Steph McGovern

There's some big moves coming from that stock today, along with HP, along with OEM peers, largely because Morgan Stanley is worrying about sluggish demand.

And more broadly, the fact that the price of memory chips is going higher, it's going to be impacting some of the margins.

Dell

a significant seller on the double downgrade we got from Morgan Stanley.

But let's talk in the private markets now, because we've got some big news, because corporate spending management platform, Ramp, it's got a new valuation, and it's big.

It's $32 billion.

It comes after a $300 million primary financing round and an employee tender offer.

It marks another huge jump in the startup's value in a short period of time.

Ramp CEO, Eric Gleiman, joining us now.

So, the money, why do you need it, Eric?

Okay, because there has been so much fits and starts of how much generative AI is actually leading to productivity.

Many worrying about the 95% of pilots that aren't working according to MIT.

So what's working for you?

How are you showing that this is really building productivity or time management allocation where people can do the work they want to do, not just file expense reports?

Are they actually demanding real detail?

I loved some of the notes that I got that your treasury agents moved $5.5 million of idle cash into 4% investments.

Your policy agent prevented 511,000 out of policy transactions.

Is that the granularity that people want to see?

And it matters to the CEO because they want time allocated in a different way.

I saw that Brett Taylor of Sierra and also the chairman of OpenAI was quoted saying that his talent are therefore better placed to be working on the agents he wants to build, not filing expense reports.