Author: Silicon Rabbit

The End of the Classical Era: The Loyalty Test of Finix

In early 2020, Silicon Valley's venture capital industry still adhered to a set of unwritten rules that had been in place for decades. Within this system, a near-feudal loyalty relationship formed between capital and startups: once top venture capital firms selected a "champion" in a particular sector, they would invest resources, connections, and credibility, creating a deep bond. In return, they promised not to fund direct competitors of that company—this was a steel discipline regarding loyalty and boundaries.

At that time, Sequoia Capital was the perfect embodiment of this classical order. As the most legendary venture capital firm in Silicon Valley, its authority stemmed not only from its golden investment record but also from its mastery and adherence to this ethical code. In Sequoia's philosophy, a clear sense of boundaries is the foundation for building long-term trust, while a vague stance is the most dangerous poison in the network of relationships.

It was against this backdrop that Sequoia faced a classic test. A startup named Finix entered Sequoia's sights. Finix offered "payment infrastructure as a service," helping businesses quickly embed payment processing capabilities into their products. The problem was that this was precisely the core area of payment giant Stripe—of which Sequoia was one of the 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 exit negotiations, giving up potential board seats and financial returns. This was not a simple abandonment of a deal but a public oath of loyalty. At that time, Sequoia resembled a feudal lord, clearly aware of its territorial boundaries and understanding that protecting existing relationships was far more important than seizing new opportunities. This restraint was not weakness but a strength built on the wisdom of long-term games.

The Collapse of Rules: Sequoia's Three AI Aces

Four years in the tech world is enough to change dynasties. By 2026, when Sequoia sat at the negotiation tables of OpenAI, Anthropic, and Elon Musk's xAI, the Sequoia that had given up Finix due to "potential competition" in 2020 seemed like a distant memory.

According to reports from authoritative media such as the Financial Times, Sequoia is deeply involved in a capital layout that could reshape the global AI landscape: building on its substantial investments in OpenAI and xAI, Sequoia is about to join a new round of investment in Anthropic. This round of financing aims for a valuation as high as $350 billion—just four months ago, the company's valuation was "only" $170 billion. Even more striking is the lineup of investors: Singapore's sovereign wealth fund GIC and the American hedge fund Coatue each leading with $1.5 billion, while Microsoft and Nvidia pledged investments of up to $15 billion, creating a grand picture of industrial and financial capital betting together.

Sequoia, the veteran powerhouse of Silicon Valley venture capital, no longer avoids conflict but systematically lays out strategies involving all major AI players; it no longer chooses sides in competition but attempts to become a holder of all positions. The once-clear red line—"not collaborating with direct competitors of existing portfolio companies"—has been completely erased and redrawn in the AI era. This shift seems sudden but is, in fact, a rational choice in the face of the unique track of AI. The core capability of traditional venture capital is "identifying patterns amid uncertainty," but in the race for large models, the old evaluation frameworks have almost all failed. AI competition is a multi-dimensional, multi-stage composite war: competition for underlying computing power, innovation in algorithm architecture, construction of data ecosystems, ethical security games, adaptation to regulatory policies… When uncertainty reaches this level, the optimal strategy shifts from "choosing winners" to "covering all possible nodes." Sequoia's logic in the AI field is no longer the traditional venture capital "betting on horses," but more like "buying a permanent seat at the casino"—it realizes that as intelligence becomes a foundational infrastructure like electricity, what matters is not which company ultimately wins, but ensuring that it remains at the table regardless.

Managing Conflicts: Sequoia's New Game Rules for AI Investment

The insane curve of Anthropic's valuation doubling in four months reveals a profound transformation in the capital market's evaluation standards for AI companies. On the surface, the surge in valuation is directly related to revenue growth—the company's annual revenue skyrocketed from $1 billion to $10 billion. But the deeper driving force is an asset being revalued: systemic trust. In a context where technology is rapidly converging, the core capability gaps among major models are narrowing on a monthly basis. As the window for technological advantages shortens, the decisive point of competition shifts from "performance races" in laboratories to "adoption races" in the real world. The decisive factor is no longer "whose technology is stronger," but "who can be accepted more safely, reliably, and compliantly by governments, banks, hospitals, and multinational corporations."

The "Constitutional AI" framework proposed by Anthropic—a method for aligning AI systems with human feedback and principle-based self-correction—though technically complex, sends a clear political signal: this is a company that values safety, transparency, and controllability. This positioning directly addresses the deepest concerns of corporate clients, government regulators, and the public. The substantial investments from industry giants like Microsoft and Nvidia are essentially votes for this "cooperability." They need not only financial returns but also a reliable, stable, and ethically compliant partner in the future AI infrastructure. Sequoia's involvement adds a financial capital endorsement to this trust, forming a complete legitimacy certification chain.

This means that the core capabilities of top venture capital 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 and more fundamental professional skill. What Sequoia is doing goes far beyond simply betting on a few more competitors—it is completing a paradigm revolution in the venture capital operating model: from seeking a single battlefield to learning how to maintain a delicate balance across all fronts of a global war.

Building New Temples on the Ruins of Old Gods

Sequoia's turnaround is a rational transgression of capital. It has dismantled the classical order built on loyalty and instead constructed a capital empire centered around itself.

This seemingly rational choice is giving rise to the most irrational future. When all top capital adopts the same multilateral betting logic, the result will be a structural monopoly on innovation—where a few institutions, through cross-holdings, effectively control the resource channels of all technological routes. Disruptive ideas that are not included in the capital map face a "death penalty" of resources from their inception. A deeper transformation lies in the nature of power. When Sequoia sits at the tables of OpenAI, Anthropic, and xAI simultaneously, it has transformed from a "coach on the field" to a "league manager who masters all team tactics." Competition still exists, but the rules have been redefined.

Top capital no longer predicts the future; instead, through precise layouts, it becomes the structural foundation of the future itself. As we marvel at sky-high valuations, we should be more vigilant about the power that determines what is worthy of being valued, which is concentrating at the center of the table at an unprecedented speed.

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