how far a stock can go once investors get enamored of a good story. But most investors will probably be better off watching from the sidelines at this point, waiting for concrete proof that Nejatian's long-term plan for the company is actually working as well as hoped.</p>
<div class="lb-trans"><p>一旦投资者对一个好故事产生迷恋，就无法预测股票能涨多高。但大多数投资者此时可能更好地选择在旁观望，等待 Nejatian 的长期计划是否真的如预期那样有效的确凿证据。</p>
</div>

这只股票在 2025 年上涨了 400%，随着新任 CEO 的上任，它可能会继续上涨