Opendoor J.P. Morgan TMC Conference Takeaways

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Opendoor J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Opendoor Overweight

OPEN, OPEN US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$4.38

This morning we hosted a fireside chat with Opendoor (OPEN) CEO Kaz Nejatian.

We highlight the key discussion topics and our takeaways below.

Internet - Large Cap / Mid & Small

• Platform differentiation & data moat. Opendoor (OPEN) is fundamentally Cap

AC differentiated—its platform sees more homes, collects richer signals, and Dae K Lee, CFA

leverages native intent at scale, enabling AI-driven underwriting, rapid (1-415) 315-8500

product launches, and superior inventory health. Kaz emphasized that OPEN dae.k.lee@jpmorgan.com

was effectively built waiting for AI—the company sits at the intersection of the Doug Anmuth

world’s highest per-transaction labor cost and a platform with proprietary data (1-212) 622-6571

and real-time signals, creating compounding returns as models improve and douglas.anmuth@jpmorgan.com

J.P. Morgan Securities LLC

volume scales.

• Strategic shift in focus. The most impactful change since Kaz took over is the

shift from prop desk-style asset price prediction to a velocity-driven, market-

maker stance. Rather than betting on future home values, Opendoor now

optimizes for how quickly a home can sell, accelerating capital turns and

reducing risk exposure. Kaz described this as a change in the company’s stance

—moving from defensive, slow operating reflexes to a weekly cadence of

product and underwriting improvements, with every team mandated to ship

changes and optimize for both margin and speed.

• Cohort performance proof points. October, November, December, and

January cohorts are selling faster than any corresponding cohort since COVID,