The upstart CEO defends increased loan balance and says the AI lending platform's model hasn't changed.

In an interview Tuesday with CNBC's Jim Cramer, Upstart Holdings CEO David Girouard sought to downplay investor concerns about the company's risk exposure.

Shares of the artificial intelligence lending platform plunged 56.42% Tuesday, closing at $33.61 apiece. "All else being equal,

I prefer [if] our stock was going up. But the fundamentals of our business has not changed," Girouard told Cramer.

In an interview Tuesday with CNBC's Jim Cramer, Upstart Holdings CEO David Girouard sought to downplay investor concerns about the increased loan balance held on the financial technology firm's balance sheet at the end of its first quarter.

Shares of the artificial intelligence lending platform plunged 56.42% Tuesday, closing at $33.61 apiece, one day after it also lowered its full-year outlook for revenue and adjusted EBITDA margin.

Upstart cited rising interest rates and broader economic uncertainty for the revised forecasts, which were lighter than Wall Street's expectations. Upstart's loan balance also was in focus Tuesday.

Upstart, which went public in December 2020, soared for much of last year and reached an all-time closing high of $390 per share on Oct. 15.

Since then, it's been tough sledding due to a broader shift away from high-flying growth companies in response to a more hawkish Federal Reserve.

Upstart shares are down about 91% from their record closing high as of Tuesday's close.