Shares of highly shorted Upstart Holdings Inc are on track for their best day in more than two years, squeezing bearish investors, after the artificial intelligence-driven lending marketplace secured an additional $2 billion in funding.
A pullback by the buyers of Upstart's consumer loans led to a "challenging year," CEO Dave Girouard told analysts. But he added that the company is in "late-stage discussions" with partners that are looking to make longer-term commitments.