{"id":2714,"date":"2025-11-23T04:48:29","date_gmt":"2025-11-22T20:48:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2714"},"modified":"2025-11-23T04:48:29","modified_gmt":"2025-11-22T20:48:29","slug":"bill-guerley-%e8%b0%88%e7%be%8e%e5%9b%bd%e4%b8%80%e7%ba%a7%e5%b8%82%e5%9c%ba%e9%97%ae%e9%a2%98%ef%bc%9a%e5%83%b5%e5%b0%b8%e7%8b%ac%e8%a7%92%e5%85%bd%e3%80%81%e4%bc%b0%e5%80%bc%e5%a4%b1%e7%9c%9f","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2714","title":{"rendered":"Bill Guerley \u8c08\u7f8e\u56fd\u4e00\u7ea7\u5e02\u573a\u95ee\u9898\uff1a\u50f5\u5c38\u72ec\u89d2\u517d\u3001\u4f30\u503c\u5931\u771f\u3001IPO \u56f0\u5883\u3001\u516c\u53f8\u4e0d\u60f3\u4e0a\u5e02"},"content":{"rendered":"<h1 class=\"art_tit\">Bill Guerley \u8c08\u7f8e\u56fd\u4e00\u7ea7\u5e02\u573a\u95ee\u9898\uff1a\u50f5\u5c38\u72ec\u89d2\u517d\u3001\u4f30\u503c\u5931\u771f\u3001IPO \u56f0\u5883\u3001\u516c\u53f8\u4e0d\u60f3\u4e0a\u5e02<\/h1>\n<div class=\"content_text\">\n<div class=\"quote\">                        \u5f53\u524d\u5e02\u573a\u4e2d\uff0c\u65e0\u8bba\u662fGP\u3001LP\u8fd8\u662f\u521b\u59cb\u4eba\uff0c\u53ef\u80fd\u7f3a\u4e4f\u51c6\u786e\u6807\u8bb0\u8d44\u4ea7\u548c\u4e3b\u52a8\u4fee\u6b63\u4f30\u503c\u7684\u52a8\u529b\u3002                    <\/div>\n<p><span>\u4f5c\u8005\uff1aMD<\/span><\/p>\n<p><span>\u51fa\u54c1\uff1a\u660e\u4eae\u516c\u53f8<\/span><\/p>\n<p>\u8fd1\u65e5\uff0c\u77e5\u540d\u6295\u8d44\u64ad\u5ba2Invest Like the Best\u518d\u6b21\u9080\u8bf7\u5230Benchmark\u7684\u5408\u4f19\u4ebaBillGurley\uff0c\u5168\u9762\u8ba8\u8bba\u4e86\u5f53\u4e0b\u7f8e\u56fd\u4e00\u7ea7\u5e02\u573a\u7684\u73b0\u5b9e\u95ee\u9898\uff0c\u4ee5\u53caAI\u4f01\u4e1a\u76ee\u524d\u7684\u4f30\u503c\u548c\u6295\u8d44\u77db\u76fe\u3002<\/p>\n<p>\u5728\u8bbf\u8c08\u4e2d\uff0c<strong>Bill\u5256\u6790\u4e86\u5f53\u524d\u98ce\u9669\u6295\u8d44\u884c\u4e1a\u7684\u7ed3\u6784\u6027\u53d8\u5316\u4e0e\u6311\u6218\u3002<\/strong>\u4ed6\u6307\u51fa\uff0cMegaFund\u7684\u5d1b\u8d77\u4f7f\u5f97\u8d44\u91d1\u89c4\u6a21\u6210\u500d\u589e\u957f\uff0c\u65e9\u671f\u548c\u540e\u671f\u6295\u8d44\u754c\u9650\u6a21\u7cca\uff0c\u5de8\u989d\u8d44\u672c\u63a8\u52a8\u4e86\u5927\u91cfAI\u548c\u79d1\u6280\u72ec\u89d2\u517d\u7684\u8bde\u751f\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u516c\u53f8\u4e2d\u5b58\u5728\u5927\u91cf\u201c\u50f5\u5c38\u72ec\u89d2\u517d\u201d\uff0c\u5373\u878d\u8d44\u5de8\u5927\u4f46\u589e\u957f\u4e4f\u529b\u3001\u771f\u5b9e\u4ef7\u503c\u5b58\u7591\u7684\u4f01\u4e1a\u3002<strong>Bill\u5f3a\u8c03\uff0c\u5f53\u524d\u5e02\u573a\u4e2d\uff0c\u65e0\u8bba\u662fGP\u3001LP\u8fd8\u662f\u521b\u59cb\u4eba<\/strong><strong>\uff0c\u53ef\u80fd<\/strong><strong>\u7f3a\u4e4f\u51c6\u786e\u6807\u8bb0\u8d44\u4ea7\u548c\u4e3b\u52a8\u4fee\u6b63\u4f30\u503c\u7684\u52a8\u529b\uff0c<\/strong>\u5bfc\u81f4\u8d26\u9762\u4ef7\u503c\u4e0e\u5b9e\u9645\u4ef7\u503c\u4e25\u91cd\u80cc\u79bb\uff0c\u6fc0\u52b1\u673a\u5236\u9519\u4f4d\u3002<\/p>\n<p>\u5728\u8bbf\u8c08\u4e2d\uff0cBill\u8fd8\u5206\u6790\u4e86\u96f6\u5229\u7387\u73af\u5883\u4e0b\u7684\u6295\u8d44\uff08\u6295\u673a\uff09\u73af\u5883\uff0c\u8d44\u672c\u8fc7\u5269\u5ef6\u957f\u4e86\u516c\u53f8\u201c\u5b58\u6d3b\u671f\u201d\uff0c\u4f7f\u5f97\u672c\u5e94\u88ab\u5e02\u573a\u6dd8\u6c70\u7684\u4f01\u4e1a\u4f9d\u7136\u5b58\u5728\uff0c\u5e02\u573a\u7ade\u4e89\u683c\u5c40\u53d8\u5f97\u5f02\u5e38\u590d\u6742\u3002\u4e0e\u6b64\u540c\u65f6\uff0cIPO\u548c\u5e76\u8d2d\u7a97\u53e3\u7684\u5173\u95ed\u8ba9\u5927\u91cf\u8d44\u672c\u88ab\u56f0\u5728\u4e00\u7ea7\u5e02\u573a<strong>\uff0cLP\u7684\u6d41\u52a8\u6027\u95ee\u9898\u65e5\u76ca\u7a81\u51fa\uff0c<\/strong>\u751a\u81f3\u540d\u6821\u6350\u8d60\u57fa\u91d1\u4e5f\u4e0d\u5f97\u4e0d\u901a\u8fc7\u53d1\u503a\u6216\u629b\u552e\u79c1\u52df\u8d44\u4ea7\u6765\u5e94\u5bf9\u8d44\u91d1\u538b\u529b\u3002<\/p>\n<p>Bill\u8fd8\u8ba4\u4e3a\uff0cAI\u6d6a\u6f6e\u7684\u5230\u6765\u6253\u65ad\u4e86\u672c\u5e94\u53d1\u751f\u7684\u5e02\u573a\u4fee\u6b63\uff0cAI\u88ab\u89c6\u4e3a\u5386\u53f2\u6027\u5e73\u53f0\u8f6c\u578b\uff0c\u5e26\u52a8\u4e86\u65b0\u4e00\u8f6e\u7684\u6295\u8d44\u70ed\u6f6e\u548c\u4f30\u503c\u6ce1\u6cab\u3002\u4ed6\u63d0\u9192\uff0c\u867d\u7136AI\u5e26\u6765\u5de8\u5927\u673a\u4f1a\uff0c\u4f46\u884c\u4e1a\u5404\u65b9\u9700\u8981\u8b66\u60d5\u57fa\u672c\u9762\u548c\u5355\u4f4d\u7ecf\u6d4e\u6a21\u578b\u7684\u91cd\u8981\u6027\uff0c\u4e0d\u80fd\u76f2\u76ee\u8ffd\u9010\u9ad8\u4f30\u503c\u3002<\/p>\n<p>\u867d\u7136Bill\u5728\u8bbf\u8c08\u4e2d\u5766\u8a00\u81ea\u5df1\u201c\u5df2\u7ecf\u4e0d\u518d\u5199\u652f\u7968\u201d\uff0c\u4f46\u4ed6\u4ecd\u7136\u975e\u5e38\u5173\u6ce8\u4e2d\u56fdAI\u548c\u79d1\u6280\u521b\u65b0\u7684\u6a21\u5f0f\u3002<\/p>\n<p>\u5728Bill\u81ea\u5df1\u7684\u64ad\u5ba2BG2\u6700\u65b0\u4e00\u671f\u4e2d\uff0c\u4ed6\u4e5f\u5206\u6790\u4e86\u4e2d\u56fd\u4f01\u4e1a\u201c\u7ade\u4e89\u6a21\u5f0f\u201d\u7684\u8f6c\u53d8\u2014\u2014\u4ece\u5149\u4f0f\u3001\u65b0\u80fd\u6e90\u6c7d\u8f66\u5230\u5982\u4eca\u7684AI\uff0c<strong>\u4e2d\u56fd\u7684\u6fc0\u70c8\u7ade\u4e89\u73af\u5883\u53cd\u800c\u53ef\u80fd\u5851\u9020\u66f4\u5177\u7ade\u4e89\u529b\u7684\u516c\u53f8\u3002<\/strong>Benchmark\u4ecd\u7136\u662f\u76ee\u524d\u7845\u8c37\u6700\u6210\u529f\u7684VC\u673a\u6784\u4e4b\u4e00\uff0c\u4e0d\u4e45\u524d\uff0cBenchmark\u4f5c\u4e3a\u9886\u6295\u65b9\u53c2\u4e0e\u4e86ManusAI\u7684\u65b0\u4e00\u8f6e\u878d\u8d44\u3002<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250611\/5f4f408ca8fee6598b3d39b4c1f34bb8.jpg\" \/><\/p>\n<p>\u4ee5\u4e0b\u4e3a\u300c\u660e\u4eae\u516c\u53f8\u300d\u7f16\u8bd1\u7684\u8bbf\u8c08\u6b63\u6587\uff1a<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u6211\u4eec\u4eca\u5929\u7684\u5609\u5bbe\u662fBillGurley\u3002Bill\u66fe\u662fBenchmarkCapital\u7684\u666e\u901a\u5408\u4f19\u4eba\u3002\u4ed6\u7b2c\u516d\u6b21\u505a\u5ba2InvestLiketheBest\uff0c\u8fd9\u4e5f\u662f\u4ed6\u6700\u5168\u9762\u7684\u4e00\u6b21\u5e02\u573a\u5206\u6790\uff0c\u63a2\u8ba8\u4e86\u6b63\u5728\u91cd\u5851\u98ce\u9669\u6295\u8d44\u884c\u4e1a\u7684\u73b0\u5b9e\u3002Bill\u76f4\u9762\u4e86\u5f53\u4eca\u98ce\u9669\u6295\u8d44\u56de\u62a5\u80cc\u540e\u7684\u4ee4\u4eba\u4e0d\u5b89\u7684\u6570\u5b66\u95ee\u9898\uff0c\u5c24\u5176\u662f\u516c\u53f8\u79c1\u6709\u5316\u65f6\u95f4\u66f4\u957f\u7684\u73b0\u8c61\u3002\u4ed6\u8fd8\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u4eceGP\u5230LP\u5230\u521b\u59cb\u4eba\uff0c\u6ca1\u6709\u4eba\u6709\u8db3\u591f\u7684\u52a8\u529b\u53bb\u51c6\u786e\u6807\u8bb0\u8d44\u4ea7\uff0c\u4ece\u800c\u9020\u6210\u4e86\u6574\u4e2a\u7cfb\u7edf\u7684\u534f\u8c03\u96be\u9898\u3002\u6211\u4eec\u8fd8\u6df1\u5165\u63a2\u8ba8\u4e86AI\u4f5c\u4e3a\u5e73\u53f0\u53d8\u9769\u7684\u6295\u8d44\u5f71\u54cd\uff0c\u4ece\u8bc4\u4f30AI\u6536\u5165\u8d28\u91cf\u5230\u56fd\u9645\u7ade\u4e89\u52a8\u6001\u3002Bill\u63d0\u4f9b\u4e86\u5173\u4e8e\u5982\u4f55\u5e94\u5bf9\u5f53\u4e0b\u548c\u672a\u6765\u5c40\u52bf\u7684\u5173\u952e\u89c6\u89d2\u3002\u8bf7\u6b23\u8d4f\u6211\u4e0eBillGurley\u7684\u5bf9\u8bdd\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>Bill\uff0c\u8fd9\u6b21\u4f60\u53c8\u62ff\u56de\u4e86InvestLiketheBest\u8282\u76ee\u5609\u5bbe\u6700\u591a\u7684\u5934\u8854\uff0c\u8d85\u8fc7\u4e86\u6211\u4eec\u7684\u597d\u670b\u53cbMichaelMauboussin\u3002\u6b22\u8fce\u56de\u6765\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u55ef\uff0c\u6211\u60f3\u4e0d\u5230\u8fd8\u6709\u8c01\u80fd\u548cMichael\u4e89\u8fd9\u4e2a\u5934\u8854\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u6709\u8da3\u7684\u662f\uff0c\u8fd9\u662f\u6211\u4eec\u81ea2019\u5e74\u4ee5\u6765\u7b2c\u4e00\u6b21\u53ea\u6709\u6211\u4eec\u4e24\u4e2a\u4eba\u505a\u8282\u76ee\uff0c\u96be\u4ee5\u7f6e\u4fe1\u3002\u65f6\u95f4\u8fc7\u5f97\u771f\u5feb\u3002\u65e2\u7136\u5c31\u6211\u4eec\u4fe9\uff0c\u6211\u60f3\u4ece\u5927\u5904\u7740\u773c\uff0c\u804a\u804a\u4f60\u773c\u4e2d\u7684\u73b0\u72b6\u3002\u6211\u77e5\u9053\u4f60\u8fc7\u53bb\u5728Benchmark\u65f6\u4f1a\u505a\u5e02\u573a\u7248\u7684\u201c\u56fd\u60c5\u54a8\u6587\u201d\u3002\u5e0c\u671b\u4f60\u80fd\u4e3a\u6211\u4eec\u505a\u4e00\u6b21\uff0c\u804a\u804a\u4f60\u57282025\u5e74\u590f\u5929\u770b\u5230\u7684\u5e02\u573a\u60c5\u51b5\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u5f88\u9ad8\u5174\u505a\u8fd9\u4e2a\u3002\u662f\u7684\uff0c\u6211\u4ee5\u524d\u4f1a\u7528\u98ce\u9669\u6295\u8d44\u73b0\u72b6\u6765\u5f00\u542f\u6211\u4eec\u7684LP\u4f1a\u8bae\u3002\u8fd9\u662f\u6211\u4e60\u60ef\u505a\u7684\u6d41\u7a0b\u548c\u6f14\u8bb2\u3002\u6700\u8fd1\u6211\u6ce8\u610f\u5230\u98ce\u9669\u6295\u8d44\u4e16\u754c\u6709\u5f88\u591a\u4e0d\u540c\u7684\u5730\u65b9\uff0c\u751a\u81f3\u53ef\u80fd\u662f\u6c38\u4e45\u6027\u7684\u4e0d\u540c\u3002\u5f88\u591a\u6211\u4ee5\u524d\u8bb2\u7684\u5185\u5bb9\u90fd\u662f\u57fa\u4e8e\u98ce\u9669\u6295\u8d44\u884c\u4e1a\u672c\u8eab\u7684\u5468\u671f\u6027\uff0c\u4f46\u6700\u8fd1\u8fd9\u4e9b\u89c4\u5f8b\u88ab\u6253\u4e71\u4e86\uff0c\u6216\u8005\u8bf4\u53d8\u5f97\u6709\u4e9b\u6df7\u4e71\uff0c\u6211\u4eec\u4f1a\u804a\u5230\u8fd9\u4e9b\u3002<\/p>\n<p>\u5728\u6211\u4eec\u6df1\u5165\u4e4b\u524d\uff0c\u6211\u6709\u4e24\u4e2a\u524d\u63d0\u8981\u8bf4\u660e\u3002\u7b2c\u4e00\uff0cMichael\u4f1a\u5f88\u8ba4\u540c\uff0c\u6211\u975e\u5e38\u559c\u6b22\u7cfb\u7edf\u5c42\u9762\u7684\u601d\u8003\u3002\u6709\u4e00\u672c\u5173\u4e8e\u7cfb\u7edf\u601d\u8003\u7684\u4e66\u5f88\u68d2\uff08\u6ce8\uff1a\u4f46\u662f\u6ca1\u6709\u63d0\u4e66\u7684\u540d\u5b57\uff09\u3002Michael\u548c\u6211\u5728\u5723\u5854\u83f2\u7814\u7a76\u9662\uff08Santa