A dramatic leadership shake-up sent Opendoor soaring. But the investment case from here still comes down to execution and valuation.

Opendoor Technologies ( OPEN -13.59% ) , the iBuying platform that makes instant cash offers on homes, just staged one of the year's biggest moves. Shares jumped after the company named Kaz Nejatian, Shopify 's chief operating officer, as CEO and brought back co-founders Keith Rabois and Eric Wu to the board, with Rabois taking the chairman role. The announcement also included a $40 million equity investment from Khosla Ventures and Wu.

Management tied the leadership reset to a push toward artificial intelligence (AI) -powered tools that could make buying and selling homes far simpler and more predictable. After months of retail enthusiasm and he

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