<p>你的投資組合是否需要一個新的增長名稱？也許是一隻由於人工智能的出現而沒有飆升至高估值的股票？這樣的股票確實存在。你只需深入挖掘一下，穿透市場上最受歡迎名稱所製造的噪音。</p>
<p>其中一個隱藏的寶石是一家名為 <strong>Upstart Holdings</strong>(UPST -0.27%) 的年輕公司。以下是它的業務以及你現在應該考慮它的原因。</p>
<h2>什麼是 Upstart？</h2>
<p>你可能已經對 Upstart 有所瞭解，但如果你最近才偶然發現這個名字，以下是它的基本情況。簡單來説，Upstart 是一種新型的信用局。</p>
<p>在它們的初期，像 <strong>Equifax</strong>、<strong>TransUnion</strong> 和 <strong>Experian</strong> 這樣的傳統信用局在當時可用的工具下做得還不錯。它們三家都是在互聯網出現之前成立的，其中兩家甚至是在任何可以被視為現代計算機的東西發明之前創建的。驗證個人收入並手動跟蹤任何逾期或未付款項在當時實際上是一項相當了不起的成就。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODcvYnVzaW5lc3MtbWVldGluZy1iYW5raW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODcvYnVzaW5lc3MtbWVldGluZy1iYW5raW5nLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>與此同時，數據存儲和信息共享技術顯然已經得到了改善。然而，傳統信用局確定信用評分的方法卻沒有改變。它們仍然根據個人的支付歷史、當前債務、收入以及信用歷史的年齡等標準分配量化分數。</p>
<p>但現在有了更好的方法。使用一種考慮每個人超過 1,600 個數據點的人工智能算法，Upstart 能夠做到傳統信用局無法做到的事情。它能夠提供一個超準確的個人信用 worthiness 的圖景。而且它可以在幾秒鐘內完成，通過互聯網隨時將這些信息傳遞給潛在的貸款人。</p>
<p>老實説，令人驚訝的是，在前谷歌高管、現任首席執行官 Dave Girouard 於 2012 年與其他前谷歌高管 Anna Counselman 和統計科學專家 Paul Gu 一起創辦公司之前，居然沒有人做到這一點。</p>
<p>無論如何，自公司在 2020 年 12 月首次公開募股以來，股東們得到了豐厚的回報。該股票的價格比首次公開募股時的 20 美元上漲了超過 240%，並且比首次在公開交易所交易時的價格上漲了超過 50%。</p>
<p>不過，這僅僅是個開始。仍然有大量的上行潛力可以挖掘。</p>
<h2>買入 Upstart 股票的三個理由</h2>
<p>有幾個令人信服的理由可以讓你在此時投資 Upstart。但其中三個理由足夠突出，值得關注。</p>
<h3>1. 技術有效</h3>
<p>這不僅僅是一個無意義的解決方案，解決一個並不存在的問題。算法是有效的。Upstart 的平台比傳統信用局多出 43% 的貸款批准率。而且，它促成的三分之一貸款的利率低於傳統批准方式所提供的利率。這對消費者和貸款人都是一個雙贏，更不用説當潛在借款人有資格進行購買時受益的中介了。</p>
<h3>2. 貸款人越來越接受它</h3>
<p>有效的技術是一回事，市場相信並願意使用的技術又是另一回事。在這方面，Upstart 技術的採用起初是緩慢的。到 2020 年首次公開募股時，只有少數貸款人在使用其平台，2021 年促成了 41 億美元的貸款，為公司帶來了 3.05 億美元的收入。</p>
<p>然而，去年，Upstart 的解決方案使超過 100 家貸款人批准了近 60 億美元的貸款，帶來了 6.37 億美元的收入。公司預計今年的收入將超過 10 億美元，分析師預計明年的收入為 13.4 億美元，2027 年的銷售額為 16 億美元。在這 16 億美元中，預計將有 2.16 億美元轉化為淨利潤，而今年的淨利潤可能接近盈虧平衡。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODcvMDkxNzI1LXVwc3RhcnQtcmVzdWx0cy5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODcvMDkxNzI1LXVwc3RhcnQtcmVzdWx0cy5wbmcmdz03MDA"/></p>
<p>數據來源：Simply Wall St. 作者圖表。</p>
<h3>3. 你可以以折扣價入場</h3>
<p>考慮到這裏的財政軌跡，人們會期望 Upstart 股票飆升。它確實經歷過一些看漲的時刻。但自去年底以來，這些時刻並沒有持續太久。</p>
<p>儘管公司的股票在 2 月和 3 月的市場崩潰後與其他股票一起恢復，但它們並沒有像其他股票那樣持續上漲。相反，它們從 7 月的高點回落，現在的交易價格與 11 月時相當。市場仍然對持續通脹的經濟影響感到相當擔憂——這是 Girouard 在 8 月的第二季度財報電話會議上表達的擔憂。</p>
<p>然而，投資者可能對這種擔憂的定價過高。分析師似乎也這麼認為。儘管股票最近回調，分析師社區仍支持 78.79 美元的共識目標，這比 Upstart 股票目前的價格高出 15%。這對於開始新的交易來説並不是一個壞的順風。</p>
<h2>只需不要失去對你所購買內容的視角</h2>
<p>一個有前景的投資？當然。但並非沒有風險。即使其收益預計在未來幾年內增長並顯著擴大利潤率，其淨收益率仍然相當薄弱。只需一點波動，就可能對這些脆弱的看漲預期造成相當大的損害。</p>
<p>市場上並沒有真正的護城河來阻止潛在競爭者進入，使用類似的信用評分技術，包括那些熟悉的信用局。儘管如此，這並不是讓耐受波動和風險的投資者回避 Upstart 股票的理由。</p>
<p>至於後者，儘管沒有顯著的實質性護城河，但貸款行業對變革的不感興趣實際上充當了一個護城河。Upstart 有時間繼續成為 AI 驅動貸款業務的主導品牌。由於其技術已經成熟並可用，貸款機構幾乎沒有必要考慮其他可能表現更好的替代方案。</p>
