<p><strong>Opendoor Technologies</strong>（OPEN 14.24%）的股價在 2025 年迄今已驚人上漲了 400%。其中大部分漲幅是在過去幾個月內實現的，這段時間對公司來説發生了巨大的變化。</p>
<p>其中最大的變化之一是新任首席執行官，他一直在談論利用人工智能（AI）來改善 Opendoor 的業務機會。</p>
<h2>Opendoor Technologies 的業務是什麼？</h2>
<p>從大局來看，Opendoor Technologies 是一家房屋翻轉公司。它基本上為房屋賣家提供一個低價報價，快速成交，並減輕了在出售前進行房屋改進的需求。</p>
<p>如果達成交易，Opendoor 會投入時間和資本來改善房產，然後以高於購買價格的價格上市出售。希望所有 Opendoor 購買的房屋都能迅速且具有成本效益地轉手，從而在房屋成本（包括在裝修期間的持有成本）和 Opendoor 出售價格之間創造出較大的利潤空間。</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>圖片來源：Getty Images。</p>
<p>這是一種通常由小型投資者在當地進行的商業模式。通常，小型投資者會自己進行裝修工作，以降低成本。</p>
<p>房屋翻轉可以非常盈利，但尚未在大規模上覆制。值得注意的是，Opendoor 的損益表尚未看到全年盈利，股票也從幾年前的歷史高點大幅下跌。隨着投資者意識到該公司實際上只是一個虧損的初創企業，早期的興奮感逐漸消退。</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>數據來源：YCharts。</p>
<h2>Opendoor 的前景可能會變得有趣</h2>
<p>在過去幾個月中，隨着一位激進投資者的介入並有效地推動首席執行官下台，Opendoor 的氛圍發生了劇烈變化。最近宣佈，前 <strong>Shopify</strong> 高管 Kaz Nejatian 將接任 Opendoor 的首席執行官。因此，股價飆升。</p>
<p>Opendoor 的業務在選擇房屋時高度依賴技術。新首席執行官計劃利用人工智能，目標是降低成本（包括裁員）並做出更強的購房/售房決策。</p>
<p>如果 Nejatian 是正確的，Opendoor 的業務可能最終會實現盈利，並有可能擴展到目前運營的有限市場之外。這裏有一個巨大的潛在機會可以挖掘。</p>
<p>但有一個問題：Nejatian 是否正確尚不清楚。從今天到他設想的未來需要進行許多昂貴的變革，無論他是否能夠將 Opendoor 轉變為一個可持續盈利的企業。</p>
<p>如果他錯了，那麼這可能意味着業務的終結，因為在向人工智能過渡的過程中，重建將會失去的人類知識基礎可能會非常困難。這裏存在大量特有風險，首席執行官看似激進的商業改革的成功將決定未來的走向。</p>
<h2>投資者正在定價大量好消息</h2>
<p>目前，投資 Opendoor Technologies 的投資者必須退後一步，考慮風險/回報的平衡。此時，該公司在幾個月內從面臨退市風險的便士股變成了飆升的火箭，儘管在業務層面幾乎沒有變化。</p>
<p>股票會繼續上漲嗎？絕對會，特別是因為新首席執行官正在採用一種在華爾街上備受追捧的技術。</p>
<p>一旦投資者對一個好故事產生迷戀，就無法預測股票能漲多高。但大多數投資者此時可能更好地選擇在旁觀望，等待 Nejatian 的長期計劃是否真的如預期那樣有效的確鑿證據。</p>

OPEN

<p>Opendoor Technologies 的股票在 2025 年飆升了 400%，這主要歸功於新任首席執行官 Kaz Nejatian 的任命，他旨在利用人工智能來增強公司的房屋翻轉商業模式。儘管近期股價上漲，但 Opendoor 尚未實現盈利，並面臨與其向人工智能驅動運營轉型相關的重大風險。投資者被建議保持謹慎，因為股票的快速上漲可能並未反映出基礎業務的改善，而 Nejatian 的戰略成功仍然不確定</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%）的股價在 2025 年迄今已驚人上漲了 400%。其中大部分漲幅是在過去幾個月內實現的，這段時間對公司來説發生了巨大的變化。</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>其中最大的變化之一是新任首席執行官，他一直在談論利用人工智能（AI）來改善 Opendoor 的業務機會。</p>
</div><h2>What does Opendoor Technologies do?</h2>
<div class="lb-trans"><h2>Opendoor Technologies 的業務是什麼？</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>從大局來看，Opendoor Technologies 是一家房屋翻轉公司。它基本上為房屋賣家提供一個低價報價，快速成交，並減輕了在出售前進行房屋改進的需求。</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>如果達成交易，Opendoor 會投入時間和資本來改善房產，然後以高於購買價格的價格上市出售。希望所有 Opendoor 購買的房屋都能迅速且具有成本效益地轉手，從而在房屋成本（包括在裝修期間的持有成本）和 Opendoor 出售價格之間創造出較大的利潤空間。</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>圖片來源：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>這是一種通常由小型投資者在當地進行的商業模式。通常，小型投資者會自己進行裝修工作，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>房屋翻轉可以非常盈利，但尚未在大規模上覆制。值得注意的是，Opendoor 的損益表尚未看到全年盈利，股票也從幾年前的歷史高點大幅下跌。隨着投資者意識到該公司實際上只是一個虧損的初創企業，早期的興奮感逐漸消退。</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>數據來源：YCharts。</p>
</div><h2>Things could get interesting for Opendoor</h2>
<div class="lb-trans"><h2>Opendoor 的前景可能會變得有趣</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>在過去幾個月中，隨着一位激進投資者的介入並有效地推動首席執行官下台，Opendoor 的氛圍發生了劇烈變化。最近宣佈，前 <strong>Shopify</strong> 高管 Kaz Nejatian 將接任 Opendoor 的首席執行官。因此，股價飆升。</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 的業務在選擇房屋時高度依賴技術。新首席執行官計劃利用人工智能，目標是降低成本（包括裁員）並做出更強的購房/售房決策。</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 是正確的，Opendoor 的業務可能最終會實現盈利，並有可能擴展到目前運營的有限市場之外。這裏有一個巨大的潛在機會可以挖掘。</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>但有一個問題：Nejatian 是否正確尚不清楚。從今天到他設想的未來需要進行許多昂貴的變革，無論他是否能夠將 Opendoor 轉變為一個可持續盈利的企業。</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>如果他錯了，那麼這可能意味着業務的終結，因為在向人工智能過渡的過程中，重建將會失去的人類知識基礎可能會非常困難。這裏存在大量特有風險，首席執行官看似激進的商業改革的成功將決定未來的走向。</p>
</div><h2>Investors are pricing in a lot of good news</h2>
<div class="lb-trans"><h2>投資者正在定價大量好消息</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，投資 Opendoor Technologies 的投資者必須退後一步，考慮風險/回報的平衡。此時，該公司在幾個月內從面臨退市風險的便士股變成了飆升的火箭，儘管在業務層面幾乎沒有變化。</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>股票會繼續上漲嗎？絕對會，特別是因為新首席執行官正在採用一種在華爾街上備受追捧的技術。</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>一旦投資者對一個好故事產生迷戀，就無法預測股票能漲多高。但大多數投資者此時可能更好地選擇在旁觀望，等待 Nejatian 的長期計劃是否真的如預期那樣有效的確鑿證據。</p>
</div>

這隻股票在 2025 年上漲了 400%，隨着新任 CEO 的上任，它可能會繼續上漲