Fe Institute\uff09\u7684\u65f6\u95f4\u57fa\u672c\u90fd\u548c\u7cfb\u7edf\u7406\u8bba\u6709\u5173\u2014\u2014<strong>\u7cfb\u7edf\u7684\u884c\u4e3a\u4e0d\u540c\u4e8e\u5176\u5404\u4e2a\u7ec4\u6210\u90e8\u5206\u3002\u8de8\u7cfb\u7edf\u89c2\u5bdf\u5176\u5b9e\u5f88\u96be\u505a\u5230\u3002<\/strong>\u4f46\u5f53\u6211\u4eec\u6df1\u5165\u8ba8\u8bba\u65f6\uff0c\u6211\u8ba4\u4e3a\u884c\u4e1a\u91cc\u7684\u5f88\u591a\u7ec4\u6210\u90e8\u5206\u6b63\u5728\u76f8\u4e92\u78b0\u649e\uff0c\u6240\u6709\u8fd9\u4e9b\u7684\u603b\u548c\u624d\u662f\u6700\u6709\u8da3\u7684\u3002\u6240\u4ee5\u4f60\u5fc5\u987b\u9000\u540e\u4e00\u6b65\uff0c\u4ece\u8fdc\u5904\u770b\u5168\u5c40\u3002<\/p>\n<p>\u7b2c\u4e8c\u70b9\uff0c\u6211\u8981\u63d0\u524d\u58f0\u660e\uff0c\u6211\u5bf9\u4efb\u4f55\u53c2\u4e0e\u8005\u90fd\u4e0d\u505a\u9053\u5fb7\u8bc4\u5224\u3002\u6709\u4eba\u548c\u516c\u53f8\u91c7\u53d6\u7684\u884c\u52a8\u6539\u53d8\u4e86\u884c\u4e1a\u683c\u5c40\uff0c\u6211\u8ba4\u4e3a\u4ed6\u4eec\u90fd\u662f\u5728\u4e3a\u81ea\u5df1\u7684\u5229\u76ca\u5408\u7406\u884c\u4e8b\u3002\u603b\u4f53\u6548\u679c\u672a\u5fc5\u5bf9\u4e16\u754c\u6709\u5229\uff0c\u4f46\u6211\u4e0d\u4f1a\u628a\u6076\u610f\u5f52\u548e\u4e8e\u4efb\u4f55\u4eba\uff0c\u8fd9\u70b9\u6211\u60f3\u5148\u8bf4\u660e\u3002<\/p>\n<p>\u90a3\u6211\u5f00\u59cb\u8bb2\u3002\u6211\u60f3\u5148\u7f57\u5217\u4e00\u4e9b\u6211\u770b\u5230\u7684\u5e02\u573a\u73b0\u5b9e\u3002\u5728\u7b2c\u4e00\u90e8\u5206\uff0c\u6211\u4e0d\u6253\u7b97\u505a\u592a\u591a\u5206\u6790\uff0c\u53ea\u662f\u628a\u4e00\u4e9b\u5982\u679c\u4f60\u8eab\u5904\u98ce\u9669\u6295\u8d44\u5e02\u573a\u5c31\u4f1a\u9047\u5230\u7684\u4e8b\u60c5\u6446\u51fa\u6765\u3002\u987a\u4fbf\u8bf4\u4e00\u53e5\uff0c<strong>\u6211\u8ba4\u4e3a\u6211\u4eec\u8981\u8c08\u7684\u5185\u5bb9\u5bf9\u98ce\u9669\u6295\u8d44\u4eba\u3001\u521b\u59cb\u4eba\u3001LP\uff0c\u4efb\u4f55\u63a5\u89e6\u8fd9\u4e2a\u751f\u6001\u7cfb\u7edf\u7684\u4eba\u90fd\u5f88\u91cd\u8981\u3002<\/strong>\u8fd9\u662f\u975e\u5e38\u9ad8\u5c42\u6b21\u7684\u8bdd\u9898\u3002\u8ba9\u6211\u5148\u8bf4\u8bf4\u8fd9\u4e9b\u73b0\u5b9e\uff0c\u7136\u540e\u6211\u4eec\u53ef\u4ee5\u6765\u56de\u8ba8\u8bba\u4e00\u4e9b\u89e3\u8bfb\u3002<\/p>\n<h2><strong>\u4e00\u7ea7\u5e02\u573a\u7684\u4e03\u4e2a\u73b0\u5b9e<\/strong><\/h2>\n<p><strong>\u4e00\u3001Mega<\/strong><strong>VC Fund<\/strong><\/p>\n<p><strong>Bill\uff1a<\/strong>\u9996\u5148\u6211\u8981\u63d0\u7684\uff0c\u5927\u5bb6\u90fd\u5728\u8c08\u8bba\uff0c\u5c31\u662f\u8d85\u7ea7\u98ce\u9669\u6295\u8d44\u57fa\u91d1\u7684\u6301\u7eed\u5d1b\u8d77\u3002\u5f53\u6211\u521a\u5165\u884c\u65f6\uff0c\u4e00\u5207\u90fd\u5f88\u5b9a\u5236\u5316\uff0c\u5927\u591a\u6570\u6709\u540d\u7684\u57fa\u91d1\u4e13\u6ce8\u4e8e\u65e9\u671f\u6295\u8d44\u3002\u4ed6\u4eec\u4e0d\u53c2\u4e0e\u540e\u671f\uff0c\u57fa\u91d1\u89c4\u6a21\u4e5f\u6bd4\u73b0\u5728\u5c0f\u5f97\u591a\u3002<\/p>\n<p>\u5982\u4eca\uff0c\u8bb8\u591a\u77e5\u540d\u57fa\u91d1\u5df2\u7ecf\u4ece\u6bcf\u4e09\u56db\u5e745\u4ebf\u7f8e\u5143\u7684\u627f\u8bfa\u53d8\u621050\u4ebf\u7f8e\u5143\uff0c10\u500d\u589e\u957f\u3002\u4ed6\u4eec\u975e\u5e38\u79ef\u6781\u5730\u53c2\u4e0e\u6240\u8c13\u7684\u201c\u540e\u671f\u201d\u6295\u8d44\u2014\u2014<strong>\u867d\u7136\u6211\u4e00\u76f4\u89c9\u5f97\u201c\u540e\u671f\u201d\u53ea\u662f\u201c\u5de8\u989d\u652f\u7968\u201d\u7684\u59d4\u5a49\u8bf4\u6cd5\u3002<\/strong>\u73b0\u5728\u6709\u4eba\u613f\u610f\u7ed9\u4e00\u5bb6\u6210\u7acb12\u4e2a\u6708\u7684AI\u516c\u53f8\u62953\u4ebf\u7f8e\u5143\u3002<strong>\u8fd9\u4e0d\u662f\u540e\u671f\uff0c\u53ea\u662f\u5927\u989d\u652f\u7968\u3002<\/strong><\/p>\n<p>\u5f88\u591a\u516c\u53f8\u5411\u4e0a\u6e38\u53d1\u5c55\uff0c\u8fd8\u8bbe\u7acb\u4e86\u5404\u79cd\u884c\u4e1a\u4e13\u9879\u57fa\u91d1\uff0c\u8fd9\u5bfc\u81f4\u8bb8\u591a\u54c1\u724c\u7ba1\u7406\u7684\u8d44\u91d1\u89c4\u6a21\u5927\u5e45\u589e\u52a0\u3002\u8fd8\u6709\u5f88\u591a\u65b0\u73a9\u5bb6\u8fdb\u5165\u540e\u671f\u5e02\u573a\uff0c\u624b\u6cd5\u5404\u5f02\uff0c\u6709\u4e9b\u8001\u724c\u673a\u6784\u5076\u5c14\u4e5f\u4f1a\u53c2\u4e0e\uff0c\u6bd4\u5982Fidelity\u548cCapitalGroup\u3002\u4f46\u6211\u8ba4\u4e3aAtreides\u3001Coatue\u3001Altimeter\u3001Thrive\uff08\u6211\u89c9\u5f97\u4ed6\u4eec\u5728\u5e02\u573a\u4e0a\u505a\u5f97\u5f88\u6709\u7279\u8272\uff09\u90fd\u975e\u5e38\u6d3b\u8dc3\u3002\u8fd8\u6709\uff0cMasa\uff08\u5b59\u6b63\u4e49\uff09\u56de\u6765\u4e86\u3002\u6211\u4eec\u524d\u51e0\u5e74\u6ca1\u600e\u4e48\u542c\u5230\u4ed6\u7684\u6d88\u606f\uff0c\u4f46\u4ed6\u73b0\u5728\u53c8\u6d3b\u8dc3\u5728\u5e02\u573a\u4e0a\u4e86\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4ed6\u81ea\u5df1\u5c31\u662f\u4e2a\u6307\u6807\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\uff0c\u6211\u540c\u610f\u3002\u6240\u4ee5\u73b0\u5728\u5e02\u573a\u4e0a\u6709\u66f4\u591a\u7684\u94b1\u3002<\/p>\n<p><strong>\u4e8c\u3001<\/strong><strong>\u50f5\u5c38\u72ec\u89d2\u517d<\/strong><\/p>\n<p><strong>Bill\uff1a<\/strong>\u7b2c\u4e8c\u4e2a\u73b0\u5b9e\uff0c\u5927\u5bb6\u4e5f\u5728\u8c08\u8bba\uff0c\u5c31\u662f\u201c\u50f5\u5c38\u72ec\u89d2\u517d\u201d\uff0c\u6211\u4e0d\u592a\u559c\u6b22\u8fd9\u4e2a\u8bcd\u4f46\u7528\u5f97\u6700\u591a\u3002\u5982\u679c\u4f60\u770b\u90a3\u4e9b\u516c\u53f8\u6570\u91cf\uff0c\u6211\u559c\u6b22\u7528LLM\u524d\u540e\u505a\u5206\u754c\uff0c\u56e0\u4e3a\u8fd9\u786e\u5b9e\u662f\u4e2a\u5206\u6c34\u5cad\uff0c\u5927\u5bb6\u90fd\u4e3a\u8fd9\u4e2a\u65b0\u5e73\u53f0\u8f6c\u578b\u800c\u5174\u594b\u3002<strong>\u5927\u6982\u6709\u4e00\u5343\u5bb6\u8fd9\u6837\u7684<\/strong><strong>\u79c1\u6709\u516c<\/strong><strong>\u53f8\uff0c\u878d\u8d44\u8d85\u8fc710\u4ebf\u7f8e\u5143\u3002ChatGPT\u544a\u8bc9\u6211\u662f1250\u5bb6\uff0cNVCA<\/strong><strong>\uff08\u7f8e\u56fd\u56fd\u5bb6\u98ce\u6295\u534f\u4f1a\uff09\u8bf4<\/strong><strong>\u662f900\u5bb6\u3002\u5c31\u8bf4\u5dee\u4e0d\u591a\u4e00\u5343\u5bb6\u5427\u3002<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5927\u81f4\u4e00\u5343\u5bb6\uff0c\u5bf9\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\u3002\u5b83\u4eec\u6bcf\u5bb6\u5927\u6982\u878d\u8d442\u4ebf\u52303\u4ebf\u7f8e\u5143\u3002\u52a0\u8d77\u6765\u5c31\u662f3000\u4ebf\u7f8e\u5143\u3002NVCA\u4f30\u7b97LP\u8d26\u9762\u8d44\u4ea7\u67093\u4e07\u4ebf\u7f8e\u5143\u3002<strong>\u6211\u548cLP\u4e00\u5bf9\u4e00\u804a\u8fc7\uff0c\u4ed6\u4eec\u5bf9\u98ce\u9669\u6295\u8d44\u7684\u914d\u7f6e\u6bd4\u4f8b\u6162\u6162\u4ece5-7%\u63d0\u9ad8\u523010-15%\u3002<\/strong>\u6709\u7684\u751a\u81f3\u8fbe\u5230\u79c1\u52df\u80a1\u6743\u914d\u7f6e\u7684\u4e00\u534a\u3002<strong>\u98ce\u9669\u6295\u8d44\u548c\u79c1\u52df\u80a1\u6743\u5e76\u5217<\/strong>\uff0c\u6709\u4e9bLP\u7684PE\u914d\u7f6e\u66f4\u5927\uff0c\u4f46\u98ce\u9669\u6295\u8d44\u5728\u4ed6\u4eec\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u5360\u6bd4\u8d8a\u6765\u8d8a\u5927\uff0c\u6240\u4ee5\u5f88\u91cd\u8981\u3002<\/p>\n<p><strong>\u6211\u89c9\u5f97\u5bf9\u8fd9\u4e00\u6279\u516c\u53f8\u6709\u5f88\u591a\u7591\u95ee\u3002<\/strong>\u9996\u5148\uff0c\u5b83\u4eec\u7684\u771f\u5b9e\u4ef7\u503c\u662f\u591a\u5c11\uff1f\u5f88\u591a\u516c\u53f8\u4e0a\u4e00\u6b21\u5b9a\u4ef7\u8fd8\u662f\u57282021\u5e74\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>2021\u5e74\u5de6\u53f3\u5427\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\uff0c\u90a3\u65f6\u6b63\u597d\u662f\u5e02\u573a\u9ad8\u70b9\uff0c\u65b0\u51a0\u7b2c\u4e8c\u5e74\uff0c\u5982\u679c\u4f60\u8fd8\u8bb0\u5f97\uff0c\u6240\u6709\u79d1\u6280\u80a1\u90fd\u5927\u6da8\uff0cZoom\u90a3\u65f6\