<p>古典时代的终结：Finix 的忠诚考验</p>
<p>在 2020 年初，硅谷的风险投资行业仍然遵循着一套已经存在数十年的不成文规则。在这个体系中，资本与初创企业之间形成了一种近乎封建的忠诚关系：一旦一家顶级风险投资公司在某个特定领域选择了一个 “冠军”，它就会将资源、关系和声誉倾注于这一合作关系，形成深厚的纽带。作为回报，他们承诺不资助该公司的直接竞争对手——这是一种铁的忠诚和界限纪律。</p>
<p>当时的红杉资本完美体现了这种古典秩序。作为硅谷最传奇的风险投资公司，其权威不仅来自于将铅变为金的成功记录，还来自于对这些伦理规则的掌握和遵循。</p>
<p>在红杉资本的理念中，明确的界限是建立长期信任的基础，而模糊的立场则是关系网络中最危险的毒药。在这样的背景下，红杉面临了一次经典的考验。一家名为 Finix 的初创公司进入了红杉的视野。Finix 提供 “支付基础设施即服务”，帮助公司快速将支付处理功能嵌入其产品中。问题在于，这正是支付巨头 Stripe 的核心领域，而红杉是 Stripe 最早和最重要的投资者之一。根据当时硅谷的游戏规则，投资 Finix 将构成对 Stripe 的直接背叛。媒体报道揭示了红杉的最终决定：优雅地退出谈判，放弃潜在的董事会席位和财务回报。这不仅仅是一次简单的交易放弃，而是对忠诚的公开宣言。那时，红杉像一个封建领主，清楚地意识到自己领土的界限，并理解保护现有关系远比争夺新机会重要。这种克制不是软弱，而是建立在长期战略智慧上的一种力量。规则的破裂：红杉的三张 AI 王牌 四年的时间足以改变科技界的王朝。当红杉在 2026 年与 OpenAI、Anthropic 和 Elon Musk 的 xAI 坐在谈判桌上时，2020 年因 “潜在竞争” 而放弃 Finix 的红杉将似乎成为遥远的记忆。根据《金融时报》和其他权威媒体的报道，红杉资本深度参与了一项可能重塑全球 AI 格局的资本战略：在其已经对 OpenAI 和 xAI 进行重大投资的基础上，红杉即将加入对 Anthropic 的新一轮投资。这轮融资的目标估值为 3500 亿美元——就在四个月前，该公司的估值 “仅为” 1700 亿美元。更值得注意的是投资者阵容：新加坡主权财富基金 GIC 和美国对冲基金 Coatue 各自以 15 亿美元领投，而微软和 Nvidia 承诺投资高达 150 亿美元，形成了工业和金融资本共同下注的宏伟图景。作为一家资深的硅谷风险投资公司，红杉资本不再回避冲突，而是系统性地与所有主要 AI 参与者建立关系；它不再在竞争中选择立场，而是试图成为各方的持有者。曾经明确的红线——“不与现有投资组合公司的直接竞争对手合作”——在 AI 时代已被完全抹去并重新绘制。这一转变看似突然，实际上是在面对独特的 AI 格局时的理性选择。传统风险投资的核心能力是 “在不确定性中识别模式”，但在大模型的竞争中，旧的评估框架几乎完全失效。AI 竞争是一场多维、多阶段、复杂的战争：基础计算能力的争夺、算法架构的创新、数据生态系统的构建、安全和伦理困境，以及对监管政策的适应……当不确定性达到这个水平时，最佳策略从 “选择赢家” 转变为 “覆盖所有可能的节点”。红杉在 AI 领域的投资逻辑不再是传统风险投资的 “赛马”，而更像是 “在赌场中购买一个永久座位”——它意识到，随着智能成为像电力一样的基础设施，重要的不是哪家公司最终获胜，而是确保无论如何都能留在桌子上。管理冲突：红杉在 AI 投资中的新游戏规则 Anthropic 估值在四个月内的惊人翻倍揭示了资本市场对 AI 公司的评估标准发生了深刻变化。从表面上看，飙升的估值与收入增长直接相关——该公司的年化收入从 10 亿美元跃升至 100 亿美元。但更深层的驱动力是一个资产的重新定价：系统性信任。在快速技术融合的背景下，各种模型之间的核心能力差距每月都在缩小。随着技术优势的机会窗口缩短，竞争的决定性因素从实验室中的 “性能竞赛” 转向现实世界中的 “采用竞赛”。决定性因素不再是 “谁的技术更强”，而是 “谁能更安全、可靠和合规地被政府、银行、医院和跨国公司采用”。Anthropic 的 “宪法 AI” 框架——一种通过人类反馈和基于原则的自我修正使 AI 系统对齐价值观的方法——虽然在技术上复杂，但传达了明确的政治信号：这是一家优先考虑安全、透明和可控性的公司。这一定位恰恰解决了企业客户、政府监管者和公众的最深切关切。微软和 Nvidia 等行业巨头的大规模投资本质上是对这种 “可合作性” 的投票。他们需要的不仅仅是财务回报；他们需要一个可靠、稳定且伦理上健全的合作伙伴，以确保 AI 基础设施的未来。红杉的参与为这种信任增添了金融资本的支持，形成了完整的合法性链条。这意味着顶级风险投资家的核心能力被重新定义。在经典时代，避免利益冲突是一种职业美德；在 AI 时代，精确管理多重冲突已成为一种更稀有、更根本的职业技能。红杉所做的远不止于简单地押注于更多竞争对手——它正在完成风险投资运营的范式转变：从寻找单一战场到学习在全球战争中维持各方之间的微妙平衡。</p>
<h2><strong>在旧神的废墟上建立新庙</strong></h2>
<p>红杉资本的转型是资本的理性越界。它个人拆解了基于忠诚的经典秩序，而是以自身为中心建立了一个资本主义帝国。</p>
<h2>在旧神的废墟上建立新庙</h2>
<p>&lt; 这一看似理性的选择正在催生出最不理性的未来。当所有顶级资本都采用相同的多边投注逻辑时，结果将是创新的结构性垄断——少数机构通过交叉持股，实际上将控制所有技术路线的资源渠道。未纳入资本图谱的颠覆性想法从一开始就面临着 “资源死刑”。更深层次的转变在于权力本质的蜕变。当红杉资本与 OpenAI、Anthropic 和 xAI 坐在同一桌时，它已从 “场上的教练” 转变为 “控制所有团队战术的联盟经理”。竞争依然存在，但规则已被重新定义。顶级资本不再预测未来；相反，它精心铺设未来本身的结构基础。当我们惊叹于高得离谱的估值时，我们更应该警惕的是，决定什么值得被赋予价值的权力正在以前所未有的速度集中在桌子的中心。</p>

SFGV

OpenAI

<p>红杉资本曾是硅谷风险投资领域忠诚的典范，但现在已改变其在人工智能领域的投资策略。2020 年，红杉退出了对 Finix 的投资，以履行对 Stripe 的承诺，但到 2026 年，它现在正与 OpenAI 和 Anthropic 等主要人工智能公司展开合作。这一变化反映了行业中的更广泛趋势，即传统的忠诚规则正被覆盖所有潜在赢家的策略所取代，以应对快速发展的人工智能市场。红杉的新方法强调适应性和系统信任，而不是严格的竞争边界</p>

