<p>週三股市整體表現強勁，截至東部時間上午 10:30，<strong>標準普爾 500 指數</strong>(^GSPC 1.60%) 和 <strong>納斯達克綜合指數</strong>(^IXIC 2.16%) 分別上漲了 1.7% 和 2.3%。然而，幾隻金融科技（fintech）股票的漲幅更為顯著。</p>
<p>貸款技術平台 <strong>Upstart</strong>(UPST 9.42%) 上漲了 12%，創新經紀應用提供商 <strong>Robinhood</strong>(HOOD 9.84%) 幾乎上漲了 10%，而房地產技術平台 <strong>Opendoor</strong>(OPEN 11.68%) 當天漲幅最高達 13%。這三者背後都有合理的原因。</p>
<h2>連續兩個月温和的通脹數據</h2>
<p>週三，我們獲得了最新的消費者價格指數（CPI）通脹數據。核心 CPI（不包括波動較大的食品和能源價格）同比增長 3.2%，好於經濟學家預期的 3.3%。按月計算，核心 CPI 增長了 0.2%，也比預期低了十分之一個百分點。</p>
<p>市場對這一報告的積極反應部分原因在於，這一數據發佈僅在另一天之後，另一項通脹指標——生產者價格指數（PPI）顯示核心 PPI 環比持平，而預期為 0.3% 的增長。換句話説，週三的 CPI 數據幫助表明 PPI 數據是真實的，而不僅僅是一個單一的積極通脹數據點。</p>
<p>其重要性在於，低於預期的通脹可能導致美聯儲在 2025 年降低利率。進入 2025 年的中位數預期僅為今年降息一個季度百分點。但意外的低通脹可能導致更多的降息。</p>
<h2>降息是順風，但原因各異</h2>
<p>這三家公司都將從低利率中獲得巨大利益，但原因各不相同。</p>
<p>Upstart 通過代表第三方銀行合作伙伴發放貸款（主要是個人貸款）來賺錢。它在本十年初的低利率時期快速增長並且盈利能力強，但隨着利率上升，貸款量急劇下降。低利率可能會導致 Upstart 的貸款量增加，這可能意味着其盈利能力比許多人預期的恢復得更快。</p>
<p>Robinhood 是一款投資應用，主要依靠投資賬户的資金流入和交易活動來推動業務，以及來自其 Robinhood Gold 訂閲產品的收入。低利率將以幾種方式幫助 Robinhood 的業務，但在低利率環境中對股市的興趣增加可能會成為推動業務的一個重要催化劑。</p>
<p>最後，Opendoor 是 iBuying 業務中最大的公司，該業務涉及直接從業主手中購買房屋，進行一些外觀修繕，然後轉售給購房者。但一個關鍵點是，雖然 Opendoor 擁有這些房產，但它需要支付利息來融資。低利率意味着融資成本降低，這可能幫助公司更快實現盈利。</p>
<p>本週的通脹數據正在為美聯儲降息的未來創造樂觀情緒，所有三家金融科技企業都處於有利位置。如果美聯儲在 2025 年真的多次降息，那麼今天的漲幅可能只是一個起點。</p>

HOOD

OPEN

<p>在週三，金融科技股票 Upstart、Robinhood 和 Opendoor 分別上漲了 12%、近 10% 和 13%。這一上漲與積極的通脹數據相吻合，顯示出低於預期的消費者物價指數（CPI）讀數，這可能導致 2025 年美聯儲降息。較低的利率可能會提升 Upstart 的貸款量，增加 Robinhood 的交易活動，並降低 Opendoor 的融資成本，使這三家公司在市場樂觀情緒上升的情況下具備未來盈利的潛力</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>週三股市整體表現強勁，截至東部時間上午 10:30，<strong>標準普爾 500 指數</strong>(^GSPC 1.60%) 和 <strong>納斯達克綜合指數</strong>(^IXIC 2.16%) 分別上漲了 1.7% 和 2.3%。然而，幾隻金融科技（fintech）股票的漲幅更為顯著。</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>貸款技術平台 <strong>Upstart</strong>(UPST 9.42%) 上漲了 12%，創新經紀應用提供商 <strong>Robinhood</strong>(HOOD 9.84%) 幾乎上漲了 10%，而房地產技術平台 <strong>Opendoor</strong>(OPEN 11.68%) 當天漲幅最高達 13%。這三者背後都有合理的原因。</p>
</div><h2>Two tame inflation readings in a row</h2>
<div class="lb-trans"><h2>連續兩個月温和的通脹數據</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>週三，我們獲得了最新的消費者價格指數（CPI）通脹數據。核心 CPI（不包括波動較大的食品和能源價格）同比增長 3.2%，好於經濟學家預期的 3.3%。按月計算，核心 CPI 增長了 0.2%，也比預期低了十分之一個百分點。</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>市場對這一報告的積極反應部分原因在於，這一數據發佈僅在另一天之後，另一項通脹指標——生產者價格指數（PPI）顯示核心 PPI 環比持平，而預期為 0.3% 的增長。換句話説，週三的 CPI 數據幫助表明 PPI 數據是真實的，而不僅僅是一個單一的積極通脹數據點。</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>其重要性在於，低於預期的通脹可能導致美聯儲在 2025 年降低利率。進入 2025 年的中位數預期僅為今年降息一個季度百分點。但意外的低通脹可能導致更多的降息。</p>
</div><h2>Lower interest rates are a tailwind, but for different reasons</h2>
<div class="lb-trans"><h2>降息是順風，但原因各異</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>這三家公司都將從低利率中獲得巨大利益，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 通過代表第三方銀行合作伙伴發放貸款（主要是個人貸款）來賺錢。它在本十年初的低利率時期快速增長並且盈利能力強，但隨着利率上升，貸款量急劇下降。低利率可能會導致 Upstart 的貸款量增加，這可能意味着其盈利能力比許多人預期的恢復得更快。</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 是一款投資應用，主要依靠投資賬户的資金流入和交易活動來推動業務，以及來自其 Robinhood Gold 訂閲產品的收入。低利率將以幾種方式幫助 Robinhood 的業務，但在低利率環境中對股市的興趣增加可能會成為推動業務的一個重要催化劑。</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>最後，Opendoor 是 iBuying 業務中最大的公司，該業務涉及直接從業主手中購買房屋，進行一些外觀修繕，然後轉售給購房者。但一個關鍵點是，雖然 Opendoor 擁有這些房產，但它需要支付利息來融資。低利率意味着融資成本降低，這可能幫助公司更快實現盈利。</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>本週的通脹數據正在為美聯儲降息的未來創造樂觀情緒，所有三家金融科技企業都處於有利位置。如果美聯儲在 2025 年真的多次降息，那麼今天的漲幅可能只是一個起點。</p>
</div>

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

- 週三股市表現強勁，S&P 500 和 Nasdaq 分別上漲 1.7% 和 2.3%。  
- 三家金融科技公司 Upstart、Robinhood 和 Opendoor 股價大幅上漲，原因在於通脹數據低於預期。  
- 低通脹可能促使美聯儲在 2025 年降息，利好這些公司。  

Upstart、Robinhood 和 Opendoor 在週三都在飆升——以下是它們可能會進一步上漲的原因