Microsoft on Thursday announced new health-care data and artificial intelligence tools, including a collection of medical imaging models, a health-care agent service and an automated documentation solution for nurses.
The tools aim to help health-care organizations build AI applications quicker and save clinicians time on administrative tasks, a major cause of industry burnout. Nurses spend as much as 41% of their time on documentation, according to a report from the Office of the Surgeon General.
“By integrating AI into health care, our goal is to reduce the strain on medical staff, foster the collective health team collaboration, enhance the overall efficiency of healthcare systems across the country,” Mary Varghese Presti, vice president of portfolio evolution and incubation at Microsoft Health and Life Sciences, said in a prerecorded briefing with reporters.
The new tools are the latest example of Microsoft’s efforts to establish itself as a leader in health-care AI. Last October, the company unveiled a series of health features across its Azure cloud and Fabric analytics platform. It also acquired Nuance Communications, which offers speech-to-text AI solutions for health care and other sectors, in a $16 billion deal in 2021.
Many of the solutions Microsoft announced on Thursday are in the early stages of development or only available in preview. Health-care organizations will test and validate them before the company rolls them out more broadly.Microsoft declined to share what these new tools will cost.
Health-care AI models
Microsoft’s model catalog
Courtesy of Microsoft
Roughly 80% of hospital and health system visits include an imaging exam because doctors often rely on images to help treat patients.
Microsoft is launching a collection of open-source multimodal AI models that can analyze data types beyond just text, such as medical images, clinical records and genomic data. Health-care organizations can use the models to build new applications and tools.
For example, digitizing a single pathology slide can require more than a gigabyte of storage, so many existing AI pathology models have trained on small pieces of slides at a time. Microsoft and Providence Health & Services built a whole-slide model that improves on mutation prediction and cancer subtyping, according to a paper published in the peer-reviewed journal Nature.
Now, health systems can build on it and fine-tune it to meet their needs.
“Getting a whole-slide foundation model for pathology has been a challenge in the past … and now we’re actually able to do it,” Sara Vaezy, chief strategy and digital officer at Providence, told CNBC in an interview. “It was really sort of a game changer.”
The models are available in the model catalog within Azure AI Studio, which serves as Microsoft’s generative AI development hub.
Health-care agent service
Microsoft’s health-care agent service.
Courtesy of Microsoft
Microsoft also announced a new way for health systems to build AI agents.
AI agents vary in complexity, but they can help users answer questions, automate processes and perform specific tasks.
Through Microsoft Copilot Studio, these organizations can create agents equipped with health-care-specific safeguards. When an answer contains a reference to clinical evidence, for instance, the source is shown, and a note indicates if the answer is AI-generated. Fabrications and omissions are also flagged, Microsoft said.
For example, a health-care organization could build an AI agent to help doctors identify relevant clinical trials for a patient. Microsoft said a physician could type the question, “What clinical trials for a male 55-year-old with diabetes and interstitial lung disease?” and receive a list of potential options. It would save the doctor the time and effort of finding each trial.
AI agents that can help patients answer basic questions have been popular among the health systems that have already begun testing the service, Hadas Bitran, general manager of health AI at Microsoft Health and Life Sciences, said in a Q&A with reporters. Agents that can help doctors answer questions about recent guidelines and patients’ history are also common, she added.
Microsoft’s health-care agent service is available in a preview capacity starting Thursday.
Bringing automated documentation to nurses
In August, Microsoft announced that the next phase of its partnership with Epic Systems would be dedicated to building an AI-powered documentation tool for nurses, and the company detailed those plans on Thursday.
Epic is a health-care software vendor that houses the electronic health records of more than 280 million people in the U.S. It has a yearslong relationship with Microsoft.
Microsoft’s Nuance already offers an automated documentation tool for doctors called DAX Copilot, which it unveiled last year. It allows doctors to consensually record their visits with patients, and AI automatically transforms them into clinical notes and summaries.
Ideally, this means doctors don’t have to spend time typing out these notes themselves every time they see a patient.
The technology has exploded in popularity this year. Nuance announced that DAX Copilot was generally available within Epic’s electronic health record in January – a coveted stamp of approval within the health-care industry. Integrating a tool like DAX Copilot directly into doctors’ EHR workflow means they won’t need to switch apps to access it, which helps save time and reduces administrative workload.
But so far, DAX Copilot has only been available to doctors. Microsoft said that’s changing. It’s building a similar tool optimized for nurses.
“The nursing workflow is very different from that of physicians, and any solution developed for nurses needs to integrate with the way they work,” Presti said during the briefing. “Our team has spent hours shadowing nurses during their shifts to see how they carry out their tasks and to discover where the greatest points of friction exist throughout their day.”
Microsoft is working with organizations like Stanford Health Care, Northwestern Medicine and Tampa General Hospital to develop it.
Navan, the business travel, payments, and expense management startup, filed on Friday afternoon to go public.
Its S-1 filing with the Securities and Exchange Commission indicates that the company plans to list on the Nasdaq Global Select Market under the symbol “NAVN.”
Navan reported trailing 12-month revenue of $613 million (up 32%) across over 10,000 customers, and gross bookings of $7.6 billion (up 34%), according to the S-1 filing.
Goldman Sachs and Citigroup will act as lead book-running managers for the proposed offering.
