GREY Journal Daily News Podcast

MIT News reported that an MIT-affiliated startup is applying nuclear reactor-inspired thermal management to cool servers by removing heat at the chip level. The approach uses two-phase boiling, microchannels, and passive loop designs to reduce chiller use, raise coolant temperatures, and enable higher rack densities. IEA data shows rising global data center electricity consumption, and Uptime Institute reports an average PUE of 1.58. Major operators, including Microsoft and Google, are introducing liquid-cooled options for AI racks as Nvidia and AMD hardware increases per-rack power. ASHRAE, Open Compute Project, and Open19 have issued guidance that eases integration. Fluids availability is shifting after 3M announced the wind down of Novec by the end of 2025, steering vendors toward water-based or lower GWP options. Policy constraints in Ireland and Northern Virginia, plus water planning requirements, are accelerating adoption of advanced cooling methods.Learn more on this news by visiting us at: https://greyjournal.net/news/

U.S. equity futures rose as inflation expectations cooled, signaling a reassessment of the Federal Reserve's rate path. S&P 500 and Nasdaq 100 futures advanced while Dow futures were steady. Lower expected inflation can ease Treasury yields and support higher equity valuations. Founders may see improving loan pricing, more flexible supplier terms, and potential openings in capital markets. Federal Reserve officials continue to seek sustained evidence of progress before adjusting policy. Businesses are advised to refresh budgets and financing plans while watching upcoming data.Learn more on this news by visiting us at: https://greyjournal.net/news/

BBC reporting put a potential SpaceX stock market move back in focus and raised questions about structure and timing. SpaceX has provided liquidity through secondary sales at high valuations without public disclosure. The launch business set a 2023 record with ninety six orbital missions and holds multi-year NASA awards for Commercial Crew and the Artemis Human Landing System. Starlink adds recurring revenue across consumer and enterprise segments, with margins tied to ARPU, equipment costs, and satellite replenishment. Listing options include a Starlink spin-off, a tracking stock, a traditional IPO, or a direct listing. Competitive pressure from Amazon's Project Kuiper and Eutelsat OneWeb and policy risks will affect valuation. A public debut would influence employee liquidity, mutual fund marks, supplier multiples, and late-stage private market pricing.Learn more on this news by visiting us at: https://greyjournal.net/news/

Yahoo Finance highlighted Warren Buffett's recurring guidance for new investors, emphasizing low-cost S&P 500 index funds, long holding periods, and avoiding market timing. Buffett's 2013 Berkshire Hathaway letter described a 90 percent index fund and 10 percent short-term Treasurys allocation for his family's trust. He stresses that fees are one of the few controllable variables, pointing to expense ratios near 0.03 to 0.09 percent for major S&P 500 ETFs. His 2007 bet against Protege Partners showed an S&P 500 index fund outperformed a basket of hedge funds from 2007 to 2017. For founders, he cautions against leverage, recommends cash reserves, and suggests broad diversification to offset concentrated company risk. Company treasuries can mirror this discipline by using short-term Treasurys and ladders for runway while keeping long-term assets simple.Learn more on this news by visiting us at: https://greyjournal.net/news/

Perplexity plans to pursue an IPO in 2028, CEO Aravind Srinivas told CNBC, setting an independent timeline not tied to OpenAI or Anthropic. The company positions itself as an answer focused search and conversational AI platform with both free and paid tiers. The timeline allows Perplexity to mature financial reporting, security programs, and enterprise contracts that public investors expect. Competitive dynamics include OpenAI's alignment with Microsoft and Anthropic's partnerships with Amazon and Google. Perplexity aims to keep flexibility across upstream models to manage vendor dependence and margin risk. Founders should anticipate more formal pricing and support from AI vendors approaching public markets and plan multi vendor strategies with clear data and uptime terms.Learn more on this news by visiting us at: https://greyjournal.net/news/

Pensions & Investments reported that several pension funds called SpaceX governance reckless ahead of a potential IPO. The funds cited concentrated control, limited transparency, and questions about board independence and risk oversight. They warned of forced buying pressures if index and benchmark mandates require purchasing shares after a listing. SpaceX has used company-led secondary tenders, with media reporting valuations above $180 billion in 2024. Underwriters and counsel typically address such concerns with detailed prospectus disclosures and governance structures, including independent directors and potential voting right sunsets. Founders preparing for public markets can mitigate risks by clarifying governance, tender policies, and disclosures early.Learn more on this news by visiting us at: https://greyjournal.net/news/

The Wall Street Journal reported that Chinese AI start-up StepFun is set to file for a Hong Kong IPO. Hong Kong Exchanges and Clearing’s Chapter 18C, introduced in 2023, allows specialist technology companies to list with criteria tied to market capitalization, revenue for commercial applicants, and sustained R&D investment. SenseTime’s 2021 Hong Kong listing, which raised about $740 million, showed the exchange can list sensitive technologies under robust disclosure standards. China’s Cyberspace Administration issued generative AI rules in 2023 that require lawful training data, model safety, and security assessments for public-facing services. U.S. export controls have restricted access in China to Nvidia’s advanced accelerators, pushing AI firms to optimize compute strategies. Investors will assess compliance, customer concentration, recurring revenue, and compute funding plans if StepFun proceeds with a filing.Learn more on this news by visiting us at: https://greyjournal.net/news/

Wall Street's fear gauge, the Cboe Volatility Index, or VIX, jumped as investors paid up for protection derived from S&P 500 options. Rising volatility often coincides with equity declines, wider credit spreads, and tighter liquidity. Inflation and uncertainty around Federal Reserve policy, along with CPI and jobs releases and earnings guidance, can act as catalysts. Higher volatility complicates IPOs, follow-ons, and convertible debt pricing, and can slow late-stage private rounds. Operators face higher hurdle rates, tighter working capital, and longer sales cycles, prompting stress tests and hedging. Founders can monitor the VIX term structure, high yield credit spreads, and sector leadership to time financing and adjust operating plans.Learn more on this news by visiting us at: https://greyjournal.net/news/

Morningstar highlighted a potential SpaceX IPO as a large offering, focusing investor attention on structure, valuation, and governance. SpaceX generates launch revenue from NASA, the U.S. Space Force, and commercial satellite operators, and it grows recurring revenue through Starlink, which the company said in 2023 had more than two million subscribers. Possible listing paths include a parent IPO, a Starlink spin-off, or a direct listing, with Elon Musk having stated a spin-out depends on predictable cash flows. Reuters reported a December 2023 employee share sale that implied a valuation near $180 billion, up from around $150 billion earlier that year. Investors will scrutinize governance, regulatory exposure, and S-1 disclosures on launch unit economics and Starlink metrics. A SpaceX listing could influence how markets value hard-tech businesses and could affect late-stage liquidity and supplier financing.Learn more on this news by visiting us at: https://greyjournal.net/news/