<p>至於前者，儘管這家年輕的企業在一個季度甚至一年之間仍然有些不可預測，但向前看五年。Upstart 的平台優於其他信用評分技術。即使股票未能以直線向前的方式反映這種增長，純粹的實用性也將推動長期增長。</p>

UPST

<p>Upstart Holdings (UPST) 是一種新型信用局，利用人工智能算法比傳統信用局更準確地評估信用 worthiness。自 2020 年 12 月上市以來，該公司經歷了顯著增長，股價上漲超過 240%。考慮投資 Upstart 的三個理由包括：1）其有效的技術使貸款批准率提高了 43%；2）貸方的日益採用；3）儘管強勁的收入增長預測，當前股價折扣，預計今年收入將超過 10 億美元</p>

<p>Is your portfolio in need of a new growth name? Perhaps a stock that hasn't raced to a nosebleed valuation thanks to the advent of artificial intelligence? They're out there. You just have to dig a little deeper to find them, pushing through all the noise being created by the market's most popular names right now.</p>
<div class="lb-trans"><p>你的投資組合是否需要一個新的增長名稱？也許是一隻由於人工智能的出現而沒有飆升至高估值的股票？這樣的股票確實存在。你只需深入挖掘一下，穿透市場上最受歡迎名稱所製造的噪音。</p>
</div><p>One of these hidden gems is a young company called <strong>Upstart Holdings</strong>(UPST -0.27%). Here's what it does and why you should consider it now.</p>
<div class="lb-trans"><p>其中一個隱藏的寶石是一家名為 <strong>Upstart Holdings</strong>(UPST -0.27%) 的年輕公司。以下是它的業務以及你現在應該考慮它的原因。</p>
</div><h2>What's Upstart?</h2>
<div class="lb-trans"><h2>什麼是 Upstart？</h2>
</div><p>You may already be familiar with Upstart, but if you've only recently stumbled across this name, here's the deal. In simplest terms, Upstart is a new kind of credit bureau.</p>
<div class="lb-trans"><p>你可能已經對 Upstart 有所瞭解，但如果你最近才偶然發現這個名字，以下是它的基本情況。簡單來説，Upstart 是一種新型的信用局。</p>
</div><p>In their infancy, established credit bureaus like <strong>Equifax</strong>, <strong>TransUnion</strong>, and <strong>Experian</strong> did their job well enough with the tools available at the time. All three of them were launched before the advent of the internet, while two of them were created before the invention of anything that might even be considered something akin to a modern-day computer. Verifying an individual's income and manually keeping track of any late or missed payments back then was actually a pretty impressive achievement.</p>
<div class="lb-trans"><p>在它們的初期，像 <strong>Equifax</strong>、<strong>TransUnion</strong> 和 <strong>Experian</strong> 這樣的傳統信用局在當時可用的工具下做得還不錯。它們三家都是在互聯網出現之前成立的，其中兩家甚至是在任何可以被視為現代計算機的東西發明之前創建的。驗證個人收入並手動跟蹤任何逾期或未付款項在當時實際上是一項相當了不起的成就。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODcvYnVzaW5lc3MtbWVldGluZy1iYW5raW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834087%2Fbusiness-meeting-banking.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>Data storage and information-sharing technology have obviously changed for the better in the meantime. The traditional credit bureaus' approach to determining credit scores, however, hasn't. All of them still assign quantified scores to criteria like someone's payment history, current indebtedness, income, and how old that consumer's credit history is.</p>
