To The Moon

This year has offered a not-so-subtle reminder to Wall Street and the investing community that stocks don't move upward in a straight line. Since hitting their all-time closing highs, the widely followed Dow Jones Industrial Average, benchmark S&P 500, and growth stock-fueled Nasdaq Composite have respectively tumbled by 17%, 22%, and 33%. These moves squarely put the S&P 500 and Nasdaq in abear market.

There's no question that the velocity and unpredictability of downward moves during a bear market can weigh on investors' psyche. However, it's important to note that every notable decline in the major U.S. indexes, including the Nasdaq Composite,has eventually been cleared away by a bull market. This makes corrections and bear markets the opportune time to put your money to work.

With the Nasdaq tumbling, a number of innovative growth stocks now look like incredible deals. Upstart Holdings$Upstart Holdings, Inc.(UPST)$ (UPST8.79%) is one of the remarkable growth stocks you'll regret not buying on the dip.

Even though Wall Street is leery of the unproven Upstart as interest rates rise and fears of a U.S. recession grow, there are multiple aspects of the company's operating model that suggest it could thrive.

Perhaps the biggest differentiator for Upstart is itsartificial intelligence(AI)-powered lending platform. Rather than relying on the same vetting process for loans that financial institutions have leaned on for decades, Upstart uses AI. This led to 74% of all loans on its platform being fully automated during the first quarter. Automation ultimately saves financial institutions time and money.

To build on this point, Upstart's AI-fueled lending platform isopening up opportunities for previously underbanked people. Although the average credit score of Upstart's approvals has been below the average credit score of approvals in the traditional vetting process, there's been no discernible difference in delinquency rates. Even if interest rates continue to rise rapidly, this distinction makes it more likely that financial institutions will turn to Upstart for its AI-based loan-vetting platform.

As if this weren't enough to get excited about, Upstart has also moved beyond the personal loan arena andinto the auto loan origination market. The auto loan market was recently a $751 billion opportunity -- or about 6.7 times more than the personal loan market Upstart has catered to since its inception.