Bleecker Street Research has issued a short report on Upstart Holdings (UPST), highlighting several issues with the company's business model and financial health. The report criticizes Upstart's reliance on artificial intelligence for credit decisioning, stating that the results have been poor. It also notes that Upstart's largest loan origination partners are facing regulatory issues, and that loans are piling up on Upstart's balance sheet. The report suggests that Upstart's largest source of revenue could be shut down by the FDIC within the next year.