<div class="lb-trans"><p>與此同時，數據存儲和信息共享技術顯然已經得到了改善。然而，傳統信用局確定信用評分的方法卻沒有改變。它們仍然根據個人的支付歷史、當前債務、收入以及信用歷史的年齡等標準分配量化分數。</p>
</div><p>But there's now a better way. Using an artificial intelligence algorithm that considers more than 1,600 data points about each and every individual, Upstart can do what traditional credit bureaus simply can't. That's come up with a hyper-accurate picture of someone's actual creditworthiness. And it can do so in a matter of seconds, delivering that information to a potential lender via the internet at any time of day.</p>
<div class="lb-trans"><p>但現在有了更好的方法。使用一種考慮每個人超過 1,600 個數據點的人工智能算法，Upstart 能夠做到傳統信用局無法做到的事情。它能夠提供一個超準確的個人信用 worthiness 的圖景。而且它可以在幾秒鐘內完成，通過互聯網隨時將這些信息傳遞給潛在的貸款人。</p>
</div><p>Honestly, it's surprising someone didn't do it before former Google executive and current CEO Dave Girouard launched the company back in 2012 with fellow former Google executive Anna Counselman and statistical science expert Paul Gu.</p>
<div class="lb-trans"><p>老實説，令人驚訝的是，在前谷歌高管、現任首席執行官 Dave Girouard 於 2012 年與其他前谷歌高管 Anna Counselman 和統計科學專家 Paul Gu 一起創辦公司之前，居然沒有人做到這一點。</p>
</div><p>Whatever the case, shareholders have been well-rewarded since the company's initial public offering back in December of 2020. The stock's up more than 240% from its IPO price of $20, and more than 50% above its first trade on a public exchange.</p>
<div class="lb-trans"><p>無論如何，自公司在 2020 年 12 月首次公開募股以來，股東們得到了豐厚的回報。該股票的價格比首次公開募股時的 20 美元上漲了超過 240%，並且比首次在公開交易所交易時的價格上漲了超過 50%。</p>
</div><p>This is still just the beginning, though. There's still a ton of upside potential left to tap.</p>
<div class="lb-trans"><p>不過，這僅僅是個開始。仍然有大量的上行潛力可以挖掘。</p>
</div><h2>Three reasons to buy Upstart stock</h2>
<div class="lb-trans"><h2>買入 Upstart 股票的三個理由</h2>
</div><p>There are several compelling reasons to dive into a stake in Upstart here. But three stand out and are bullish enough in and of themselves.</p>
<div class="lb-trans"><p>有幾個令人信服的理由可以讓你在此時投資 Upstart。但其中三個理由足夠突出，值得關注。</p>
</div><h3>1. The technology works</h3>
<div class="lb-trans"><h3>1. 技術有效</h3>
</div><p>It's not just a meaningless solution to a problem that doesn't exist. The algorithm works. Upstart's platform allows for 43% more loan approvals than conventional credit bureaus do. And, one-third of the loans it prompts are made at a lower interest rate than would have been offered through a more traditional approval approach. It's a win for consumers as well as lenders, not to mention the middlemen that benefit when a would-be borrower qualifies to make a purchase.</p>
