Long Upwork

The market completely threw Upwork away. The narrative was simple: AI is going to kill the freelancing business, so the company is dead. The stock was driven down to a level that made no sense. But I looked at the actual business and realized the narrative was wrong. It was actually the opposite.

Upwork had a clean balance sheet, was actively buying back shares, and margins were improving. AI wasn't destroying the business, it was helping it. This was a great company trading at an incredibly cheap valuation because the market was too focused on a fear-driven story to look at the fundamentals.

I went in with shares and options and rode it up, doing incredibly well on the trade. I took profits along the way, so I'm up overall, but the stock has recently pulled back again. I'm still in the position.