Are Rate Cuts a Bigger Risk or Reward for Affirm?

Affirm, a buy-now-pay-later fintech company, would benefit significantly from interest rate cuts as they would boost consumer spending and lower the company's cost of capital. However, the stock carries risks due to its lofty 65x P/E ratio and the lack of historical performance data during economic downturns. Rate increases would negatively impact consumer spending and increase Affirm's borrowing costs.