Oct 14, 2025 5 min read Daily Rundown

⛵ Goldman's Next Cash Engine

Plus: Nvidia’s Hidden Grip, Sweat-Driven IPO

Good Morning, Early Adopters!

Wall Street just found its next growth loop, and it’s not in Silicon Valley’s IPO pipeline but in the trades behind it.

ACQUIRE

Goldman Buys the Middleman to Power Its Next Cash Engine

Photo by: Goldman Sachs

👀 What’s the move: Goldman Sachs is acquiring Industry Ventures, a 25-year-old San Francisco firm managing $7 billion across secondary and continuation funds, for up to $965 million. Known as the quiet connector between venture funds and liquidity-starved LPs, Industry Ventures sits at the crossroads of private equity, tech buyouts, and venture recycling, exactly where cash changes hands when startups can’t go public.

💡 Why it’s not boring: For Goldman, this is not just an acquisition but an entry into the bloodstream of venture capital itself. Industry Ventures gives the bank visibility into hundreds of funds and late-stage portfolios, expanding its secondary market reach and letting it profit every time someone trades stakes in the private market. It transforms Goldman from a spectator of the IPO drought into the dealer of liquidity that VCs now depend on.

⛵ Key takeaway: In a frozen exit market, Goldman didn’t buy a fund; it bought the tollbooth that everyone must pass to get out.

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Meta and Oracle Join Nvidia’s AI Ethernet

👀 What’s the move: At the Open Compute Summit, Meta and Oracle announced their adoption of Nvidia’s Spectrum-X, an Ethernet platform rebuilt specifically for AI. It connects millions of GPUs into one low-latency network, transforming traditional data centers into high-throughput “AI factories.” For Meta, this integration supercharges its open-network stack (FBOSS) for trillion-parameter models, while Oracle uses it to build giga-scale global AI clusters.

💡 Why it’s not boring: Nvidia is quietly rewriting the infrastructure rulebook for hyperscalers. The bottleneck has shifted from compute to connectivity. Spectrum-X makes Ethernet a fully GPU-aware operating layer, pulling Meta and Oracle deeper into Nvidia’s ecosystem and positioning “AI Ethernet” as the next industry standard. The monopoly is moving downward into the network layer.

⛵ Key takeaway: Control not only over compute but also over the very network every AI must depend on, turning connectivity itself into a profit engine.

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IPO

👀 What’s the move: The $2.2B fitness app is gearing up for an IPO as Gen Z abandons dating apps for run clubs. Under CEO Michael Martin, Strava has been buying up niche apps like Runna and The Breakaway to deepen its ecosystem of personalized coaching, performance tracking, and community interaction. With 150 million users and an 80% surge in downloads this year, the company is building a recurring-revenue machine from subscriptions, premium analytics, and data-driven partnerships with brands and races.

💡 Why it’s not boring: Strava isn’t a “fitness app” anymore, it’s a social network disguised as cardio. Every logged run feeds a flywheel of engagement, data, and sponsorship, making movement itself a monetizable social signal. It’s Peloton without hardware risk, Instagram without vanity, and Nike Run Club without the brand baggage. The IPO isn’t only about capital, it’s about cementing Strava as the infrastructure layer for the wellness economy.

⛵ Key takeaway: Strava turned exercise into a marketplace for identity; now it’s cashing out on the social capital of sweat.

STARTUP SPOT

💡 Pokee AI
“Automation intelligence, executed daily.”
AI agent that autonomously plans, reasons, and operates across your digital tools — turning complex workflows into seamless execution. Now evolving toward full-stack workplace automation and intelligent task orchestration.
→ Founded 2024 in Seattle by Zheqing “Bill” Zhu (ex-Meta RL lead, Stanford PhD) with Michael Cai, Christopher Wu, and Yi Wan.
Raised $12M Seed (2025) led by Point72 Ventures, joined by Qualcomm Ventures, Samsung NEXT, SCB 10X, and others.

🏃 Strava
“Where workouts become social currency.”
Turns fitness tracking into a global social network—athletes log, compare, and share runs, rides, and routes powered by GPS data.
→ Founded 2009 by Michael Horvath & Mark Gainey; 150M+ users worldwide; $275M revenue (2023); preparing 2025 IPO as Gen Z swaps dating apps for run clubs.

💍 Oura
“Wellness intelligence, worn daily.”
Smart ring that tracks sleep, stress, and recovery with medical-grade precision—now pivoting toward women’s health and biometric coaching.
→ Founded 2013 in Finland by Petteri Lahtela & Kari Kivelä; led by CEO Tom Hale; raised $200M Series D (2024) at $5.2B valuation; expanding into metabolic and defense health analytics.

BAY AREA MEMOS

JPMorgan launched a $10 billion, decade-long “Security and Resiliency” initiative to invest in U.S. defense, energy, and frontier tech sectors
Oura is shifting from fitness tracking to women’s health and preventive care, trading gym bros for young women and building its moat on clinical validation.
Salesforce launched Agentforce 360, combining programmable AI agents and deep Slack integration to strengthen its position in the enterprise AI race.
OpenAI is partnering with Broadcom to develop 10 GW custom AI chips.
US AI chipmaker Cerebras plans to deploy AI infrastructure for the UAE’s Stargate data center and resume its IPO process.

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