Shares of Opendoor Technologies Inc. (OPEN) are soaring 12.68% in pre-market trading on Monday, rebounding from a 13.8% fall in the previous session. The online home-flipping company's stock continues its volatile journey, driven by recent management changes, a renewed focus on artificial intelligence (AI), and its status as a popular meme stock.

The rally comes on the heels of significant announcements last week, including the appointment of Kaz Nejatian, former Shopify COO, as Opendoor's new CEO. Additionally, co-founders Keith Rabois and Eric Wu have returned to the board, with Rabois taking on the role of chairman. This leadership reset is complemented by a $40 million equity investment from Khosla Ventures and Wu, signaling strong confidence in the company's new direction.

Investors are particularly excited about Opendoor's emphasis on AI-powered tools to streamline the home buying and selling process. The company's attempt to revolutionize the real estate industry through technology has drawn comparisons to other disruptive platforms, with some bulls likening it to the "Amazon of housing." However, it's worth noting that the company has yet to prove the sustainability of its business model, having not achieved consistent profitability.

The stock's recent performance has been nothing short of dramatic, with a year-to-date gain of over 460% and a staggering 1,400% increase over the past three months. This surge has been partly fueled by its popularity among meme stock investors and the broader AI hype in the market. Despite the impressive rally, OPEN remains well below its all-time high of nearly $36 per share reached in 2021, currently trading around $10.

As Opendoor continues to navigate the challenging real estate market and attempts to scale its house-flipping business, investors will be closely watching for signs of sustainable growth and profitability under the new management team.