u7206\u53d1\uff0c\u5927\u5bb6\u5728\u90a3\u4e2a\u7a97\u53e3\u90fd\u8868\u73b0\u5f88\u597d\u3002<strong>\u6240\u4ee5\u5b83\u4eec\u73b0\u5728\u5230\u5e95\u503c\u591a\u5c11\u94b1\uff0c\u662f\u4e2a\u7591\u95ee\u3002<\/strong>\u6295\u8d44\u5708\u5bf9\u8fd9\u6279\u516c\u53f8\u6574\u4f53\u4e0a\u5e76\u4e0d\u611f\u5174\u8da3\u3002\u5b83\u4eec\u589e\u957f\u7387\u4e0d\u9ad8\uff0c\u7b49\u4e0b\u6211\u4f1a\u8c08\u8c08\u539f\u56e0\u3002<\/p>\n<p>\u5f88\u591a\u4eba\u53ef\u80fd\u4e0d\u4fe1\uff0c\u4f46\u6211\u4fdd\u8bc1\u8fd9\u662f\u4e8b\u5b9e\u2014\u2014<strong>\u6ca1\u6709\u4eba\u6709\u52a8\u529b\u628a\u4f30\u503c\u6807\u51c6\u786e\u3002<\/strong>\u5bf9\u4e8e\u4e0d\u4e86\u89e3\u8fd9\u4e2a\u4e16\u754c\u7684\u4eba\u6765\u8bf4\u2014\u2014\u79c1\u52df\u6295\u8d44\uff0c\u65e0\u8bbaPE\u8fd8\u662fVC\u2014\u2014\u90fd\u662f\u8fd9\u79cd\u5947\u602a\u7684\u6a21\u5f0f\uff0cGP\u5411LP\u62a5\u544a\u4ef7\u683c\uff0c\u4ed6\u4eec\u81ea\u5df1\u5b9a\u4ef7\u3002<\/p>\n<p>\u5f53\u7136\u6709\u5ba1\u8ba1\u5e08\u5728\u80cc\u540e\u6363\u9f13\uff0c\u4f60\u4f1a\u542c\u5230LP\u62b1\u6028\uff0c\u6709\u4e9b\u57fa\u91d1\u5f88\u4fdd\u5b88\u5b9a\u4ef7\u4f4e\uff0c\u6709\u4e9b\u5b9a\u4ef7\u9ad8\u3002LP\u5f97\u5230\u7684\u4fe1\u606f\u4e5f\u4e94\u82b1\u516b\u95e8\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u540c\u4e00\u4e2a\u8d44\u4ea7\uff0c\u4e0d\u540cGP\u7ed9\u7684\u4ef7\u683c\u90fd\u4e0d\u4e00\u6837\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\u3002\u4f46\u5f88\u591a\u4eba\u6ca1\u610f\u8bc6\u5230\uff0c\u5927<strong>\u578b\u6350\u8d60\u57fa\u91d1\u91cc\u7ba1\u7406VC\u7ec4\u7684\u7ecf\u7406\u4eba\u5176\u5b9e\u6ca1\u6709\u52a8\u529b\u53bb\u4fee\u6b63\u8fd9\u4e2a\u6570\u5b57\u3002<\/strong>\u5b9e\u9645\u4e0a\uff0c<strong>\u4ed6\u4eec\u5f88\u591a\u4eba\u7684\u5956\u91d1\u662f\u57fa\u4e8e\u8d26\u9762\u4f30\u503c\u7684\u3002<\/strong>\u6240\u4ee5\u4ed6\u4eec\u751a\u81f3\u6709\u53cd\u5411\u52a8\u529b\u53bb\u4fee\u6b63\u3002<\/p>\n<p><strong>\u4e09\u3001<\/strong><strong>\u6fc0\u52b1\u9519\u4f4d\uff0c\u7ed3\u679c\u7cdf\u7cd5<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u521b\u59cb\u4eba\u96be\u9053\u6ca1\u6709\u52a8\u529b\u628a\u8fd9\u4e9b\u4e8b\u60c5\u641e\u5bf9\u5417\uff1f\u957f\u671f\u6765\u770b\uff0c\u96be\u9053\u4e0d\u662f\u66f4\u6709\u5229\u4e8e\u516c\u53f8\u5efa\u8bbe\u5417\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u597d\u95ee\u9898\u3002\u6211\u89c9\u5f97\u6709\u4e24\u70b9\u5728\u4f5c\u5bf9\u3002\u7b2c\u4e00\uff0c<strong>\u6211\u8ba4\u8bc6\u7684\u6bcf\u4e2a\u521b\u59cb\u4eba\u90fd\u628a\u81ea\u5df1\u6301\u80a1\u6bd4\u4f8b\u4e58\u4ee5\u516c\u53f8\u5386\u53f2\u6700\u9ad8\u4f30\u503c\uff0c\u7136\u540e\u628a\u8fd9\u4e2a\u6570\u5b57\u5f53\u505a\u81ea\u5df1\u7684\u51c0\u8d44\u4ea7\u3002<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f46\u8fd9\u6709\u610f\u4e49\u5417\uff1f\u5176\u5b9e\u4e0d\u4ee3\u8868\u4ec0\u4e48\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u4e0d\u505a\u8bc4\u5224\uff0c\u6211\u89c9\u5f97\u8fd9\u662f\u81ea\u7136\u53cd\u5e94\u3002\u4f46\u628a\u8fd9\u4e2a\u6570\u5b57\u780d\u638970%\u5f88\u96be\u63a5\u53d7\u3002\u53e6\u4e00\u4e2a\u95ee\u9898\u662f\u6e05\u7b97\u4f18\u5148\u6743\uff08liquidationpreference\uff09\u3002\u8fd9\u53c8\u662f\u4e2a\u6280\u672f\u7ec6\u8282\uff0c\u6211\u7ed9\u542c\u4f17\u89e3\u91ca\u4e00\u4e0b\u3002<\/p>\n<p>\u4f60\u7d2f\u8ba1\u878d\u8d44\u7684\u91d1\u989d\uff0c\u5c31\u6210\u4e86\u4f60\u7684\u6e05\u7b97\u4f18\u5148\u6743\u3002\u5728\u5e76\u8d2d\u65f6\uff0c<strong>\u6295\u8d44\u4eba\u53ef\u4ee5\u9009\u62e9\u62ff\u56de\u672c\u91d1\u800c\u4e0d\u662f\u8f6c\u6210\u666e\u901a\u80a1\u3002\u6240\u4ee5\u5982\u679c\u516c\u53f8\u878d\u8d443\u4ebf\u7f8e\u5143\uff0c\u4f30\u503c20\u4ebf\uff0c\u90a3\u6e05\u7b97\u4f18\u5148\u6743\u6ca1\u4ec0\u4e48\u5f71\u54cd\u3002\u5982\u679c\u4f30\u503c\u8dcc\u52304\u4ebf\uff0c\u6e05\u7b97\u4f18\u5148\u6743\u53ef\u80fd\u4f1a\u5728\u51fa\u552e\u65f6\u62ff\u8d70\u516c\u53f875%\u7684\u4ef7\u503c<\/strong>\u3002\u8fd9\u662f\u4e2a\u73b0\u5b9e\u95ee\u9898\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679c\u6211\u4eec\u56de\u5230\u90a3\u4e00\u5343\u5bb6\u50f5\u5c38\u72ec\u89d2\u517d\uff0c\u4ed4\u7ec6\u5206\u6790\uff0c\u4f60\u89c9\u5f97\u6709\u591a\u5c11\u516c\u53f8\u662f\u76c8\u5229\u7684\uff0c\u53ef\u4ee5\u4e00\u76f4\u8fd9\u6837\u4e0b\u53bb\uff0c\u76f4\u5230\u4ed6\u4eec\u613f\u610f\u91cd\u65b0\u5b9a\u4ef7\uff1f\u53c8\u6709\u591a\u5c11\u516c\u53f8\u4f1a\u6491\u4e0d\u4e0b\u53bb\uff0c\u6700\u7ec8\u4e0d\u5f97\u4e0d\u878d\u8d44\u5e76\u91cd\u7f6e\u4ef7\u683c\uff1f<\/p>\n<p>Bill\uff1a\u8bf4\u5b9e\u8bdd\u6211\u6ca1\u505a\u8fc7\u7edf\u8ba1\u5b66\u610f\u4e49\u4e0a\u7684\u8c03\u67e5\uff0c\u4e5f\u8bb8\u6709\u4eba\u80fd\u505a\uff0c\u6bd4\u5982\u57fa\u91d1\u4e2d\u7684\u57fa\u91d1\u3001Pitchbook\u6216Carta\u4e4b\u7c7b\u7684\u673a\u6784\u3002\u6211\u89c9\u5f97\u53ef\u4ee5\u4f5c\u4e3a\u5f15\u5b50\u8c08\u8c08\u53d1\u751f\u4e86\u4ec0\u4e48\u3002\u6211\u4eec\u6b63\u5904\u4e8e\u4e00\u4e2a\u5f88\u957f\u7684\u96f6\u5229\u7387\u65f6\u671f\uff0c\u73b0\u5728\u53ebZIRP\uff0c\u8fd9\u79cd\u60c5\u51b5\u767e\u5e74\u672a\u89c1\u3002\u96f6\u5229\u7387\u6301\u7eed\u4e86\u4e94\u516d\u4e03\u5e74\uff1f\u5dee\u4e0d\u591a\u5427\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4e00\u65b9\u9762\uff0c\u8fd9\u63a8\u8fdf\u4e86VC\u7684\u8c03\u6574\uff0c\u53e6\u4e00\u65b9\u9762\u5e26\u6765\u4e86\u5927\u91cf\u8d44\u91d1\u548c\u6295\u673a\u3002\u6709\u4e2a\u5c0f\u63d2\u66f2\uff0c\u6211\u8fd9\u8f88\u5b50\u53ea\u89c1\u8fc7\u5df4\u83f2\u7279\u4e00\u6b21\uff0c\u662f\u4e2a20\u4eba\u7684\u5c0f\u578b\u7b79\u6b3e\u6d3b\u52a8\uff0c\u6bcf\u4eba\u53ea\u80fd\u95ee\u4e00\u4e2a\u95ee\u9898<strong>\u3002\u6211\u95ee\u4ed6\u8bf4\uff0c\u201c\u60a8\u7684DCF\u5728\u96f6\u5229\u7387\u4e0b\u4e0d\u6210\u7acb\u5427\uff1f\u8fd9\u53ea\u4f1a\u5e26\u6765\u6295\u673a\u3002\u201d<\/strong>\u4ed6\u56de\u7b54\uff0c\u201c\u4f60\u8bf4\u5f97\u5bf9\u3002\u201d\u5c31\u8fd9\u6837\uff0c\u548c\u4f1f\u4eba\u7684\u4e00\u6b21\u77ed\u6682\u63a5\u89e6\u3002<\/p>\n<p>\u603b\u4e4b\uff0c\u6295\u673a\u76db\u884c\u3002\u6211\u521a\u624d\u8bf4\u7684200-300\u4ebf\u7f8e\u5143\uff0c\u8fd9\u79cd\u89c4\u6a21\u5728\u90a3\u4e4b\u524d\u662f\u524d\u6240\u672a\u6709\u7684\u3002<\/p>\n<p>\u5f53\u516c\u53f8\u62ff\u5230\u8fd9\u4e48\u591a\u94b1\uff0c\u4f1a\u53d1\u751f\u51e0\u4ef6\u4e8b\u3002\u6211\u8ba4\u4e3a\u4e00\u4e2a\u9886\u57df\u4f1a\u51fa\u73b0\u592a\u591a\u53c2\u4e0e\u8005\uff0c<strong>\u672c\u6765\u5e94\u8be5\u66f4\u65e9\u88ab\u6dd8\u6c70\u7684\u516c\u53f8\u4e5f\u80fd\u6d3b\u4e0b\u6765\u3002<\/strong>\u8fd9\u8ba9\u5e02\u573a\u6269\u5f20\u53d8\u5f97\u66f4\u96be\uff0c\u56e0\u4e3a\u6700\u540e\u5e78\u5b58\u7684\u516c\u53f8\u4ece1-2\u5bb6\u53d8\u62103-5\u5bb6\u3002\u5f53\u4f60\u8fc7\u5ea6\u878d\u8d44\u65f6\uff0c\u4f60\u4ec0\u4e48\u90fd\u505a\u3002\u6709\u5f88\u591a\u6587\u7ae0\u548c\u7814\u7a76\u8bf4\u660e\uff0c\u7ea6\u675f\u4f1a\u5e26\u6765\u521b\u9020\u529b\uff0c\u4f60\u6700\u597d\u53ea\u505a\u4e00\u4e24\u4e2a\u6838\u5fc3\u4ea7\u54c1\u3002\u4f46\u94b1\u592a\u591a\u65f6\uff0c\u4f60\u4f1a\u505a\u4e03\u4e2a\u9879\u76ee\u3002<\/p>\n<p>Patrick\uff1a\u5168\u90fd\u505a\u4e86\u3002<\/p>\n<p>Bill\uff1a\u5bf9\uff0c\u5168\u90fd\u505a\u4e86\u3002\u6211\u89c9\u5f972022\u30012023\u5e74\u6709\u4e00\u6b21\u5c0f\u8c03\u6574\uff0c\u90a3\u65f6AI\u8fd8\u6ca1\u7206\u53d1\u3002\u5927\u591a\u6570\u516c\u53f8\u90fd\u8f6c\u5411\u76c8\u4e8f\u5e73\u8861\uff0c\u6b63\u5982\u4f60\u8bf4\u7684\u3002\u6240\u4ee5\u4e00\u65e6\u8f6c\u5411\u76c8\u4e8f\u5e73\u8861\uff0c\u5c31\u4f1a\u780d\u6389\u90a3\u4e03\u4e2a\u9879\u76ee\uff0c\u53ea\u4fdd\u7559\u4e24\u4e2a\u3002<\/p>\n<p><strong>\u4f46\u90a3\u4e03\u4e2a\u9879\u76ee\u548c\u8fc7\u5ea6\u6269\u5f20\u7684\u9500\u552e\u56e2\u961f\uff0c\u5e26\u6765\u4e86\u6536\u5165\uff0c\u4f46\u4e0d\u662f\u53ef\u6301\u7eed\u7684\u6536\u5165\u3002<\/strong>\u4f60\u4e00\u65e6\u6536\u7f29\u5e76\u8ffd\u6c42\u76c8\u4e8f\u5e73\u8861\uff0c\u589e\u957f\u7387\u81ea\u7136\u4f1a\u53d7\u5f71\u54cd\u3002\u6240\u4ee5\u6211\u8ba4\u4e3a\u8fd9\u5c31\u662f\u589e\u957f\u4f4e\u8ff7\u7684\u539f\u56e0\u3002<\/p>\n<p>\u6211\u540c\u610f\u4f60\u7684\u89c2\u70b9\uff0c\u5f88\u591a\u516c\u53f8\u6709\u8db3\u591f\u7684\u8d44\u672c\u505a\u5230\u76c8\u4e8f\u5e73\u8861\u6216\u63a5\u8fd1\u76c8\u4e8f\u5e73\u8861\u3002\u6309\u6211\u4ee5\u524d\u5bf9\u4f20\u7edf\u516c\u53f8\u5efa\u8bbe\u7684\u770b\u6cd5\uff0c\u8fd9\u672c\u5e94\u662f\u597d\u4e8b\uff0c\u6211\u5f53\u7136\u652f\u6301\u3002\u4f46\u73b0\u5b9e\u662f\uff0c\u5b83\u4eec\u4e5f\u8bb8\u771f\u7684\u80fd\u4e00\u76f4\u5b58\u5728