Sequoia Capital and the evolution of the VC industry | FT Film — YouTube video from FT - Founded in 1972 by Don Valentine, Sequoia Capital is a premier VC firm in Silicon Valley with a 50-yr history. - It has invested in major companies like Apple, Google, Oracle, Cisco, PayPal, Airbnb, YouTube, Instagram, and OpenAI. - Notably, companies backed by Sequoia make up about 25% of the Nasdaq index, highlighting its significant impact on technology and innovation. - In 2022, Sequoia invested $225M in FTX. This raised concerns about DD practices in VC investments. - The loss was especially notable as Sequoia had been more cautious about crypto compared to rivals like a16z, which had aggressively invested in the sector. - Sequoia split its global operations into separate entities for the US & Europe (remaining as Sequoia), China (now HongShan), and India (now Peak XV). - The Chinese branch was managing over $50B in capital at the time of the split. - Sequoia still holds stakes in Chinese companies like ByteDance, the owner of TikTok, which is facing potential bans in the US, potentially affecting shareholder value. - Generational leadership changes led to internal disputes within the firm. - Notably, at Klarna—a BNPL company that was once Europe's most highly valued startup—Sequoia partner Matthew Miller attempted to remove former managing partner Michael Moritz from the board. - This public conflict highlighted tensions between current management and former partners during the leadership transition. - The VC industry has expanded, with the number of firms in the U.S. quadrupling over the last 10–15 years, leading to increased competition and inflated valuations. - Sequoia is adapting by heavily investing in AI, allocating 60% of its current investments to the sector.