Sequoia's stewards explain the $10B AI plan and the Anthropic bet

Sequoia's co-stewards laid out the firm's next chapter, including what they call a franchise-defining investment in Anthropic and a renewed focus on semiconductors. The firm that backed Apple, Google, Nvidia, and SpaceX is concentrating capital rather than spreading it, betting that the AI era rewards a small number of very large positions. The semiconductor pivot signals where they think returns sit once model capability commoditizes.

View full digest for August 7, 2026