\u4e0b\u53bb\uff0c\u8fd9\u5c31\u662f\u201c\u50f5\u5c38\u201d\u6807\u7b7e\u7684\u7531\u6765\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u90a3\u8fd9\u53c8\u610f\u5473\u7740\u4ec0\u4e48\uff1f\u65e2\u7136\u6ca1\u4eba\u6709\u52a8\u529b\u53bb\u4fee\u6b63\u4f30\u503c\uff0c\u8fd9\u79cd\u72b6\u51b5\u662f\u4e0d\u662f\u5c31\u4f1a\u4e00\u76f4\u6301\u7eed\u4e0b\u53bb\uff1f\u4f1a\u6709\u4ec0\u4e48\u6539\u53d8\u5417\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u4eec\u5f85\u4f1a\u513f\u518d\u56de\u5230\u8fd9\u4e2a\u95ee\u9898\u3002\u8ba9\u6211\u628a\u8fd9\u4e9b\u5e02\u573a\u73b0\u5b9e\u5148\u8bb2\u5b8c\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u597d\u7684\uff0c\u7ee7\u7eed\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u7136\u540e\u6211\u4eec\u53ef\u4ee5\u6df1\u5165\u8ba8\u8bba\u53ef\u80fd\u53d1\u751f\u7684\u53d8\u5316\u3002<\/p>\n<p><strong>\u56db\u3001<\/strong><strong>\u9000\u51fa\u7a97\u53e3\u5173\u95ed<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4e0b\u4e00\u4e2a\u95ee\u9898\u662f\u9000\u51fa\u3002\u4e5f\u5c31\u662f\u8fd9\u4e9b\u516c\u53f8\u5728\u771f\u5b9e\u5e02\u573a\u4e2d\u4f1a\u88ab\u5982\u4f55\u5b9a\u4ef7\u3002<\/p>\n<p>Bill\uff1a\u5bf9\uff0c\u6240\u4ee5\u6211\u4eec\u8bb2\u4e86\u8d85\u7ea7\u57fa\u91d1\u3001\u50f5\u5c38\u72ec\u89d2\u517d\uff0c\u7136\u540e\u662f\u8d44\u672c\u5e02\u573a\u3002\u51fa\u4e8e\u4e00\u4e9b\u6ca1\u6709\u88ab\u5f88\u597d\u9610\u91ca\u3001\u4e5f\u4e0d\u592a\u88ab\u7406\u89e3\u7684\u539f\u56e0\uff0c<strong>IPO\u548c\u5e76\u8d2d\u5e02\u573a\u5728\u8fc7\u53bb\u51e0\u5e74\u90fd\u505c\u6ede\u4e86\u3002<\/strong>2021\u5e74\u8fd9\u4e24\u65b9\u9762\u5176\u5b9e\u90fd\u633a\u597d\uff0c\u4f46\u4e4b\u540e\u5c31\u505c\u4e86\u3002\u5982\u679c\u4f60\u770b\u53bb\u5e74\uff082024\u5e74\uff09\uff0c\u7eb3\u65af\u8fbe\u514b\u6da8\u4e8630%\uff0c\u4f46\u7a97\u53e3\u4f9d\u7136\u5173\u95ed\u3002\u8fd9\u662f\u5927\u5bb6\u666e\u904d\u7684\u5171\u8bc6\u3002<\/p>\n<p>\u5728\u6211\u5173\u6ce8\u8d44\u672c\u5e02\u573a\u548c\u4ece\u4e8b\u98ce\u9669\u6295\u8d44\u7684\u5386\u53f2\u4e2d\uff0c\u4ece\u672a\u89c1\u8fc7\u7eb3\u65af\u8fbe\u514b\u5e02\u573a\u8868\u73b0\u826f\u597d\u4f46\u9000\u51fa\u7a97\u53e3\u5374\u5173\u95ed\u7684\u60c5\u51b5\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u6ca1\u6709IPO\uff0c\u5bf9\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\uff0c\u8fd9\u8bf4\u4e0d\u901a\u3002\u8fc7\u53bb\u8fd9\u4e24\u8005\u662f\u76f8\u5173\u7684\uff0c\u6240\u4ee5\u73b0\u5728\u4e00\u5b9a\u6709\u522b\u7684\u4e8b\u60c5\u5728\u53d1\u751f\u3002\u6211\u4e00\u76f4\u5f88\u5173\u6ce8IPO\u6298\u4ef7\uff0c\u5c24\u5176\u662f\u77e5\u540d\u5927\u884c\u5f3a\u52a0\u7ed9\u5e02\u573a\u7684\u6298\u4ef7\u3002\u4f46\u4e5f\u6709\u4eba\u8ba4\u4e3a\u4e0a\u5e02\u6210\u672c\u592a\u9ad8\uff0c\u4e5f\u6709\u4eba\u8ba4\u4e3a\u6210\u4e3a\u4e0a\u5e02\u516c\u53f8\u7684\u6210\u672c\u592a\u9ad8\u3002\u5f53\u7136\uff0c\u94b1\u5230\u5904\u90fd\u662f\u3002\u6211\u4eec\u7a0d\u540e\u4f1a\u56de\u5230\u8fd9\u4e2a\u8bdd\u9898\u2014\u2014<strong>\u73b0\u5728\u6210\u529f\u7684\u516c\u53f8\u6ca1\u5fc5\u8981\u4e0a\u5e02\uff0c\u6216\u8005\u8bf4\u4ed6\u4eec\u81f3\u5c11\u4e0d\u5fc5\u7740\u6025\u4e0a\u5e02\u3002<\/strong><\/p>\n<p>\u5e76\u8d2d\u66f4\u96be\u89e3\u8bfb\u3002\u5927\u5bb6\u90fd\u602aLinaKhan\uff08\u7f8e\u56fd\u8054\u90a6\u8d38\u6613\u59d4\u5458\u4f1a\u59d4\u5458\uff09\uff0c\u4f46\u5979\u5df2\u7ecf\u79bb\u5f00\u4e86\uff0c\u4eca\u5e74\u524d\u4e94\u4e2a\u6708\u4e5f\u6ca1\u6709\u521b\u7eaa\u5f55\u7684\u5e76\u8d2d\u3002\u6211\u89c9\u5f97\u8fd9\u53ef\u80fd\u548c\u201c\u4e03\u5de8\u5934\u201d\u6709\u5173\u3002\u8fd9\u4e03\u5bb6\u516c\u53f8\u624b\u5934\u73b0\u91d1\u591a\u5f97\u60ca\u4eba\uff0c\u6309\u7406\u8bf4\u8fd9\u4f1a\u5e26\u6765\u5927\u89c4\u6a21\u5e76\u8d2d\uff0c\u6211\u76f8\u4fe1\u4ed6\u4eec\u4e5f\u5f88\u4e50\u610f\u7528\u8fd9\u4e9b\u94b1<strong>\u3002\u4f46\u534e\u76db\u987f\u4e0d\u4e50\u89c1\uff0c\u6b27\u76df\u66f4\u4e0d\u5e0c\u671b\u4ed6\u4eec\u6d3b\u8dc3\uff0c\u6240\u4ee5\u5c40\u9762\u5361\u4f4f\u4e86\u3002<\/strong>\u6ca1\u4eba\u613f\u610f\u5728\u5e76\u8d2d\u534f\u8bae\u4e2d\u5192\u7740\u65e0\u6cd5\u987a\u5229\u5b8c\u6210\u7684\u98ce\u9669\u3002<\/p>\n<p>\u5373\u4f7f\u50cfWiz\u8fd9\u79cd\u4eca\u5e74\u7684\u5927\u6848\u5b50\uff0c\u4e00\u5ba3\u5e03\u5c31\u8bf4\u9700\u8981\u4e00\u5e74\u591a\u624d\u80fd\u5b8c\u6210\u3002\u5bf9\u8463\u4e8b\u4f1a\u548c\u7ba1\u7406\u56e2\u961f\u6765\u8bf4\uff0c\u8fd9\u5f88\u96be\u63a5\u53d7\u3002<strong>\u7b49\u4e00\u5e74\uff0c\u592a\u96be\u4e86\u3002<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u89c9\u5f97\u6211\u4eec\u5f88\u5feb\u4f1a\u770b\u5230\u4e00\u5bb6\u4f30\u503c\u4e00\u4e07\u4ebf\u7f8e\u5143\u7684\u79c1\u6709\u516c\u53f8\u5417\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>SpaceX\u79bb\u8fd9\u4e2a\u76ee\u6807\u8fd8\u6709\u591a\u8fdc\uff1f<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5927\u6982\u4e09\u5206\u4e4b\u4e00\u5427\u3002OpenAI\u4e5f\u662f\u4e09\u5206\u4e4b\u4e00\u3002Stripe\u662f\u5341\u5206\u4e4b\u4e00\u3002\u6709\u597d\u51e0\u5bb6\uff0c\u5982\u679c\u5b83\u4eec\u80fd\u4fdd\u6301\u6210\u529f\uff0c\u5f88\u53ef\u80fd\u505a\u5230\u3002\u6211\u662f\u60f3\u8bf4\uff0c<strong>\u5982\u679c\u4f60\u80fd\u6210\u4e3a\u4e07\u4ebf\u7f8e\u5143\u79c1\u6709\u516c\u53f8\uff0c\u8fd8\u9700\u8981\u4e0a\u5e02\u5417\uff1f\u8fd9\u542c\u8d77\u6765\u5f88\u75af\u72c2\u3002<\/strong><\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u4eec\u4f1a\u8c08\u5230\u8fd9\u4e2a\u3002\u8fd8\u6709\u4e00\u4e2a\u53ef\u80fd\u5f71\u54cd\u5e76\u8d2d\u7684\u56e0\u7d20\u662f\u9ad8\u4f30\u503c\u30022021\u5e74\u6211\u4eec\u628a\u6700\u6fc0\u52a8\u4eba\u5fc3\u7684\u516c\u53f8\u90fd\u63a8\u5230\u6781\u81f4\u9ad8\u4ef7\uff0c\u4eca\u5929\u8fd8\u5728\u7ee7\u7eed\u3002\u8fd9\u4e5f\u4f1a\u5f71\u54cd\u5e76\u8d2d\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u80fd\u4e0d\u80fd\u518d\u8bf4\u8bf4\u4e3a\u4ec0\u4e48\u8fd9\u79cd\u60c5\u51b5\u4f1a\u6301\u7eed\uff1f\u662f\u4e0d\u662f\u53cd\u9988\u56de\u8def\u5c31\u662f\u6211\u4eec\u521a\u624d\u8ba8\u8bba\u7684\u90a3\u4e9b\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u89c9\u5f97ZIRP\uff08\u96f6\u5229\u7387\uff09\u662fLLM\u4e4b\u524d\u7684\u4e3b\u56e0\u3002LLM\u4e4b\u540e\uff0c\u5927\u5bb6\u90fd\u76f8\u4fe1AI\u662f\u6709\u751f\u4ee5\u6765\u6700\u5927\u7684\u6280\u672f\u5e73\u53f0\u8f6c\u578b\u3002\u6240\u4ee5\u5982\u679c\u4f60\u76f8\u4fe1\u8fd9\u4e00\u70b9\u2026\u2026\u8fd8\u6709\u4e00\u70b9\uff0c\u6211\u56de\u5fc6\u8d77\u4e09\u5341\u5e74\u524d\u6211\u548cMauboussin\u5728FirstBoston\u65f6\uff0c\u7f51\u7edc\u6548\u5e94\u548c\u590d\u5229\u6548\u5e94\u8fd8\u6ca1\u6709\u88ab\u5145\u5206\u7406\u89e3\u6216\u8ba4\u53ef\u3002\u73b0\u5728\u5927\u5bb6\u90fd\u5b8c\u5168\u76f8\u4fe1\u4e86\u3002<\/p>\n<p>\u6240\u4ee5\u770b\u8fc7Google\u6216Meta\u4ece120\u4ebf\u52303\u4e07\u4ebf\u7684\u4eba\uff0c<strong>\u5982\u679c\u4ed6\u4eec\u8ba4\u4e3a\u67d0\u516c\u53f8\u53ef\u80fd\u8fbe\u5230\u90a3\u6837\u7684\u9ad8\u5ea6\uff0c\u5728\u4ed6\u4eec\u770b\u6765\u5c31\u4e0d\u5b58\u5728\u201c\u4e70\u8d35\u4e86\u201d<\/strong>\u2014\u2014\u72ec\u7acb\u6295\u8d44\u4eba\u8fd9\u4e48\u60f3\u662f\u5408\u7406\u7684\u3002\u5982\u679c\u5927\u5bb6\u90fd\u8fd9\u6837\uff0c\u5e02\u573a\u5c31\u4f1a\u628a\u9884\u671f\u8ba1\u5165\u4ef7\u683c\uff0c\u4f46\u6211\u4eec\u62ed\u76ee\u4ee5\u5f85\u3002<\/p>\n<p><strong>\u4e94\u3001<\/strong><strong>LP\u6d41\u52a8\u6027\u95ee\u9898<\/strong><\/p>\n<p><strong>Bill\uff1a<\/strong>\u4e0b\u4e00\u4e2a\u73b0\u5b9e\u662f\uff0c\u5f88\u591aLP\u9762\u4e34\u6d41\u52a8\u6027\u95ee\u9898\u3002\u8fd9\u662f\u65b0\u73b0\u8c61\uff0c\u548cIPO\u3001\u5e76\u8d2d\u7a97\u53e3\u5173\u95ed\u6709\u5173\u3002\u8fd8\u6709\u4e00\u4e2a\u6570\u636e\u633a\u6709\u610f\u601d\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u7f8e\u56fd\u9ad8\u6821\u53d1\u884c\u4e86120\u4ebf\u7f8e\u5143\u503a\u5238\uff0c\u662f\u5386\u53f2\u7b2c\u4e09\u9ad8\u5b63\u5ea6\u3002\u5982\u679c\u4f60\u7528\u503a\u52a1\u53bb\u6ee1\u8db3\u8d44\u672c\u627f\u8bfa\uff0c\u662f\u56e0\u4e3a\u4f60\u7684\u6350\u8d60\u57fa\u91d1\u6ca1\u6709\u8db3\u591f\u6d41\u52a8\u6027\uff0c\u65e0\u6cd5\u50cf\u4ee5\u524d\u90a3\u6837\u6bcf\u5e74\u652f\u4ed83%\u62165%\u7684\u652f\u51fa\u3002<\/p>\n<p>\u6700\u8fd1\u4f60\u53ef\u80fd\u770b\u5230\uff0c\u54c8\u4f5b\u5ba3\u5e03\u5728\u4e8c\u7ea7\u5e02\u573a\u51fa\u552e10\u4ebf\u7f8e\u5143\u7684\u79c1\u52df\u80a1\u6743\u8d44\u4ea7\u3002\u4ed6\u4eec\u6709\u5f88\u591a\u7279\u6b8a\u539f\u56e0\uff0c\u4f46\u66f4\u6709\u610f\u601d\u7684\u662f\u8036\u9c81\u5ba3\