<p>The End of the Classical Era: Finix's Test of Loyalty&gt;</p>
<div class="lb-trans"><p>古典时代的终结：Finix 的忠诚考验</p>
</div><p>In early 2020, the venture capital industry in Silicon Valley still followed a set of unwritten rules that had been in place for decades. In this system, a near-feudal relationship of loyalty formed between capital and startups: Once a top venture capital firm selects a &#34;champion&#34; in a particular sector, it pours resources, connections, and reputation into that partnership, forming a deep bond. In return, they promise not to fund the company's direct competitors—an ironclad discipline of loyalty and boundaries.</p>
<div class="lb-trans"><p>在 2020 年初，硅谷的风险投资行业仍然遵循着一套已经存在数十年的不成文规则。在这个体系中，资本与初创企业之间形成了一种近乎封建的忠诚关系：一旦一家顶级风险投资公司在某个特定领域选择了一个 “冠军”，它就会将资源、关系和声誉倾注于这一合作关系，形成深厚的纽带。作为回报，他们承诺不资助该公司的直接竞争对手——这是一种铁的忠诚和界限纪律。</p>
</div><p>Sequoia Capital at that time was the perfect embodiment of this classical order. As Silicon Valley's most legendary venture capital firm, its authority came not only from its track record of turning lead into gold, but also from its mastery and adherence to these ethical rules.</p>
<div class="lb-trans"><p>当时的红杉资本完美体现了这种古典秩序。作为硅谷最传奇的风险投资公司，其权威不仅来自于将铅变为金的成功记录，还来自于对这些伦理规则的掌握和遵循。</p>
</div><p>In Sequoia's philosophy, clear boundaries are the foundation for building long-term trust, while ambiguous stances are the most dangerous poison in a network of relationships. It was against this backdrop that Sequoia faced a classic test. A startup called Finix came into Sequoia's view. Finix provided &#34;payment infrastructure as a service,&#34; helping companies quickly embed payment processing functionality into their products. The problem was that this was precisely the core area of ​​payment giant Stripe—and Sequoia was one of Stripe's earliest and most important investors. According to the rules of the game in Silicon Valley at the time, investing in Finix would constitute a direct betrayal of Stripe. Media reports revealed Sequoia's final decision: to gracefully withdraw from negotiations, relinquishing potential board seats and financial rewards. This was not a simple trade relinquishment, but a public declaration of loyalty. At that time, Sequoia acted like a feudal lord, clearly aware of the boundaries of its territory and understanding that protecting existing relationships was far more important than seizing new opportunities. This restraint was not weakness, but a strength built on long-term strategic wisdom. The Breakdown of Rules: Sequoia's Three AI Trump Cards Four years is enough time to change dynasties in the tech world. When Sequoia sits at the negotiating table with OpenAI, Anthropic, and Elon Musk's xAI in 2026, the Sequoia that abandoned Finix in 2020 due to &#34;potential competition&#34; will seem like a distant