Matt Miller

They're asking for a lot of changes from a stock buyback to more adoption of AI to big layoffs and just other things that Snap should do to sort of get back on track.

Since going public in 2017, its products are wildly successful, but it hasn't really found its footing as a public company.

Just the share story doesn't tell that.

Yeah, I mean, I'm looking at...

This is a company that's only worth $7.4 billion, right?

Up against a meta, which is worth $1.4 trillion.

And you cite the year-over-year performance, but over five years, Snap shares are down 91%.

I mean, they've lost essentially all of their value.

It's stunning, and here comes an activist investor saying, look, we believe in the business, but here are some changes that we think that Snap can make to sort of have its second act.

They're looking for a comeback here, and they believe that with the right moves, maybe shutting down the specs wearable business, that's one thing they're calling for, that Snap could turn itself around.

The business is still operating?

So the company had announced earlier this year they're separating it into a stand-alone entity, but we're waiting for the glasses to come out later this year.

All right, tough to go up against Meta with that business as well.

Thank you so much, Leanna Baker, on that.

Let's get to the NeoCloud story now because CoreWeave has raised another $8 billion.

$8.5 billion to expand its cloud capacity as the debt binge fueling the AI boom continues.

Shares of Corweave climbing on the news.

The loan is backed by a combination of semiconductors and a customer contract to use those chips.

Bloomberg reported last month that the deal was with Meta.

Let's get more details with our markets reporter, Bailey Lipschultz.