u5e03\u8981\u51fa\u552e60\u4ebf\u7f8e\u5143\u79c1\u52df\u80a1\u6743\u8d44\u4ea7\u3002<\/p>\n<p>\u8036\u9c81\u505a\u8fd9\u4ef6\u4e8b\u975e\u5e38\u91cd\u8981\u4e5f\u5f88\u6709\u8da3\uff0c\u4ece\u5386\u53f2\u89d2\u5ea6\u770b\uff0c\u6ca1\u6709\u54ea\u4e2a\u673a\u6784\u5bf9\u6350\u8d60\u57fa\u91d1\u7ba1\u7406\u7b56\u7565\u5f71\u54cd\u66f4\u5927\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u786e\u5b9e\u6ca1\u6709\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>DavidSwensen\uff08\u8036\u9c81\u5927\u5b66\u524dCIO\u3001\u300a\u673a\u6784\u6295\u8d44\u7684\u521b\u65b0\u4e4b\u8def\u300b\u4f5c\u8005\uff09\u662f\u8fd9\u4e00\u6a21\u5f0f\u7684\u9f3b\u7956\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4ed6\u662f\u8fd9\u4e2a\u6a21\u5f0f\u7684\u6559\u7236\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6ca1\u9519\u3002\u8036\u9c81\u636e\u8bf4\u5728\u4ed6\u4efb\u518535\u5e74\u5e74\u590d\u5408\u6536\u76ca\u738713%\u3002\u4ed6\u8457\u540d\u7684\u201c\u8036\u9c81\u6a21\u578b\u201d\u5c31\u662f\u628a\u66f4\u591a\u94b1\u6295\u5230\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u4e0a\uff0c\u800c\u4e0d\u662f\u6d41\u52a8\u6027\u8d44\u4ea7\u3002\u6700\u521d\u6ca1\u4eba\u8fd9\u4e48\u505a\uff0c\u56e0\u4e3a\u7f3a\u4e4f\u900f\u660e\u5ea6\u3001\u6d41\u52a8\u6027\uff0c\u7ba1\u7406\u96be\u5ea6\u5927\u3002\u4f46\u4ed6\u505a\u6210\u4e86\uff0c\u800c\u4e14\u5f88\u6210\u529f\u3002\u73b0\u5728\u6211\u4eec\u53ef\u80fd\u770b\u5230\u7684\u6b63\u662f\u6240\u6709\u4eba\u90fd\u6548\u4eff\u8036\u9c81\u6a21\u578b\u7684\u7ed3\u679c\u3002HowardMarks\u66fe\u8bf4<strong>\uff0c\u4f60\u53ea\u6709\u5728\u975e\u5171\u8bc6\u4e14\u6b63\u786e\u65f6\u624d\u80fd\u8d5a\u5927\u94b1\u3002<\/strong>\u4f46\u5982\u679c\u4eba\u4eba\u90fd\u6548\u4effSwensen\uff0c\u90fd\u628a50%\u6295\u5230\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\uff0c\u8fd8\u80fd\u6210\u529f\u5417\uff1f<\/p>\n<p>\u6211\u89c9\u5f97\u8fd9\u662f\u4e2a\u5f88\u6709\u6311\u6218\u6027\u7684\u95ee\u9898\uff0c\u4f46\u4e8b\u5b9e\u53ef\u80fd\u5c31\u662f\u8fd9\u6837\u3002\u8036\u9c81\u5e26\u5934\u91c7\u7528\u7684\u7b56\u7565\uff0c\u73b0\u5728\u4ed6\u4eec\u81ea\u5df1\u4e5f\u5728\u9000\u51fa\uff0c\u8fd9\u5f88\u6709\u610f\u601d\u3002<\/p>\n<p><strong>\u516d\u3001<\/strong><strong>Private<\/strong><strong>is<\/strong><strong>the<\/strong><strong>New<\/strong><strong>Public\uff08\u4e00\u7ea7\u662f\u65b0\u7684\u4e8c\u7ea7\uff09<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679c\u4f60\u8003\u8651LP\u7684\u6d41\u52a8\u6027\u95ee\u9898\uff0c\u8fd9\u4f1a\u4e0d\u4f1a\u6210\u4e3a\u6253\u7834\u4f60\u521a\u624d\u63cf\u8ff0\u7684\u50f5\u5c40\u7684\u5173\u952e\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6709\u53ef\u80fd\u3002\u5982\u679c\u6211\u80fd\u7ee7\u7eed\u8bb2\u5b8c\u8fd9\u4e9b\u73b0\u5b9e\uff0c\u6211\u4eec\u4f1a\u2014\u2014<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u597d\uff0c\u62b1\u6b49\uff0c<strong>\u5fcd\u4e0d\u4f4f\u63d2\u8bdd\u3002<\/strong><\/p>\n<p><strong>Bill\uff1a<\/strong>AI\u6d6a\u6f6e\u6765\u5f97\u5f88\u5de7\u3002\u8fd9\u662f\u6211\u8bf4\u7684\u7b2c5\u70b9\u5427\u3002\u6211\u4eec\u672c\u6765\u6b63\u8d70\u5411\u4e00\u6b21\u5c0f\u578b\u4fee\u6b63\u3002\u4f60\u8981\u8bb0\u5f97\uff0cPatrick\uff0c\u90a3\u65f6\u5927\u5bb6\u90fd\u5728\u52d2\u7d27\u88e4\u8170\u5e26\uff0c\u88c1\u5458\uff0c\u8ffd\u6c42\u76c8\u4e8f\u5e73\u8861\uff0c\u90fd\u62c5\u5fc3\u80fd\u4e0d\u80fd\u518d\u878d\u8d44\u3002<\/p>\n<p>\u5728\u6211\u4e09\u5341\u5e74\u98ce\u9669\u6295\u8d44\u751f\u6daf\u4e2d\uff0c\u6bcf\u6b21\u884c\u4e1a\u8fc7\u70ed\u90fd\u4f1a\u6709\u4e00\u6b21\u4fee\u6b63\uff0c\u7136\u540e\u4e00\u5207\u5f52\u4e8e\u5e73\u9759\u3002\u6211\u89c1\u8fc7\u6469\u6839\u548c\u9ad8\u76db\u5728SandHillRoad\u5f00\u529e\u516c\u5ba4\u53c8\u5173\u6389\uff0c\u89c1\u8fc7\u300a\u8d22\u5bcc\u300b\u548c\u300a\u798f\u5e03\u65af\u300b\u5173\u6ce8\u7845\u8c37\u53c8\u64a4\u8d70\u3002\u6211\u89c1\u8fc7\u597d\u51e0\u6b21\u3002<\/p>\n<p><strong>\u4f46\u8fd9\u6b21\u6ca1\u6709\u5b8c\u6574\u7684\u4fee\u6b63\uff0c<\/strong>\u56e0\u4e3aAI\u51fa\u73b0\u4e86\uff0c\u5927\u5bb6\u90fd\u592a\u5174\u594b\u4e86\u3002\u6211\u4e0d\u662f\u8bf4\u4e0d\u8be5\u5174\u594b\uff0c\u5982\u679c\u8fd9\u771f\u7684\u662f\u6211\u4eec\u6709\u751f\u4ee5\u6765\u6700\u5927\u7684\u6280\u672f\u5e73\u53f0\u8f6c\u578b\uff0c\u90a3\u5fc5\u987b\u5174\u594b\uff0c\u8fd9\u4f1a\u5f71\u54cd\u50f5\u5c38\u72ec\u89d2\u517d\u7fa4\u4f53\u548c\u4e00\u5207\u3002<\/p>\n<p>\u4f46\u7a81\u7136\u4e4b\u95f4\uff0c\u6295\u8d44\u70ed\u60c5\u9ad8\u6da8\u3002AI\u516c\u53f8\u4f30\u503c\u548c\u6536\u5165\u7684\u500d\u6570\u662f\u591a\u5c11\uff1f<strong>10\u500d\u300120\u500d\u666e\u901a\u516c\u53f8\uff0c\u662f\u4e0d\u662f\uff1f<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5dee\u4e0d\u591a\uff0c\u6709\u7684\u751a\u81f3\u66f4\u9ad8\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\u3002\u5c3d\u7ba1\u4f20\u7edfLP\u8d44\u91d1\u7d27\u5f20\uff0c\u4ed6\u4eec\u8fd8\u662f\u80fd\u5728\u522b\u5904\u627e\u5230\u94b1\u3002\u4e2d\u4e1c\u662f\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\u3002\u8fc7\u53bb12\u4e2a\u6708\uff0c\u4f60\u6709\u591a\u5c11\u670b\u53cb\u53bb\u4e2d\u4e1c\uff1f\u5f88\u591a\u5427\u3002\u4ed6\u4eec\u90fd\u5728\u548c\u52df\u8d44\u4eba\u8c08\uff0c\u6240\u4ee5\u94b1\u627e\u5230\u4e86\uff0c\u5927\u5bb6\u90fd\u5728\u8ffd\u9010\u8fd9\u4e2a\u673a\u4f1a\uff0c\u6ca1\u4eba\u60f3\u9519\u8fc7\u3002\u8fd9\u662f\u6574\u4e2a\u5c40\u52bf\u4e2d\u975e\u5e38\u91cd\u8981\u7684\u7ec4\u6210\u90e8\u5206\u3002<\/p>\n<p><strong>\u4e03\u3001\u540e\u671f\u5e02\u573a\u7684\u65b0\u53d8\u5316<\/strong><\/p>\n<p>Bill\uff1a\u6700\u540e\u4e00\u4e2a\u73b0\u5b9e\uff0c\u4f60\u5df2\u7ecf\u63d0\u5230\u4e86\uff0c\u5c31\u662f\u540e\u671f\u5e02\u573a\u7684\u65b0\u52a8\u4f5c\u3002<strong>\u6211\u89c9\u5f97Thrive\u7684Josh\u548c\u56e2\u961f\u5e26\u5934\u505a\u4e86\u8fd9\u4ef6\u4e8b\uff0c\u5f53\u7136\u4e0d\u6b62\u4ed6\u4eec\u3002<\/strong><\/p>\n<p><strong>\u4ed6\u4eec\u4f1a\u53bb\u627e\u90a3\u4e9b\u672c\u6765\u51c6\u5907\u4e0a\u5e02\u3001\u5a92\u4f53\u4e5f\u62a5\u9053\u8981\u4e0a\u5e02\u7684\u516c\u53f8\uff0c\u7ed9\u51fa\u4e00\u4e2a\u8ba9\u4eba\u96be\u4ee5\u62d2\u7edd\u7684\u62a5\u4ef7\uff0c\u521b\u59cb\u4eba\u6d41\u52a8\u6027\u3001\u5458\u5de5\u6d41\u52a8\u6027\u3001\u5929\u4f7f\u6295\u8d44\u4eba\u6d41\u52a8\u6027\u90fd\u88ab\u9f13\u52b1\uff0c\u516c\u53f8\u4e5f\u66f4\u613f\u610f\u4fdd\u6301\u79c1\u6709\u5316\u3002\u6700\u8fd1\u7684\u4f8b\u5b50\u662fDatabricks\u3002<\/strong><\/p>\n<p>Stripe\u7684Patrick\u548cJohn\u4e5f\u5728\u4e0d\u540c\u64ad\u5ba2\u4e0a\u8c08\u8fc7\u3002\u4e00<strong>\u5f00\u59cb\u4ed6\u4eec\u8fd8\u8bf4\u201c\u4e5f\u8bb8\u4f1a\u4e0a\u5e02\uff0c\u4e0d\u8fc7\u73b0\u5728\u4e0d\u6025\u201d\uff0c\u540e\u6765\u66f4\u50cf\u4f60\u8bf4\u7684\uff0c\u201c\u4e5f\u8bb8\u6c38\u8fdc\u4e0d\u4e0a\u5e02\u201d\u3002<\/strong>\u6211\u548c\u4e00\u4e9bLP\u804a\u8fc7\uff0c\u8fd9\u5f88\u4e0d\u5bfb\u5e38\u3002\u4ed6\u4eec\u5728Stripe\u91cc\u8fdb\u8fdb\u51fa\u51fa\uff0c\u516c\u53f8\u4e5f\u5f88\u9002\u5e94\u3002\u8fd9\u5728\u6211\u4eec\u884c\u4e1a\u5f88\u65b0\u9c9c\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u8fd9\u4e9b\u516c\u53f8\u80fd\u62ff\u5230\u6240\u9700\u8d44\u91d1\uff0c\u65e0\u8bba\u662f\u5458\u5de5\u5957\u73b0\u8fd8\u662f\u65e9\u671f\u6295\u8d44\u4eba\u51fa\u8ba9\u80a1\u4efd\uff0c\u57fa\u672c\u5c31\u50cf\u201c\u9884\u7ea6\u5236\u516c\u5f00\u5e02\u573a\u201d\u4e00\u6837\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\uff0c\u5c31\u50cf\u8001\u5f0f\u7684\u7c89\u5355\u5e02\u573a\uff0c\u6309\u9884\u7ea6\u4ea4\u6613\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>Stripe\u65e0\u7591\u662f\u4e00\u5bb6\u4f1f\u5927\u7684\u516c\u53f8\uff0c\u7531\u6770\u51fa\u7684\u521b\u59cb\u4eba\u9886\u5bfc\u3002\u5982<strong>\u679c\u4f60\u80fd\u62e5\u6709\u81ea\u5df1\u7684\u79c1\u6709\u5e02\u573a\uff0c\u4e3a\u4ec0\u4e48\u8fd8\u8981\u627f\u62c5\u989d\u5916\u7684\u5de5\u4f5c\u3001\u76d1\u7ba1\u3001\u6570\u636e\u62ab\u9732\u3001\u8ba9\u7ade\u4e89\u5bf9\u624b\u77e5\u9053\u4f60\u7684\u60c5\u51b5\uff1f<\/strong>\u8fd9\u5bf9\u6240\u6709\u4eba\u90fd\u5408\u7406\uff0c\u6240\u4ee5\u6211\u6000\u7591\u8fd9\u79cd\u6a21\u5f0f\u4f1a\u4e0d\u4f1a\u4e00\u76f4\u6301\u7eed\u4e0b\u53bb\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4e5f\u8bb8\u4f1a\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679cLP\u80fd\u901a\u8fc7\u8f6c\u8ba9Stripe\u80a1\u4efd\u83b7\u5f97\u6d41\u52a8\u6027\uff0c\u90a3\u6d41\u52a8\u6027\u95ee\u9898\u4e5f\u4e0d\u5b58\u5728\u4e86\