memory. According to reports from the Financial Times and other authoritative media outlets, Sequoia Capital is deeply involved in a capital strategy that could reshape the global AI landscape: Building on its already significant investments in OpenAI and xAI, Sequoia is about to join a new round of investment in Anthropic. This round of financing targets a valuation of $350 billion—just four months ago, the company's valuation was &#34;only&#34; $170 billion. Even more noteworthy is the lineup of investors: Singapore's sovereign wealth fund GIC and US hedge fund Coatue each led the investment with $1.5 billion, while Microsoft and Nvidia pledged up to $15 billion, creating a grand picture of industrial and financial capital jointly betting. Sequoia Capital, a veteran Silicon Valley venture capital firm, no longer avoids conflict but systematically positions itself with all major AI players; it no longer chooses sides in the competition but attempts to become a holder of all sides. The once clear red line—&#34;not to cooperate with direct competitors of existing portfolio companies&#34;—has been completely erased and redrawn in the AI ​​era. This shift, seemingly sudden, is actually a rational choice in the face of the unique AI landscape. The core competency of traditional venture capital is &#34;identifying patterns in uncertainty,&#34; but in the race of large models, the old evaluation framework has almost entirely failed. The AI ​​competition is a multi-dimensional, multi-stage, complex war: battles for underlying computing power, innovation in algorithm architecture, construction of data ecosystems, security and ethical dilemmas, and adaptation to regulatory policies… When uncertainty reaches this level, the optimal strategy shifts from “choosing the winner” to “covering all possible nodes.” Sequoia’s investment logic in the AI ​​field is no longer the traditional venture capital “horse racing,” but more like “buying a permanent seat in the casino”—it realizes that as intelligence becomes an infrastructure like electricity, what matters is not which company ultimately wins, but ensuring that it can stay at the table no matter what. Managing Conflict: Sequoia’s New Rules of the Game in AI Investment The phenomenal doubling of Anthropic’s valuation in four months reveals a profound shift in the capital market’s evaluation standards for AI companies. On the surface, the soaring valuation is directly related to revenue growth—the company's annualized revenue jumped from $1 billion to $10 billion. But the deeper driving force is an asset being repriced: systemic trust. Against the backdrop of rapid technological convergence, the core capability gap between various models is narrowing on a monthly basis. As the window of opportunity for technological advantage shortens, the decisive factor in competition shifts from a &#34;performance race&#34; in the laboratory to a &#34;race to adopt&#34; in the real world. The decisive factor is no longer &#34;whose technology is stronger,&#34; but &#34;who can be more safely, reliably, and compliantly adopted by governments, banks, hospitals, and multinational corporations.