<div class="lb-trans"><p>這不僅僅是一個無意義的解決方案，解決一個並不存在的問題。算法是有效的。Upstart 的平台比傳統信用局多出 43% 的貸款批准率。而且，它促成的三分之一貸款的利率低於傳統批准方式所提供的利率。這對消費者和貸款人都是一個雙贏，更不用説當潛在借款人有資格進行購買時受益的中介了。</p>
</div><h3>2. And lenders are increasingly embracing it</h3>
<div class="lb-trans"><h3>2. 貸款人越來越接受它</h3>
</div><p>A technology that works is one thing. A technology that the marketplace believes in enough to use is another. In this vein, adoption of Upstart's technology got the expected slow start. As of the time of its 2020 public offering, only a handful of lenders were using its platform, facilitating $4.1 billion worth of loans in 2021, translating into revenue of $305 million for the company itself.</p>
<div class="lb-trans"><p>有效的技術是一回事，市場相信並願意使用的技術又是另一回事。在這方面，Upstart 技術的採用起初是緩慢的。到 2020 年首次公開募股時，只有少數貸款人在使用其平台，2021 年促成了 41 億美元的貸款，為公司帶來了 3.05 億美元的收入。</p>
</div><p>Last year, though, Upstart's solution led over 100 lenders to approve nearly $6 billion in loans, translating into revenue of $637 million. The company expects to report a top line of more than $1 billion this year, en route to analysts' expectation of $1.34 billion revenue next year and 2027 sales of $1.6 billion. Of that $1.6 billion, $216 million of it should be turned into net profit versus this year's likely near-breakeven.</p>
<div class="lb-trans"><p>然而，去年，Upstart 的解決方案使超過 100 家貸款人批准了近 60 億美元的貸款，帶來了 6.37 億美元的收入。公司預計今年的收入將超過 10 億美元，分析師預計明年的收入為 13.4 億美元，2027 年的銷售額為 16 億美元。在這 16 億美元中，預計將有 2.16 億美元轉化為淨利潤，而今年的淨利潤可能接近盈虧平衡。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODcvMDkxNzI1LXVwc3RhcnQtcmVzdWx0cy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834087%2F091725-upstart-results.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Simply Wall St. Chart by author.</p>
<div class="lb-trans"><p>數據來源：Simply Wall St. 作者圖表。</p>
</div><h3>3. You can step in at a discounted price</h3>
<div class="lb-trans"><h3>3. 你可以以折扣價入場</h3>
</div><p>Given the fiscal trajectory here, one would expect Upstart stock to be soaring. And it's certainly had its bullish moments. But none of those moments have been seen for very long since late last year.</p>
<div class="lb-trans"><p>考慮到這裏的財政軌跡，人們會期望 Upstart 股票飆升。它確實經歷過一些看漲的時刻。但自去年底以來，這些時刻並沒有持續太久。</p>
</div><p>While the company's shares recovered with the rest of the market following February's and March's meltdown, they have not followed through like other stocks have. Rather, they've peeled back a bit from July's high, and are now trading where they were in November. The market is still pretty worried about the economic impact of lingering inflation -- a concern Girouard expressed during August's second-quarter earnings call.</p>
