Upwork is encountering significant challenges due to AI disrupting its traditional freelance marketplace, which has led to a year-over-year revenue decline and lowered forward guidance. Despite this, the company trades at a low non-GAAP PE of 6.64 and maintains strong gross margins of 77.5% and a levered free cash flow margin of 22%, offering some downside protection. Management is shifting focus towards enterprise clients and AI-related services to counterbalance losses in commoditized segments affected by AI. This strategic pivot aims to position Upwork for future growth amid evolving market conditions.
Riot Platforms announced a $9.1 billion, 20-year deal to supply AI data center capacity to Anthropic, with potential extensions up to $16.1 billion, driving a 20% premarket stock surge. Plug Power's shares rose 11% after beating Q2 expectations, impr...
Upwork reported a 4% drop in active clients and a 2% revenue decline in Q2 2026, reflecting faster-than-expected automation of low-complexity freelance jobs by AI. Despite this, spending per client rose 5% to a record $5,230, with average contract ho...
