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2024/05/10 第484期 訂閱/退訂看歷史報份
紐時周報精選 Venture Capital Is Seeing A Generational Adjustment 矽谷創投業者 今面臨世代交替
Symbolism or Strategy? Ukraine Battles to Retain Small Gains. 面子或裡子?烏克蘭為小成果不惜血戰
Venture Capital Is Seeing A Generational Adjustment 矽谷創投業者 今面臨世代交替
文/Erin Griffith

矽谷創投業者 今面臨世代交替

Reid Hoffman, a founder of LinkedIn and a longtime venture capitalist, is no longer the public face of the venture firm Greylock. Michael Moritz, a force at Sequoia Capital for 38 years, officially separated from the investment firm last summer. And Jeff Jordan, a top investor at Andreessen Horowitz for 12 years, left in May.


They are among the most recognizable of a generation of Silicon Valley investors who are getting out of venture capital at the end of a lucrative 15-year upswing for the industry.


Many more are leaving. Investors at Tiger Global, Paradigm, Lightspeed Venture Partners, Emergence Capital and Spark Capital have all announced plans to step back. Foundry Group, a venture firm in Boulder, Colorado, that has backed 200 companies since 2006, said in January that it would not raise another fund.


Taken together, the steady thrum of departures has created a sense that venture capital — a $1.1 trillion corner of finance that invests in young, private companies, sometimes spawning enterprises such as Apple, Google and Amazon — is in a moment of transition.


“We’re at a tipping point,” said Alan Wink, a managing director of capital markets at EisnerAmper, which provides advisory services to venture capital firms. While there have been waves of retirements in the past, he said this one was more pronounced.


The turnover creates an opening for new investors to step up, potentially shifting who the power players are in Silicon Valley. That may also change the calculus for young companies as they decide which venture firms to seek money from.


Yet the latest generation of investors faces a startup investment landscape that has become more challenging. Few venture capital funds are reaping the kinds of enormous windfalls — which come from startups going public or being bought — that can secure an investor’s reputation.


Today’s up-and-coming venture capitalists are waiting for their version of those winners. Some of the most highly valued startups — such as OpenAI, the artificial intelligence company valued at $86 billion — are in no hurry to go public or sell. And the frenzy around generative AI could take years to translate into big wins.


“We’re in this period of reset, based on where the technology is and where it’s going,” said David York, an investor at Top Tier Capital, which invests in other venture capital firms. “These stars will emerge.”

投資其他創投公司的Top Tier Capital投資者約克說,「我們正處於重置時期,取決於技術現狀跟發展方向。這些明星將會出現」。

Symbolism or Strategy? Ukraine Battles to Retain Small Gains. 面子或裡子?烏克蘭為小成果不惜血戰
文/Andrew E. Kramer and Maria V


Ukrainian soldiers spent hours ducking in trenches as artillery exploded around them, then dashed for the safety of an armored personnel carrier — only to be chased through the open rear ramp of the vehicle by an exploding drone.


“All I could see were sparks in my eyes,” said one of the soldiers, a sergeant, recounting how the pursuing drone blew up, leaving him and his team wounded but somehow still alive. He asked to be identified only by his first name, Oleksandr, according to military protocol.


Fighting on the plain in southern Ukraine’s Zaporizhzhia region, where Oleksandr’s vehicle was hit earlier this year, has raged for 10 months now in two phases: first with Ukrainian forces on the offense, and now on defense, as Russia escalates attacks on the area where Ukraine gained ground in last summer’s counteroffensive.


Military analysts have described Ukraine’s strategy as “hold, build and strike” — holding the line in the country’s southeast, replenishing its units with fresh troops and hitting back with long-range drones attacks on oil refineries and military logistics targets inside Russia.


Ukraine recaptured the village of Robotyne last summer, in the high-water mark of a counteroffensive that not only failed to achieve a breakthrough, but left the Russians in a strong enough position to start pushing back across the southern front.


Russian forces attacked the pocket around Robotyne and areas nearby nine times over the past day, the general staff headquarters said Tuesday. When the Ukrainians captured the village last year, they pierced a main Russian anti-tank defensive line; now the Russians are trying to push them back and fill in that gap.


Like Bakhmut and Avdiivka, Robotyne, which had a prewar population of about 500 people, is now just ruins. Throughout the war, U.S. officials have repeatedly raised concerns that Ukraine was holding out too long in defending such places, committing soldiers and ammunition to cling to devastated towns with little strategic value.


But for Ukraine, the area around Robotyne remains worth fighting for, at least for now.


“At some point, symbolic becomes strategic,” Yurii Sak, a former adviser to the minister of defense, said of the fighting. Defending the gains of the offensive, he said, is “important for morale, it’s important for the support of the population, it’s important for the inner belief in our potential to win.”



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