&#34; Anthropic's &#34;Constitutional AI&#34; framework—a method for enabling AI systems to align values ​​through human feedback and principle-based self-correction—while technically complex, sends a clear political signal: this is a company that prioritizes security, transparency, and controllability. This positioning precisely addresses the deepest concerns of corporate clients, government regulators, and the public. The massive investments by industry giants like Microsoft and Nvidia are essentially a vote for this &#34;cooperability.&#34; They need more than just financial returns; they need a reliable, stable, and ethically sound partner to ensure the future of AI infrastructure. Sequoia's involvement adds financial capital backing to this trust, creating a complete chain of legitimacy. This means that the core competencies of top venture capitalists have been redefined. In the classical era, avoiding conflicts of interest was a professional virtue; in the AI ​​era, precisely managing multiple conflicts has become a rarer, more fundamental professional skill. What Sequoia is doing goes far beyond simply betting on a few more competitors—it is completing a paradigm shift in venture capital operations: from finding a single battlefield to learning to maintain a delicate balance across all fronts in a global war.</p>
<div class="lb-trans"><p>在红杉资本的理念中，明确的界限是建立长期信任的基础，而模糊的立场则是关系网络中最危险的毒药。在这样的背景下，红杉面临了一次经典的考验。一家名为 Finix 的初创公司进入了红杉的视野。Finix 提供 “支付基础设施即服务”，帮助公司快速将支付处理功能嵌入其产品中。问题在于，这正是支付巨头 Stripe 的核心领域，而红杉是 Stripe 最早和最重要的投资者之一。根据当时硅谷的游戏规则，投资 Finix 将构成对 Stripe 的直接背叛。媒体报道揭示了红杉的最终决定：优雅地退出谈判，放弃潜在的董事会席位和财务回报。这不仅仅是一次简单的交易放弃，而是对忠诚的公开宣言。那时，红杉像一个封建领主，清楚地意识到自己领土的界限，并理解保护现有关系远比争夺新机会重要。这种克制不是软弱，而是建立在长期战略智慧上的一种力量。规则的破裂：红杉的三张 AI 王牌 四年的时间足以改变科技界的王朝。当红杉在 2026 年与 OpenAI、Anthropic 和 Elon Musk 的 xAI 坐在谈判桌上时，2020 年因 “潜在竞争” 而放弃 Finix 的红杉将似乎成为遥远的记忆。根据《金融时报》和其他权威媒体的报道，红杉资本深度参与了一项可能重塑全球 AI 格局的资本战略：在其已经对 OpenAI 和 xAI 进行重大投资的基础上，红杉即将加入对 Anthropic 的新一轮投资。这轮融资的目标估值为 3500 亿美元——就在四个月前，该公司的估值 “仅为” 1700 亿美元。更值得注意的是投资者阵容：新加坡主权财富基金 GIC 和美国对冲基金 Coatue 各自以 15 亿美元领投，而微软和 Nvidia 承诺投资高达 150 亿美元，形成了工业和金融资本共同下注的宏伟图景。作为一家资深的硅谷风险投资公司，红杉资本不再回避冲突，而是系统性地与所有主要 AI 参与者建立关系；它不再在竞争中选择立场，而是试图成为各方的持有者。曾经明确的红线——“不与现有投资组合公司的直接竞争对手合作”——在 AI 时代已被完全抹去并重新绘制。这一转变看似突然，实际上是在面对独特的 AI 格局时的理性选择。传统风险投资的核心能力是 “在不确定性中识别模式”，但在大模型的竞争中，旧的评估框架几乎完全失效。AI 竞争是一场多维、多阶段、复杂的战争：基础计算能力的争夺、算法架构的创新、数据生态系统的构建、安全和伦理困境，以及对监管政策的适应……当不确定性达到这个水平时，最佳策略从 “选择赢家” 转变为 “覆盖所有可能的节点”。