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u4eec\u9a6c\u4e0a\u5c31\u8981\u8ba8\u8bba\u8fd9\u4e9b\u3002\u6211\u60f3\u8865\u5145\u4e00\u70b9\u2014\u2014\u8fd9\u4e9b\u9f13\u52b1\u516c\u53f8\u4fdd\u6301\u79c1\u6709\u5316\u7684\u6295\u8d44\u4eba\u8fd8\u6709\u53e6\u4e00\u4e2a\u52a8\u673a\u3002\u4f20\u7edfIPO\u65f6\uff0c\u94f6\u884c\u4f1a\u975e\u5e38\u8c28\u614e\u5730\u5206\u914d\u4efd\u989d\u3002\u5982\u679c\u67d0\u5bb6\u5927\u578b\u516c\u52df\u6216\u79c1\u52df\u57fa\u91d1\u7533\u8bf7\u914d\u552e\uff0c\u901a\u5e38\u4f1a\u8d85\u989d\u8ba4\u8d2d100\u500d\uff0c\u5e0c\u671b\u80fd\u5206\u52301-2%\u3002\u4ed6\u4eec\u4e0d\u53ef\u80fd\u5206\u523030%\u3002\u4f46\u8fd9\u4e9b\u6295\u8d44\u4eba\u53bb\u505a\u79c1\u6709\u5927\u989d\u8f6e\u65f6\uff0c\u53ef\u4ee5\u62ff\u523030%\u7684\u80a1\u4efd\uff0c\u6bd4IPO\u591a\u5f97\u591a\u3002\u800c\u4e14\u4ed6\u4eec\u8fd8\u4f1a\u8054\u5408\u505a\u8fd9\u4e9b\u6848\u5b50\u3002<\/p>\n<p>\u6240\u4ee5\u8fd9\u662f\u79cd\u5be1\u5934\u5f0f\u7684\u673a\u4f1a\uff0c\u628aIPO\u6210\u957f\u7ea2\u5229\u4ece\u516c\u5f00\u5e02\u573a\u62a2\u8d70\u3002\u4e9a\u9a6c\u900a\u4e0a\u5e02\u65f6\u4e0d\u523010\u4ebf\u7f8e\u5143\uff0c\u73b0\u5728\u5e02\u503c\u8d85\u4e07\u4ebf\uff0c\u516c\u5f00\u5e02\u573a\u4eab\u53d7\u4e86\u8fd9\u4e9b\u590d\u5229\u589e\u957f\u3002\u5982\u679c\u4f60\u5ef6\u8fdf\u4e0a\u5e02\uff0c\u63d0\u524d\u83b7\u5f97\u9ad8\u6bd4\u4f8b\u6301\u80a1\uff0c\u8fd9\u4e9b\u6295\u8d44\u4eba\u6bd4\u5728\u516c\u53f8\u4e0a\u5e02\u540e\u4e70\u5165\u66f4\u6709\u5229\u3002<\/p>\n<p>\u8fd8\u6709\u4e00\u70b9\u5f88\u91cd\u8981\uff0c\u4ed6\u4eec\u4f1a\u544a\u8bc9LP\uff1a<strong>\u516c\u53f8\u4e0d\u518d\u50cf\u8fc7\u53bb\u90a3\u6837\u4e0a\u5e02\u4e86\uff0c\u5982\u679c\u4f60\u60f3\u83b7\u5f97\u8fd9\u4e9b\u9ad8\u589e\u957f\u79d1\u6280\u516c\u53f8\u7684\u6536\u76ca\uff0c\u5fc5\u987b\u6295\u8d44\u6211<\/strong>\u3002\u8fd9\u5f88\u6709\u8bf4\u670d\u529b\u3002<\/p>\n<h2><strong>\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u5065\u5eb7\u5417\uff1f<\/strong><\/h2>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u7684\u5e02\u573a\u73b0\u5b9e\u5df2\u7ecf\u8bb2\u5b8c\u4e86\u3002\u73b0\u5728\u6211\u60f3\u4ed4\u7ec6\u8ffd\u95ee\u4e00\u4e0b\u3002\u5bf9\u6211\u6765\u8bf4\uff0c\u6709\u8da3\u7684\u524d\u63d0\u662f\uff0c\u6211\u4e00\u76f4\u5e0c\u671b\u8d44\u672c\u5e02\u573a\u5065\u5eb7\u8fd0\u4f5c\u3002\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u662f\u4e16\u754c\u5386\u53f2\u4e0a\u6781\u4e3a\u91cd\u8981\u7684\u521b\u65b0\u5f15\u64ce\uff0c\u63a8\u52a8\u4e86\u65e0\u6570\u521b\u65b0\u3002<\/p>\n<p>\u6240\u4ee5\u6211\u7684\u89c2\u70b9\u662f\uff0c\u53ea\u8981\u80fd\u8ba9\u98ce\u9669\u5b9a\u4ef7\u5408\u7406\u3001\u8d44\u672c\u5e02\u573a\u5065\u5eb7\u8fd0\u4f5c\uff0c\u6211\u90fd\u652f\u6301\u3002\u6211\u5f88\u597d\u5947\u4f60\u89c9\u5f97\u5728\u8fd9\u4e9b\u73b0\u5b9e\u4e0b\uff0c\u7cfb\u7edf\u6700\u4e0d\u5065\u5eb7\u7684\u5730\u65b9\u5728\u54ea\u91cc\uff0c\u4f60\u5e0c\u671b\u5b83\u53d1\u751f\u54ea\u4e9b\u6539\u53d8\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u540c\u610f\u4f60\u7684\u613f\u671b\u3002\u6211\u8ba4\u4e3a\uff0c\u5982\u679c\u6709\u66f4\u591a\u516c\u53f8\u53c2\u4e0e\uff0c\u6211\u4eec\u4f1a\u66f4\u597d\u3002\u6211\u521a\u624d\u6ca1\u63d0\u5230\uff0c\u4f46\u4f60\u80af\u5b9a\u77e5\u9053\uff0c\u5927\u591a\u6570\u4eba\u4e5f\u77e5\u9053\uff0c\u7f8e\u56fd\u4e0a\u5e02\u516c\u53f8\u603b\u6570\u6bd4\u9ad8\u5cf0\u65f6\u5927\u5927\u51cf\u5c11\u3002\u4e0a\u5e02\u516c\u53f8\u53d8\u5c11\uff0c\u5f88\u5927\u4e00\u90e8\u5206\u539f\u56e0\u5c31\u662fIPO\u8fc7\u7a0b\u3002<\/p>\n<p>\u77e5\u540d\u6295\u884c\u3001\u6211\u8bf7\u6211\u7684\u670b\u53cbJayRitter\u91cd\u65b0\u8dd1\u8fc7\u6570\u636e<strong>\uff0c\u73b0\u5728IPO\u6298\u4ef725-26%\uff0c\u518d\u52a0\u4e0a7%\u7684\u8d39\u7528\uff0c\u8d44\u672c\u6210\u672c\u5c31\u662f33%\u3002<\/strong>\u6211\u8ba4\u8bc6\u4e00\u4f4dCEO\u6b63\u5728\u51c6\u5907\u4e0a\u5e02\uff0c<strong>\u548c\u6295\u884c\u8ba8\u8bba\u65f6\uff0c\u6295\u884c\u8bf4\u4f60\u5e94\u8be5\u6309X\u4ef7\u683c\u53d1\u884c\uff0c\u521b\u59cb\u4eba\u8bf4\u6211\u660e\u5929\u80fd\u4ee5\u9ad820%\u7684\u4ef7\u683c\u5728\u79c1\u52df\u5e02\u573a\u878d\u523010\u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n<p>\u5c31\u50cf\u4f60\u8bf4\u7684\uff0c<strong>\u5982\u679c\u79c1\u52df\u5e02\u573a\u8fd9\u4e48\u6d41\u52a8\u3001\u7075\u6d3b\u3001\u6700\u4f18\uff0c\u4e3a\u4ec0\u4e48\u8fd8\u8981\u4e0a\u5e02\uff1f<\/strong>\u6211\u4e0d\u77e5\u9053\u9700\u8981\u4ec0\u4e48\u53d8\u5316\u3002\u6211\u89c9\u5f97\u53ea\u8981\u6d89\u53ca\u878d\u8d44\u7684IPO\uff0c\u5927\u5bb6\u90fd\u4f1a\u7ed5\u5f00\u8fd9\u90e8\u5206\u3002<\/p>\n<p>SEC\u7684HesterPeirce\u6709\u4e00\u7bc7\u5f88\u6709\u610f\u601d\u7684\u6587\u7ae0\uff0c\u4e5f\u8bb8\u4f60\u53ef\u4ee5\u653e\u5728\u8282\u76ee\u5907\u6ce8\u91cc\u3002\u5979\u662fSEC\u4efb\u804c\u65f6\u95f4\u6700\u957f\u7684\u59d4\u5458\uff0c\u73b0\u5728\u53ea\u6709\u56db\u4f4d\u59d4\u5458\uff0c<strong>\u5979\u662f\u6700\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u90a3\u4f4d\u3002\u8fd9\u7bc7\u6587\u7ae0\u53eb\u300aA<\/strong><strong>Creative<\/strong><strong>and<\/strong><strong>Cooperative<\/strong><strong>Balancing<\/strong><strong>Act\u300b\uff0c\u5979\u8ba4\u4e3a\u533a\u5757\u94fe\u6216\u8bb8\u80fd\u4fee\u590dIPO\u5e02\u573a\uff0c\u8fd9\u5f88\u6709\u6311\u6218\u6027\u3002<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5177\u4f53\u600e\u4e48\u505a\uff1f\u628a\u79c1\u6709\u8d44\u4ea7\u4ee3\u5e01\u5316\u7136\u540e\u81ea\u7531\u4ea4\u6613\uff1f<\/p>\n<p><strong>Bill\uff1a\u628a\u8bc1\u5238\u4ee3\u5e01\u5316\u3002\u6ca1\u4eba\u4f1a\u56de\u5934\u7528IPO\u90a3\u5957\u5206\u914d\u65b9\u5f0f\u505a\u52a0\u5bc6\u8d44\u4ea7\u3002<\/strong>\u80af\u5b9a\u4f1a\u7528\u5206\u5e03\u5f0f\u8d26\u672c\u3002ICO\u5df2\u7ecf\u662f\u8fd9\u4e48\u505a\u7684\u4e86\u3002\u6240\u4ee5\u8fd9\u5f88\u6709\u610f\u601d\uff0c\u6211\u4f1a\u5173\u6ce8\u3002<\/p>\n<p><strong>\u5e76\u8d2d\u5f88\u96be\uff0c\u76d1\u7ba1\u538b\u529b\u592a\u5927\u3002AI\u9886\u57df\u6709\u4e00\u4e9b\u201c\u53d8\u901a\u5f0f\u6536\u8d2d\u201d\uff0c<\/strong>\u6bd4\u5982\u5148\u7b7e\u8bb8\u53ef\u534f\u8bae\u3001\u518d\u96c7\u4eba\uff0c\u4f46\u5f88\u4e45\u6ca1\u89c1\u5230\u771f\u6b63\u7684\u5927\u6848\u4e86\u3002\u8fd9\u662f\u7ed5\u8def\u7684\u65b9\u5f0f\u3002<\/p>\n<p>\u800c\u4e14\uff0c\u5982\u679c\u5b9a\u4ef7\u592a\u9ad8\uff0c\u6bd4\u5982\u73b0\u5728\u5f88\u591aAI\u878d\u8d44\u8f6e\uff0c\u6211\u80fd\u7406\u89e3\u82f9\u679c\u53ef\u80fd\u4f1a\u60f3\u6536\u8d2dPerplexity\u8fd9\u6837\u7684\u516c\u53f8\uff0c\u4f46\u5b83\u4eec\u521a\u521a\u4ee5150\u4ebf\u7f8e\u5143\u4f30\u503c\u878d\u8d44\u3002\u4ef7\u683c\u592a\u9ad8\uff0c\u5f88\u96be\u6210\u4ea4\u3002\u6240\u4ee5\u6211\u4e5f\u6ca1\u529e\u6cd5\u3002<\/p>\n<p>\u8d44\u672c\u5e02\u573a\u65b9\u9762\uff0c\u4f60\u521a\u624d\u8bf4\u5927\u5bb6\u90fd\u8bf4\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u5168\u7403\u6700\u597d\u3001\u5168\u4e16\u754c\u7fa1\u6155\u3002\u6211\u4e2a\u4eba\u6ca1\u90a3\u4e48\u786e\u4fe1\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u8fd8\u89c1\u8fc7\u54ea\u4e9b\u6709\u8da3\u7684\u8d44\u672c\u5e02\u573a\u521b\u65b0\uff1f\u4f60\u63d0\u5230\u4e2d\u4e1c\u5728\u65b0\u6280\u672f\u6d6a\u6f6e\u4e2d\u975e\u5e38\u79ef\u6781\u4e3b\u52a8\uff0c\u529b\u56fe\u53c2\u4e0e\u6700\u6709\u8da3\u7684\u516c\u53f8\u3001\u6280\u672f\u548c\u57fa\u7840\u8bbe\u65bd\u3002\u8fd8\u6709\u5176\u4ed6\u4f60\u89c9\u5f97\u6709\u610f\u601d\u7684\u8d44\u672c\u5e02\u573a\u521b\u65b0\u5417\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4e0d\u4e00\u5b9a\u7b97\u521b\u65b0\uff0c\u4f46Coatue\u6700\u8fd1\u6709\u4e2a\u65b0\u52a8\u4f5c\u3002\u6211\u6ca1\u548cPhilippe\u804a\u8fc7\uff0c<strong>\u53ea\u662f\u8bf4\u8bf4\u6211\u770b\u5230\u7684\u3002\u4ed6\u4eec\u4ee5\u524d\u6700\u4f4e\u8ba4\u8d2d\u989d\u662f500\u4e07\u7f8e\u5143\uff0c\u73b0\u5728\u964d\u52302.5\u4e07\u7f8e\u5143<\/strong>\uff0c\u8fd8\u548c\u4e00\u5bb6\u6295\u8d44\u94f6\u884c\u5408\u4f5c\u63a8\u5e7f\u3002\u8fd9\u548c\u6211\u521a\u624d\u8bf4\u7684\u5411LP\u63a8\u9500\u7c7b\u4f3c\uff0c\u4f46\u5176\u5b9e\u662f\u5f00\u53d1\u4e86\u65b0\u7684\u8d44\u672c\u6765\u6e90\u3002\u5927\u5bb6\u6709\u65f6\u628a\u8fd9\u7c7b\u6295\u8d44\u4eba\u79f0\u4e3a\u201c\u7259\u533b\u548c\u533b\u751f\u201d\uff0c\u672c\u6765\u6ca1\u6cd5\u6295Coatue\u8fd9\u6837\u7684\u57fa\u91d1\uff0c\u73b0\u5728\u53ef\u4ee5\u4e86\u3002PE\u884c\u4e1a\u4e5f\u5728\u505a\u7c7b\u4f3c\u7684\u4e8b\u3002\u6709\u5bb6\u5927\u578bPE\u516c\u53f8\u5728\u534e\u76db\u987f\u6e38\u8bf4\uff0c\u5e0c\u671b