Navan ranked No. 39 on this year’s CNBC Disruptor 50 list, and also made the 2024 list.
The IPO market has bounced back this year, with deal activity up 56% across 156 deals (roughly 200 IPO filings in all) and $30 billion in proceeds, up over 23% year over year, according to IPO tracker Renaissance Capital. It has been the best year for IPOs since 2021, though still far below the Covid offering boom years, when over $142 billion (2021) and $78 billion (2020) was raised by IPOs.
This year’s deal flow has been highlighted by hot AI names like Coreweave, as well as some of the startup world’s most highly valued firms from the past decade, such as fintech Klarna and design firm Figma, crypto companies Circle, Bullish and Gemini, and some long-awaited IPO candidates finally hitting the market, such as Stubhub this week, though its shares have slumped since the first day of trading. Top Amazon reseller Pattern went public on Friday.
Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan set out to disrupt a business travel sector where incumbents relied on clunky legacy tools and fragmented workflows.
The Palo Alto-based company, formerly called TripActions, refers to itself as an “all-in-one super app” for corporate travel and expenses.
Customers include Unilever, Adobe, Christie’s, Blue Origin and Geico.
It has also been pushing further into AI, with a virtual assistant named Ava handling approximately 50% of user interactions during the six months ended July 31, according to the filing, and a proprietary AI framework called Navan Cognition supporting its platform, as well as proprietary cloud infrastructure.
“We built Navan for the road warriors, for CEOs and CFOs who understand travel’s critical importance to their strategy, the finance teams who demand precision and control, the executive assistants juggling itineraries, and the program admins ensuring seamless events,” the co-founders wrote in an IPO filing letter.
“We saw firsthand the frustration of clunky, outdated systems. Travelers were forced to cobble together solutions, wait for hours on hold to book or change travel, and negotiate with travel agents. They struggled to adhere to company policies, with little visibility into those policies, and after all that, they spent even more time on tedious expense reports after a trip. We felt the pain of finance teams struggling to gain visibility into fragmented travel spending and to enforce policies, and the frustration of suppliers unable to connect directly with the high-value business travelers they sought to serve,” they wrote in the filing.
Revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, according to the S-1 filing. The company reported a net loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.
The business travel and expense space is crowded, with fellow Disruptors Ramp and Brex, and TravelPerk, as well as incumbents like SAP Concur and American Express Global Business Travel.
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A gamer plays soccer title Pro Evolution Soccer 2019 on an Xbox console.
Sezgin Pancar | Anadolu Agency via Getty Images
Microsoft said on Friday that it will increase the recommended retail price of several Xbox consoles in the U.S. starting in October because of “changes in the macroeconomic environment.”
The company said it would not increase prices for accessories such as controllers and headsets, and that prices in other countries would stay the same.
While Microsoft didn’t explicitly attribute the increase to the Trump administration’s tariffs, many consumer companies have been warning for months that higher prices are on the way. President Donald Trump has issued tariffs this year on multiple countries with a stated goal to bring more manufacturing to the U.S.
“We understand that these changes are challenging, and they were made with careful consideration,” Microsoft said on its website.
It’s the second time Microsoft has raised prices on its consoles in the U.S. this year. Rivals Sony and Nintendo have also raisedconsole prices in the U.S. as Trump’s tariffs went into effect.
Ticket reseller StubHub signage on display at the New York Stock Exchange for the company’s IPO on Sept. 17, 2025.
NYSE
After a long wait to get public, StubHub has had a rough start to life on the New York Stock Exchange.
Shares of the online ticket vendor dropped 10% on Friday, falling for a third straight day since debuting on Wednesday. At $18.46, the stock is now down 21% from its IPO price of $23.50.
StubHub, trading under ticker symbol “STUB,” has lagged behind fellow market newcomers like online lender Klarna, design software company Figma and stablecoin issuer Circle, which delivered early returns for investors following their recent IPOs. Shares of cybersecurity firm Netskope also rose 10% on Friday in their second trading day, after an initial pop on Thursday.
StubHub had been trying to go public for the past several years, but delayed its debut twice. The most recent stall came in April after President Donald Trump’s announcement of sweeping tariffs roiled markets. The company filed an updated prospectus in August, effectively restarting the process to go public, and has since seen its market cap slip to about $6.8 billion from $8.6 billion at its IPO.
Founded in 2000, StubHub primarily generates revenue from connecting buyers with ticket resellers. In the first quarter, revenue rose 10% from a year earlier to $397.6 million. The company’s net loss widened to $35.9 million from $29.7 million a year ago.
StubHub CEO Eric Baker told CNBC on Wednesday that the company expects recently introduced federal regulations around transparent ticket pricing to cause a “one-time” hit to its financial results.
Regulators are zeroing in on online ticket sellers over their pricing mechanisms and whether the companies are doing enough to keep automated purchasing bots in check. The Federal Trade Commission on Thursday sued StubHub rival Live Nation Entertainment, the parent company of Ticketmaster, accusing it of illegal resale tactics.
While StubHub has failed to excite Wall Street, its struggles haven’t seeped into other deals as the tech IPO market continues to show signs of a resurgence after an extended dry spell. Amazon reseller Pattern Group saw its stock rise 12% on Friday, though shares initially slipped 6%.