Upstart (UPST.O) shares fell 23% in July, primarily due to ongoing pressure on lenders from macroeconomic data and market concerns that agent artificial intelligence (AI) could replace software-as-a-service (SaaS) products. Despite the company's strong performance in Q2 2026, with revenue up 42% year-over-year, loan originations increasing by 50%, and net profit nearly tripling to $16.5 million, the market is still weighing its performance against the risks. Upstart management expects full-year revenue growth of 40% for fiscal year 2026 and has provided long-term guidance of a 35% compound annual growth rate through 2028.