红杉在 AI 领域的投资逻辑不再是传统风险投资的 “赛马”，而更像是 “在赌场中购买一个永久座位”——它意识到，随着智能成为像电力一样的基础设施，重要的不是哪家公司最终获胜，而是确保无论如何都能留在桌子上。管理冲突：红杉在 AI 投资中的新游戏规则 Anthropic 估值在四个月内的惊人翻倍揭示了资本市场对 AI 公司的评估标准发生了深刻变化。从表面上看，飙升的估值与收入增长直接相关——该公司的年化收入从 10 亿美元跃升至 100 亿美元。但更深层的驱动力是一个资产的重新定价：系统性信任。在快速技术融合的背景下，各种模型之间的核心能力差距每月都在缩小。随着技术优势的机会窗口缩短，竞争的决定性因素从实验室中的 “性能竞赛” 转向现实世界中的 “采用竞赛”。决定性因素不再是 “谁的技术更强”，而是 “谁能更安全、可靠和合规地被政府、银行、医院和跨国公司采用”。Anthropic 的 “宪法 AI” 框架——一种通过人类反馈和基于原则的自我修正使 AI 系统对齐价值观的方法——虽然在技术上复杂，但传达了明确的政治信号：这是一家优先考虑安全、透明和可控性的公司。这一定位恰恰解决了企业客户、政府监管者和公众的最深切关切。微软和 Nvidia 等行业巨头的大规模投资本质上是对这种 “可合作性” 的投票。他们需要的不仅仅是财务回报；他们需要一个可靠、稳定且伦理上健全的合作伙伴，以确保 AI 基础设施的未来。红杉的参与为这种信任增添了金融资本的支持，形成了完整的合法性链条。这意味着顶级风险投资家的核心能力被重新定义。在经典时代，避免利益冲突是一种职业美德；在 AI 时代，精确管理多重冲突已成为一种更稀有、更根本的职业技能。红杉所做的远不止于简单地押注于更多竞争对手——它正在完成风险投资运营的范式转变：从寻找单一战场到学习在全球战争中维持各方之间的微妙平衡。</p>
</div><h2><strong>Building a new temple on the ruins of the old gods</strong></h2>
<div class="lb-trans"><h2><strong>在旧神的废墟上建立新庙</strong></h2>
</div><p>Sequoia's turnaround is a rational transgression of capital. It has personally dismantled the classical order based on loyalty, and instead built a capitalist empire with itself as the hub.</p>
<div class="lb-trans"><p>红杉资本的转型是资本的理性越界。它个人拆解了基于忠诚的经典秩序，而是以自身为中心建立了一个资本主义帝国。</p>
</div><h2>Building a new temple on the ruins of the old gods</h2>
<div class="lb-trans"><h2>在旧神的废墟上建立新庙</h2>
</div><p>&lt; This seemingly rational choice is giving rise to the most irrational future. When all top-tier capital adopts the same multilateral betting logic, the result will be a structural monopoly of innovation—a few institutions, through cross-shareholding, will effectively control the resource channels for all technological routes. Disruptive ideas not included in the capital map face a &#34;resource death sentence&#34; from their inception. A deeper transformation lies in the metamorphosis of the nature of power. When Sequoia Capital sits at the table alongside OpenAI, Anthropic, and xAI, it has transformed from a &#34;coach on the field&#34; into a &#34;league manager who controls all team tactics.&#34; The competition continues, but the rules have been redefined. Top-tier capital no longer predicts the future; instead, it meticulously lays the structural foundation for the future itself. While we marvel at sky-high valuations, we should be even more wary of the fact that the power to decide what deserves value is concentrating at an unprecedented rate at the center of the table.</p>
<div class="lb-trans"><p>&lt; 这一看似理性的选择正在催生出最不理性的未来。当所有顶级资本都采用相同的多边投注逻辑时，结果将是创新的结构性垄断——少数机构通过交叉持股，实际上将控制所有技术路线的资源渠道。未纳入资本图谱的颠覆性想法从一开始就面临着 “资源死刑”。更深层次的转变在于权力本质的蜕变。当红杉资本与 OpenAI、Anthropic 和 xAI 坐在同一桌时，它已从 “场上的教练” 转变为 “控制所有团队战术的联盟经理”。竞争依然存在，但规则已被重新定义。顶级资本不再预测未来；相反，它精心铺设未来本身的结构基础。当我们惊叹于高得离谱的估值时，我们更应该警惕的是，决定什么值得被赋予价值的权力正在以前所未有的速度集中在桌子的中心。</p>
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红杉资本的不忠与 AI 新神：硅谷的投资纪律将在 2026 年消亡