AI has no "loyalty"! More than 10 OpenAI institutional shareholders participated in the latest funding round of "arch-rival" Anthropic

``` At a time when OpenAI is close to finalizing a new round of financing totaling about $100 billion, Anthropic has just completed a major financing round of about $30 billion. Even more noteworthy is that at least 12 direct institutional investors in OpenAI also appear on the list of supporters behind this round of Anthropic’s financing. This “double-dipping” list includes not only hedge funds or asset management companies accustomed to hedging bets, such as D1, Fidelity, and TPG, but also, more shockingly, top traditional venture capital firms known for “choosing sides,” such as Founders Fund, Iconiq, Insight Partners, and Sequoia Capital. [Image] Photo: At a recent photo session at the India AI Summit, OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei stood side by side but refused to join hands. BlackRock’s “Dual Identity” The most notable conflict of interest comes from global asset management giant BlackRock. Although BlackRock’s Senior Managing Director and Board Member Adebayo Ogunlesi currently serves on OpenAI’s board, affiliated BlackRock funds have also participated in Anthropic’s $30 billion financing round. In public markets, it is commonplace for asset management firms to hold stocks of competitors, and Microsoft and Nvidia’s widespread hedging layouts with various AI companies are also well known. But for venture capital (VC), this is a disruption of traditional norms. VCs have always boasted about being “founder-friendly” and “helpful.” The core logic is: when a VC holds a substantial stake in a startup, it will go all out to help it fight main competitors. In addition, as private companies, startups typically disclose confidential business data to direct investors that public companies would not. Now, the line has become blurred. “If you own both OpenAI and Anthropic, besides your own LPs (Limited Partners), who can you stay loyal to?” One interviewed investor bluntly stated: “As long as the firm doesn’t hold a board seat, people no longer think it’s harmful.” OpenAI’s “Blacklist” OpenAI CEO Sam Altman is deeply familiar with the venture capital world. As the former president of Y Combinator, he anticipated this trend long ago. According to tech media Techcrunch, Altman once provided investors with a list of OpenAI competitors he hoped they would not support in 2024, including Anthropic, xAI, and Safe Superintelligence—companies founded by former OpenAI employees. Although Altman later denied excluding investors from future OpenAI funding for backing competitors, he drew a red line regarding the disclosure of core interests. According to documents disclosed in the Elon Musk vs. OpenAI lawsuit, Altman admitted he had made it clear to investors: “If you make non-passive investments, you will no longer receive OpenAI’s confidential business information.” Capital Finds It Hard to Say “No” The uniqueness of the AI industry is breaking all established models. Large AI labs are experiencing unprecedented growth while also facing a record funding gap needed to build data centers. The article’s analysis suggests that when the financing needs are so huge, and potential returns possibly astronomical, it’s hard to expect investors to say “no.” Still, not all VCs have slid down the “double-bet” slope. - Andreessen Horowitz (a16z) currently supports OpenAI but has not invested in Anthropic. - Menlo Ventures supports Anthropic but has not invested in OpenAI. - Institutions such as Bessemer, General Catalyst, and Greenoaks also appear to have invested directly in only one of the two. Nevertheless, it’s undeniable that the breaking of this long-standing rule by reputable old-school Silicon Valley firms like Sequoia Capital marks a fundamental shift in the market environment. For founders, regardless of who provides the term sheet, conflict of interest policies must now become a key clause to scrutinize before signing. Risk Warning and Disclaimer The market is risky, and investments should be made cautiously. This article does not constitute personal investment advice and has not considered individual users’ specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situations. Any investment based on this article is at your own risk. ```