<div class="lb-trans"><p>儘管公司的股票在 2 月和 3 月的市場崩潰後與其他股票一起恢復，但它們並沒有像其他股票那樣持續上漲。相反，它們從 7 月的高點回落，現在的交易價格與 11 月時相當。市場仍然對持續通脹的經濟影響感到相當擔憂——這是 Girouard 在 8 月的第二季度財報電話會議上表達的擔憂。</p>
</div><p>Investors, however, are arguably pricing in too much of this concern. Analysts seem to think so, anyway. The analyst community still supports a consensus target of $78.79 despite the stock's recent pullback, which is 15% above Upstart shares' present price. That's not a bad tailwind to start out a new trade with.</p>
<div class="lb-trans"><p>然而，投資者可能對這種擔憂的定價過高。分析師似乎也這麼認為。儘管股票最近回調，分析師社區仍支持 78.79 美元的共識目標，這比 Upstart 股票目前的價格高出 15%。這對於開始新的交易來説並不是一個壞的順風。</p>
</div><h2>Just don't lose perspective on what you're buying into</h2>
<div class="lb-trans"><h2>只需不要失去對你所購買內容的視角</h2>
</div><p>A promising prospect? Sure. But not one without its risks. Even if its earnings are poised to grow and dramatically widen profit margin rates over the course of the coming couple of years, its net earnings rates are still rather thin. It wouldn't take much turbulence to do plenty of relative damage to these fragile bullish expectations.</p>
<div class="lb-trans"><p>一個有前景的投資？當然。但並非沒有風險。即使其收益預計在未來幾年內增長並顯著擴大利潤率，其淨收益率仍然相當薄弱。只需一點波動，就可能對這些脆弱的看漲預期造成相當大的損害。</p>
</div><p>There's also no real moat to keep would-be competitors from entering the market with a similar credit-scoring technology, including the familiar credit bureaus themselves. Neither is a reason for volatility-tolerant and risk-tolerant investors to avoid Upstart shares, though.</p>
<div class="lb-trans"><p>市場上並沒有真正的護城河來阻止潛在競爭者進入，使用類似的信用評分技術，包括那些熟悉的信用局。儘管如此，這並不是讓耐受波動和風險的投資者回避 Upstart 股票的理由。</p>
</div><p>As to the latter, while there's no significant tangible moat, the lending industry's disinterest in embracing change effectively serves as one. Upstart has time to continue becoming the dominant name in the AI-powered lending business. With its tech already refined and available, there would be little need for lenders to consider an alternative that isn't likely to perform any better.</p>
<div class="lb-trans"><p>至於後者，儘管沒有顯著的實質性護城河，但貸款行業對變革的不感興趣實際上充當了一個護城河。Upstart 有時間繼續成為 AI 驅動貸款業務的主導品牌。由於其技術已經成熟並可用，貸款機構幾乎沒有必要考慮其他可能表現更好的替代方案。</p>
</div><p>And as to the former, although the young business is still somewhat unpredictable from one quarter or even one year to the next, look five years down the road. Upstart's platform is superior to alternative credit-scoring tech. Sheer practicality will drive long-term growth here, even if the stock doesn't reflect this growth with straight-line forward progress.</p>
<div class="lb-trans"><p>至於前者，儘管這家年輕的企業在一個季度甚至一年之間仍然有些不可預測，但向前看五年。Upstart 的平台優於其他信用評分技術。即使股票未能以直線向前的方式反映這種增長，純粹的實用性也將推動長期增長。</p>
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購買 Upstart 股票的三個理由：抓住機會，刻不容緩