\u5141\u8bb8401(k)\u8ba1\u5212\u6295\u8d44\u79c1\u52df\uff0c\u8bd5\u56fe\u89e3\u9501\u65b0\u8d44\u672c\u6765\u6e90\u3002<\/p>\n<p>\u6709\u4eba\u53cd\u9a73\u6211\uff0c\u8bf4\u201c\u7f8e\u56fd\u673a\u6784LP\u8d44\u91d1\u7d27\u5f20\u6ca1\u5173\u7cfb\uff0c\u6211\u4eec\u4f1a\u5728\u522b\u5904\u627e\u5230\u94b1\uff0c\u4e8b\u5b9e\u8bc1\u660e\u6211\u4eec\u505a\u5230\u4e86\u3002\u201d\u4f46\u8fd9\u53ea\u662f\u5f80\u7ba1\u9053\u91cc\u52a0\u66f4\u591a\u6c34\u3002\u5982\u679c\u51fa\u53e3\u5835\u4f4f\u4e86\uff0c\u52a0\u518d\u591a\u4e5f\u6ca1\u7528\u3002\u6211\u4e00\u65f6\u60f3\u4e0d\u5230\u66f4\u597d\u7684\u6bd4\u55bb\uff0c\u4e5f\u8bb8\u4eba\u7c7b\u6d88\u5316\u7cfb\u7edf\u6700\u8d34\u5207\u2014\u2014\u53ea\u8fdb\u4e0d\u51fa\uff0c\u4fbf\u79d8\u4e86\uff0c\u5403\u518d\u591a\u4e5f\u6ca1\u7528\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u548cLP\u804a\u5929\u65f6\uff0c\u4ed6\u4eec\u901a\u5e38\u4f1a\u8bf4\u4e9b\u4ec0\u4e48\uff1f\u6709\u6ca1\u6709\u4ec0\u4e48\u4ed6\u4eec\u4e0d\u516c\u5f00\u8bf4\u3001\u79c1\u4e0b\u624d\u8ba8\u8bba\u7684\u5185\u5bb9\uff0c\u4f60\u89c9\u5f97\u5f88\u91cd\u8981\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u89c9\u5f97\u4ed6\u4eec\u5bf9\u6211\u521a\u624d\u8bb2\u7684\u5e02\u573a\u73b0\u5b9e\u6709\u5f88\u9ad8\u7684\u8ba4\u77e5\u3002\u5728\u4ed6\u4eec\u7684\u4f4d\u7f6e\u4e0a\uff0c\u5fc5\u987b\u505a\u51fa\u51b3\u7b56\u3002\u8bf4\u5230\u957f\u671f\u51b3\u7b56\uff0c<strong>\u5982\u679c\u4f60\u5728\u6350\u8d60\u57fa\u91d1\u5de5\u4f5c\uff0c\u51b3\u7b56\u65f6\u95f4\u5f88\u77ed\uff0c\u53cd\u9988\u5468\u671f\u5374\u957f\u8fbe10-15\u5e74\uff0c\u6240\u4ee5\u5f88\u96be\u3002<\/strong><\/p>\n<p>\u4f46\u4f60\u5fc5\u987b\u5f00\u59cb\u601d\u8003\uff0c\u6211\u4eec\u8ba8\u8bba\u7684\u8fd9\u4e9b\u95ee\u9898\u5230\u5e95\u662f\u6682\u65f6\u7684\u8fd8\u662f\u6c38\u4e45\u7684\u3002\u5982\u679c\u662f\u6c38\u4e45\u7684\uff0c\u4f60\u5c31\u5fc5\u987b\u6539\u53d8\u505a\u6cd5\u3002\u6b63\u5982\u6211\u63d0\u5230\u7684\uff0c\u6709LP\u8fdb\u51fa\u8fc7Stripe\uff0c\u77e5\u9053\u8be5\u627e\u8c01\u8054\u7cfb\u516c\u53f8\u8d44\u672c\u5e02\u573a\u8d1f\u8d23\u4eba\uff0c\u5f00\u59cb\u8003\u8651\u8fd9\u53ef\u80fd\u662f\u6c38\u4e45\u6027\u7684\uff0c\u601d\u8003\u5982\u4f55\u4e3a\u8fd9\u6837\u7684\u4e16\u754c\u505a\u51c6\u5907\u3002<\/p>\n<p><strong>Patrick\uff1aApollo\u6700\u8fd1\u6709\u4e2a\u62a5\u544a\uff0c<\/strong><strong>\u8bf4\u5e74\u6536\u5165\u8d85\u8fc71\u4ebf\u7f8e\u5143\u7684\u516c\u53f8\u4e2d\uff0c87%\u73b0\u5728\u90fd\u662f\u79c1\u6709\u516c\u53f8\u3002<\/strong>\u5f53\u7136\u5982\u679c\u6309\u5e02\u503c\u7b97\uff0c\u8fd8\u662f\u4e0a\u5e02\u516c\u53f8\u5360\u5927\u5934\uff0c\u56e0\u4e3a\u79d1\u6280\u5de8\u5934\u592a\u5927\u4e86\uff0c\u4f46\u5f88\u5938\u5f20\u30021\u4ebf\u7f8e\u5143\u6536\u5165\u4e0d\u5c11\u554a\u3002\u6211\u4eec\u786e\u5b9e\u751f\u6d3b\u5728\u4e00\u4e2a\u9ad8\u5ea6\u79c1\u6709\u5316\u7684\u4e16\u754c\uff0c\u8fd9\u65e0\u6cd5\u5426\u8ba4\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u662f\u7684\uff0c\u4e5f\u8bb8\u6211\u8be5\u6539\u4e00\u4e0b\u63aa\u8f9e\u3002\u4f60\u521a\u624d\u8bf4\uff0c\u6700\u597d\u7684\u4e16\u754c\u662f\u8d44\u672c\u5e02\u573a\u9ad8\u6548\u3001\u4e0a\u5e02\u4fbf\u6377\u3001\u6d41\u52a8\u6027\u5f3a\u3001\u4ea4\u6613\u6210\u672c\u4f4e\u3002\u6211\u786e\u5b9e\u8ba4\u4e3a\u90a3\u6837\u7684\u4e16\u754c\u66f4\u597d\u3002<\/p>\n<p>\u5982\u679c\u6211\u4eec\u8fdb\u5165\u4e00\u4e2a\u65b0\u4e16\u754c\uff0c\u8981\u8ba9\u666e\u901a\u6295\u8d44\u8005\u53c2\u4e0e\u9ad8\u589e\u957f\u79d1\u6280\u516c\u53f8\uff0c\u53ea\u80fd\u8ba9\u4ed6\u4eec\u901a\u8fc72\/20\u7684\u98ce\u9669\u57fa\u91d1\u95f4\u63a5\u53c2\u4e0e\uff0c\u6211\u89c9\u5f97\u2026\u2026\u90a3\u672c\u8457\u540d\u7684\u6295\u8d44\u4e66\u53eb\u4ec0\u4e48\u6765\u7740\uff0c\u300aOneUpOnWallStreet\u300b\uff1fHarvey\u2026\u2026<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5bf9\uff0c\u5c31\u662f\u90a3\u672c\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4ed6\u7edd\u4e0d\u4f1a\u5e0c\u671b\u4e16\u754c\u53d8\u6210\u8fd9\u6837\u3002\u4f46\u6211\u4eec\u4f3c\u4e4e\u6b63\u671d\u8fd9\u4e2a\u65b9\u5411\u8d70\u3002<strong>\u6211\u89c9\u5f97\u4fe1\u606f\u66f4\u4e0d\u900f\u660e\uff0c\u900f\u660e\u5ea6\u66f4\u4f4e\uff0c\u6b3a\u8bc8\u66f4\u591a\uff0c\u4ea4\u6613\u6210\u672c\u66f4\u9ad8\u3002<\/strong>\u8fd9\u662f\u5fc5\u7136\u7ed3\u679c\u3002\u6211\u4eec\u62ffStripe\u4e3e\u4f8b\uff0c\u5b83\u662f\u4e00\u5bb6\u516c\u53f8\u3002\u9876\u591a\u4f60\u53ef\u4ee5\u4e3e5\u5bb6\u7c7b\u4f3c\u516c\u53f8\uff0c\u4f46\u6211\u4eec\u62c5\u5fc3\u7684\u662f1500\u5bb6\u516c\u53f8\u3002\u4ed6\u4eec\u4e0d\u53ef\u80fd\u90fd\u53d8\u6210Stripe\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u66fe\u7ecf\u6559\u8fc7\u6211\u4e00\u4ef6\u4e8b\u2014\u2014\u4f60\u5fc5\u987b\u5728\u73b0\u6709\u89c4\u5219\u4e0b\u6253\u7403\uff0c\u540c\u65f6\u4e5f\u8981\u601d\u8003\u672a\u6765\u89c4\u5219\u7684\u53d8\u5316\uff0c\u4e3a\u672a\u6765\u505a\u51c6\u5907\u3002\u4f46\u5982\u679c\u6211\u4eec\u5c31\u4e8b\u8bba\u4e8b\uff0c\u4ee5\u201c\u573a\u4e0a\u89c4\u5219\u201d\u4e3a\u524d\u63d0\uff0c<strong>\u9762\u5bf9\u8fd9\u4e2a\u66f4\u6df7\u4e71\u3001\u4ee5\u79c1\u6709\u5e02\u573a\u4e3a\u4e3b\u3001\u6d41\u52a8\u6027\u7d27\u5f20\u7684\u73b0\u5b9e\uff0c<\/strong>\u4f60\u89c9\u5f97\u4e0d\u540c\u7fa4\u4f53\u8be5\u600e\u4e48\u505a\uff1f\u4ece\u521b\u59cb\u4eba\u8bf4\u8d77\uff0c\u4e00\u76f4\u5230\u771f\u6b63\u521b\u9020\u4ef7\u503c\u7684\u521b\u4e1a\u8005\uff0c\u4ed6\u4eec\u7531\u8fd9\u4e9b\u8d44\u672c\u5e02\u573a\u8d44\u52a9\u3002<\/p>\n<p>\u5728AI\u4e16\u754c\u91cc\uff0c\u5047\u5982\u4ed6\u4eec\u80fd\u4ee5150\u4ebf\u7f8e\u5143\u4f30\u503c\u878d\u8d44\uff0c\u4e5f\u8bb8\u5c31\u8be5\u62ff\u3002\u90a3\u4e48\u4f60\u4f1a\u600e\u4e48\u5efa\u8bae\u4ed6\u4eec\uff0c\u5728\u5f53\u4e0b\u7684\u6e38\u620f\u89c4\u5219\u4e0b\u505a\u51fa\u6700\u4f18\u9009\u62e9\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4ed6\u4eec\u88ab\u8feb\u5728\u573a\u4e0a\u89c4\u5219\u4e0b\u884c\u52a8\u3002\u8fd9\u4e5f\u662f\u6211\u89c9\u5f97\u8fd9\u4e2a\u4e16\u754c\u6700\u7cdf\u7cd5\u7684\u5730\u65b9\u3002\u6211\u6700\u8fd1\u53d1\u73b0\u4e00\u4e2a\u8bcd\uff0c\u53eb\u201c\u704c\u98df\u7ba1\u201d\uff08gavagetube\uff09\uff0c\u4f60\u77e5\u9053\u662f\u4ec0\u4e48\u5417\uff1f<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4e0d\u77e5\u9053\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6cd5\u56fd\u4eba\u7528\u5b83\u5f3a\u884c\u7ed9\u9e45\u5582\u98df\uff0c\u7528\u6765\u505a\u9e45\u809d\u3002\u8fd9\u662f\u5582\u98df\u6f0f\u6597\u7684\u7167\u7247\u3002\u5728\u8fd9\u4e2a\u4e16\u754c\u91cc\uff0c\u73b0\u5b9e\u5c31\u662f\u2014\u20142021\u5e74\u65f6\u5c31\u662f\u8fd9\u6837\u2014\u2014\u53ea\u8981\u6709\u70b9\u98ce\u53e3\uff0c\u516c\u53f8\u95e8\u53e3\u5c31\u6709\u4eba\u6572\u95e8\uff0c\u60f3\u585e\u7ed9\u4f601\u4ebf\u30012\u4ebf\u30013\u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u5bf9\u90a3\u4e9b\u4e00\u76f4\u4e3a\u878d\u8d44\u82e6\u82e6\u6323\u624e\u7684\u521b\u59cb\u4eba\u6765\u8bf4\uff0c\u8fd9\u542c\u8d77\u6765\u53ef\u80fd\u5f88\u8352\u8c2c\uff0c\u4f46\u8fd9\u5c31\u662f\u73b0\u5b9e\uff0c\u4f60\u4e5f\u77e5\u9053\u3002\u8fd9\u5bfc\u81f4\u6240\u6709\u4eba\u90fd\u8981\u5b64\u6ce8\u4e00\u63b7\uff0callin\u3002<\/p>\n<p>\u6211\u5728Uber-Lyft\u7ade\u4e89\u65f6\u4eb2\u8eab\u7ecf\u5386\u8fc7\u3002\u73b0\u5728\u6bcf\u4e00\u4e2a\u7ec6\u5206\u9886\u57df\u90fd\u4f1a\u6709\u8fd9\u79cd\u8d44\u672c\u5927\u6218\u3002\u4f60\u521a\u624d\u63d0\u5230\u4f20\u7edf\u516c\u53f8\u5efa\u8bbe\u3002<strong>\u4f20\u7edf\u516c\u53f8\u4e0d\u662f\u6bcf\u5e74\u70e71-1.5\u4ebf\u7f8e\u5143\uff0c\u4f46\u6240\u6709\u5927AI\u516c\u53f8\u90fd\u5728\u8fd9\u4e48\u505a\uff0c<\/strong>\u751a\u81f3\u66f4\u591a\u3002OpenAI\u8bf4\u4ed6\u4eec\u4e00\u5e74\u8981\u70e770\u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u8fd9\u4e0d\u662f\u4f60\u7237\u7237\u7684\u521b\u4e1a\u65b9\u5f0f\uff0c\u4e5f\u4e0d\u662f\u4f60\u7237\u7237\u7684\u98ce\u9669\u6295\u8d44\uff1b\u8fd9\u662f\u4e00\u4e2a\u5b8c\u5168\u4e0d\u540c\u7684\u4e16\u754c\u3002\u5982\u679c\u4f60\u662f\u521b\u59cb\u4eba\uff0c\u4f60\u53ef\u80fd\u5e0c\u671b\u80fd\u5ffd\u7565\u8fd9\u4e9b\uff0c\u6309\u81ea\u5df1\u7684\u65b9\u5f0f\u5efa\u516c\u53f8\u3002\u4f46\u5982\u679c\u4f60\u7684\u7ade\u4e89\u5bf9\u624b\u878d\u8d443\u4ebf\u7f8e\u5143\uff0c\u9500\u552e\u56e2\u961f\u6269\u5f2010\u500d\u300150\u500d\uff0c\u4f60\u5f88\u5feb\u5c31\u4f1a\u88ab\u6dd8\u6c70\u3002<\/p>\n<p>\u6240\u4ee5\u4f60\u88ab\u8feb\u5728\u573a\u4e0a\u89c4\u5219\u4e0b\u884c\u52a8\u3002\u597d\u6d88\u606f\u662f\uff0c\u56e0\u4e3a\u6295\u8d44\u4eba\u592aeager\u4e86\uff0c\u4f60\u5927\u6982\u53ef\u4ee5\u5b9e\u73b0\u521b\u59cb\u4eba\u5957\u73b0\u3002\u6211\u8ba4\u4e3a\u8fd9\u5bf9\u516c\u53f8\u957f\u671f\u6210\u529f\u4e0d\u5229\uff0c\u4f46\u56e0\u4e3a\u8fd9\u7b26\u5408\u6295\u8d44\u4eba\u7b56\u7565\uff0c\u4ed6\u4eec\u90fd\u9f13\u52b1\u4f60\u8fd9\u4e48\u505a\u3002\u6240\u4ee5\u4f60\u5e94\u8be5\u9002\u5f53\u5957\u73b0\u3002\u5982\u679c\u6709\u4eba\u613f\u610f\u4ee530\u500d\u6536\u5165\u4f30\u503c\u6295\u8d44\uff0c\u5f3a\u8feb\u4f60\u73a9\u4e00\u4e2a\u4f60\u4e0d\u4e60\u60ef\u7684\u9ad8\u70e7\u94b1\u6e38\u620f\uff0c\u4f60\u5e94\u8be5\u9002\u5f53\u4e3a\u81ea\u5df1\u7559\u6761\u540e\u8def\u3002<\/p>\n<p>\u6211\u89c9\u5f97\u8fd9\u5bf9\u751f\u6001\u7cfb\u7edf\u5f88\u7cdf\u7cd5\uff0c\u56e0\u4e3a\u6211\u4eec\u5c06\u5931\u53bb\u6240\u6709\u5c0f\u578b\u548c\u4e2d\u578b\u9000\u51fa\uff0c\u53ea\u5269\u4e0b\u8c6a\u8d4c\u5168\u5792\u6253\u3002\u4f46\u73b0\u5b9e\u5c31\u662f\u8fd9\u6837\u3002\u6211\u4eec\u4f3c\u4e4e\u6ca1\u6709\u4eceZIRP\u65f6\u4ee3\u5438\u53d6\u4efb\u4f55\u6559\u8bad\u3002<\/p>\n<p>\u6211\u4eec\u521a\u624d\u8c08\u5230\u7684\u50f5\u5c38\u72ec\u89d2\u517d\u95ee\u9898\uff0c\u73b0\u5728\u53c8\u5728AI\u516c\u53f8\u8eab\u4e0a\u91cd\u6f14\u3002<\/p>\n<h2><strong>\u5173\u4e8eAI\u5e73\u53f0\u8f6c\u578b\u7684\u601d\u8003<\/strong><\/h2>\n<p><strong>Patrick\uff1a<\/strong>\u6211\u60f3\u8ffd\u95ee\u4e00\u4e2a\u5f88\u5173\u952e\u7684\u95ee\u9898\uff0c\u5c31\u662fAI\u4f5c\u4e3a\u65b0\u4e00\u4ee3\u901a\u7528\u8d4b\u80fd\u6280\u672f\u3002\u8fd9\u662f\u73b0\u5728\u548c2021\u5e74\u7684\u6700\u5927\u533a\u522b\u3002\u6b63\u5982\u6211\u4eec\u524d\u6240\u672a\u89c1\u5982\u6b64\u5de8\u5927\u7684\u878d\u8d44\u8f6e\uff0c\u4e5f\u4ece\u672a\u89c1\u8fc7\u516c\u53f8\u6536\u5165\u589e\u957f\u5982\u6b64\u4e4b\u5feb\u3002\u6211\u77e5\u9053\u4f60\u548c\u6211\u4e00\u6837\u70ed\u7231\u6280\u672f\uff0c\u6211\u6bcf\u5929\u90fd\u5728\u7528\u8fd9\u4e9b\u4e1c\u897f\uff0c\u611f\u89c9\u8fd9\u662f\u6211\u7528\u8fc7\u6700\u795e\u5947\u7684\u6280\u672f\u3002<\/p>\n<p>\u6240\u4ee5\u6211\u60f3\u8ba9\u4f60\u7545\u8c08\u4e00\u4e0b\u201c\u725b\u5e02\u8bba\u201d\uff0c\u4e5f\u5c31\u662f\u5927\u5bb6\u5176\u5b9e\u5e76\u4e0d\u975e\u7406\u6027\uff0c\u56e0\u4e3a\u6211\u4eec\u771f\u7684\u4f1a\u8fce\u67655%GDP\u589e\u957f\u6216\u8005\u66f4\u75af\u72c2\u7684\u6570\u5b57\u3002\u56e0\u4e3a\u8fd9\u786e\u5b9e\u662f\u4e0d\u540c\u7b49\u7ea7\u7684\u6280\u672f\uff0c\u751a\u81f3\u6bd4\u4e92\u8054\u7f51\u8fd8\u5927\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u9996\u5148\u6211\u540c\u610f\u4f60\u8bf4\u7684\u3002\u6211\u7edd\u4e0d\u4f1a\u53cd\u5bf9\u5b83\u662f\u4e00\u6b21\u771f\u6b63\u7684\u5e73\u53f0\u8f6c\u578b\u3002\u5982\u679c\u5b83\u662f\u5e73\u53f0\u8f6c\u578b\uff0c\u6bd4\u5982\u79fb\u52a8\u4e92\u8054\u7f51\u3001PC\uff0c\u8fd9\u5df2\u7ecf\u8db3\u591f\u5927\uff0c\u4e0d\u5fc5\u6bd4\u524d\u51e0\u6b21\u66f4\u5927\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u54ea\u6015\u53ea\u662f\u53c8\u4e00\u6b21\u5e73\u53f0\u8f6c\u578b\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\uff0c\u7edd\u5bf9\u662f\u5176\u4e2d\u4e4b\u4e00\uff0c\u751a\u81f3\u53ef\u80fd\u66f4\u5927\u3002\u8fd9\u5c31\u5f15\u51fa\u4e86\u6211\u4eec\u521a\u624d\u8ba8\u8bba\u7684\u4e00\u5207\u3002\u6b63\u5982\u6211\u4e00\u5f00\u59cb\u8bf4\u7684\uff0c\u6211\u5bf9\u4efb\u4f55\u53c2\u4e0e\u8005\u90fd\u4e0d\u505a\u8bc4\u5224\uff0c\u73b0\u5b9e\u5c31\u662f\u73b0\u5b9e\u3002\u6211\u7684\u8111\u6d77\u4e2d\u786e\u5b9e\u6709\u4e00\u79cd\u53ef\u80fd\u6027\uff0c\u4e00\u4e9b\u6536\u5165\u589e\u957f\u5176\u5b9e\u662f\u7b97\u5728\u7b97\u529b\u8f6c\u552e\u4e0a\u7684\u3002<\/p>\n<p><strong>\u5e02\u573a\u4e0a\u5f88\u591a\u516c\u53f8\u5176\u5b9e\u662f\u5728\u628a\u57fa\u7840\u6a21\u578b\u548c\u4e91\u670d\u52a1\u5305\u4e00\u5c42\u58f3\u518d\u5356\u51fa\u53bb\u3002\u5f88\u591a\u516c\u53f8\u5176\u5b9e\u662f\u8d1f\u6bdb\u5229\u7684\u3002\u4f60\u4e70\u8fd9\u4e9b\u201c\u58f3\u201d\u516c\u53f8\u4ea7\u54c1\uff0c\u53ef\u80fd\u6bd4\u76f4\u63a5\u4e70\u6a21\u578b\u6216\u4e91\u670d\u52a1\u8fd8\u4fbf\u5b9c\uff0c\u800c\u4e14\u8fd9\u4e9b\u6536\u5165\u88ab\u91cd\u590d\u8ba1\u7b97\u4e86\u4e09\u56db\u6b21\uff0c\u6bdb\u5229\u4e3a\u8d1f\u3002<\/strong><\/p>\n<p>\u76f4\u5230\u6211\u4eec\u771f\u6b63\u5173\u5fc3\u5355\u4f4d\u7ecf\u6d4e\u6548\u76ca\u90a3\u5929\u2014\u2014\u4f46\u5728\u8d44\u672c\u5927\u6218\u7684all-in\u9636\u6bb5\u8fd9\u662f\u4e0d\u53ef\u80fd\u7684\uff0c\u5927\u5bb6\u53ea\u80fd\u62a2\u5e02\u573a\u4efd\u989d<strong>\u3002\u7b49\u5230\u4f18\u5316\u6a21\u5f0f\u5230\u6765\uff0c\u90a3\u624d\u662f\u5173\u952e\u8282\u70b9\u3002<\/strong>\u6211\u5bf9\u8fd9\u4e00\u70b9\u6beb\u4e0d\u6000\u7591\uff0c\u5373\u4f7f\u4e0d\u8c08\u57fa\u7840\u6a21\u578b\uff0c\u6bd4\u5982BretTaylor\u5728Sierra\u505a\u7684\u4e8b\uff0c\u6211\u6beb\u4e0d\u6000\u7591AI\u4f1a\u5207\u5b9e\u6539\u53d8\u4ed6\u4eec\u63a5\u89e6\u7684\u6bcf\u4e00\u5bb6\u4f01\u4e1a\u3002<\/p>\n<p>\u6211\u5b8c\u5168\u76f8\u4fe1\u8fd9\u4e00\u70b9\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u5f88\u591a\u73b0\u8c61\u5176\u5b9e\u662f\u5bf9\u73b0\u5b9e\u7684\u7406\u6027\u53cd\u5e94\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679c\u8bf4\u4f60\u7ecf\u5386\u8fc7\u5f88\u591a\u6280\u672f\u8303\u5f0f\u8f6c\u79fb\uff0c\u8fd9\u4e00\u6ce2\u8ba9\u4f60\u6700\u5174\u594b\u7684\u5730\u65b9\u662f\u4ec0\u4e48\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u8fd9\u4e2a\u95ee\u9898\u5bf9\u6211\u6765\u8bf4\u5f88\u4e2a\u4eba\uff0c\u548c\u4f60\u521a\u624d\u8bf4\u7684\u4e00\u6837\u3002\u6211\u73b0\u5728\u6bcf\u5929\u7528AI\u5e73\u53f0\u505a40-50\u6b21\u641c\u7d22\uff0c\u6bd4\u6211\u7528Google\u641c\u7d22\u7684\u9891\u7387\u8fd8\u9ad8\u3002\u51e0\u4e4e\u90fd\u662f\u5feb\u901f\u5b66\u4e60\uff0c\u65e0\u8bba\u662f\u56de\u5fc6\u7ec6\u8282\u8fd8\u662f\u4e86\u89e3\u65b0\u77e5\u8bc6\uff0c\u6bcf\u5929\u90fd\u5728\u53d1\u751f\u3002<\/p>\n<p>\u6211\u89c9\u5f97\uff0c\u5bf9\u4e8e\u90a3\u4e9b\u5929\u751f\u81ea\u5b66\u80fd\u529b\u5f3a\u7684\u4eba\u6765\u8bf4\uff0c\u4ed6\u4eec\u63d0\u5347\u6548\u7387\u3001\u6210\u957f\u901f\u5ea6\u4f1a\u5feb\u5f97\u60ca\u4eba\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u50cf\u7279\u65af\u62c9\u81ea\u52a8\u9a7e\u9a76\u4ee5\u53ca\u5176\u4ed6\u7528\u4f20\u7edfAI\u89e3\u51b3\u7684\u95ee\u9898\u4e5f\u8ba9\u6211\u5f88\u611f\u5174\u8da3\uff0c\u751a\u81f3\u53ef\u80fd\u66f4\u6df1\u8fdc\u3002\u6211\u786e\u5b9e\u62c5\u5fc3LLM\u6709\u5c40\u9650\u6027\uff0c\u867d\u7136\u53ef\u80fd\u80fd\u89e3\u51b3\uff0c\u4f46\u5b83\u4eec\u672c\u8d28\u662f\u8bed\u8a00\u6a21\u578b\uff0c\u5bf9\u6570\u5b57\u4e0d\u591f\u597d\u3002<\/p>\n<p>\u5f53\u4eba\u4eec\u8bf4\u901a\u7528AI\u4f1a\u53d6\u4ee3\u6240\u6709\u8ba1\u7b97\u65f6\uff0c\u6211\u5e76\u4e0d\u8ba4\u540c\uff0c\u9664\u975e\u8fd9\u4e9b\u7f3a\u9677\u88ab\u4fee\u590d\u6216\u878d\u5408\u3002\u73b0\u5728\u4f60\u95eeAI\u6570\u5b66\u95ee\u9898\uff0c\u5b83\u4f1a\u53bb\u5199Python\uff0c\u4ee5\u540e\u4f1a\u6709\u66f4\u591a\u7c7b\u4f3c\u7684\u505a\u6cd5\u3002\u5982\u679c\u4f60\u60f3\u4e3a\u201cAI\u771f\u7684\u6709\u7528\u201d\u8fa9\u62a4\uff0c\u6211\u65e0\u6cd5\u53cd\u9a73\u4f60\u3002<\/p>\n<h2><strong>GP\u548cLP\u9762\u4e34\u7684\u4e24\u96be<\/strong><\/h2>\n<p><strong>Patrick\uff1a<\/strong>\u6211\u4eec\u518d\u5f80\u524d\u4e00\u6b65\uff0c\u8c08\u8c08GP\uff08\u666e\u901a\u5408\u4f19\u4eba\uff09\u3002\u540c\u6837\u7684\u95ee\u9898\uff1a\u5728\u5f53\u4e0b\u7684\u6e38\u620f\u89c4\u5219\u4e0b\uff0c\u4ec0\u4e48\u662f\u7406\u6027\u7684\u505a\u6cd5\uff1f\u8fd9\u91cc\u6709\u4e24\u4e2a\u7248\u672c\uff0c\u4e00\u4e2a\u662f\u201c\u65af\u6ce2\u514b\u5f0f\u201d\u7684\u7406\u6027\u7b54\u6848\uff0c\u4e00\u4e2a\u662f\u201c\u67ef\u514b\u5f0f\u201d\u7684\u60c5\u611f\u9a71\u52a8\u7b54\u6848\u3002<\/p>\n<p>\u65af\u6ce2\u514b\u5f0f\u5c31\u662f\uff1a\u65e2\u7136\u5e02\u573a\u5982\u6b64\uff0c\u6211\u8981\u6253\u9020\u5e73\u53f0\uff0c\u6309\u7406\u6027\u6700\u5927\u5316\u6295\u8d44\u56de\u62a5\u3002<\/p>\n<p>\u67ef\u514b\u5f0f\u5219\u662f\uff1a\u5982\u679c\u4f60\u4eca\u5929\u8981\u91cd\u65b0\u521b\u529e\u4e00\u5bb6\u98ce\u9669\u6295\u8d44\u516c\u53f8\uff0c\u4f60\u4f1a\u600e\u4e48\u505a\uff1f\u4f1a\u50cf\u4f60\u5728Benchmark\u65f6\u90a3\u6837\u505a\u5c0f\u57fa\u91d1\u5417\uff1f\u8fd8\u662f\u4f1a\u641e\u4e00\u5bb6\u65e0\u6240\u4e0d\u6295\u3001\u6536\u8d39\u7ed3\u6784\u4e0d\u540c\u3001\u80fd\u9002\u5e94\u65b0\u89c4\u5219\u7684\u57fa\u91d1\uff1f\u6211\u60f3\u542c\u542c\u4f60\u4e24\u79cd\u89c6\u89d2\u7684\u7b54\u6848\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u5728\u56de\u7b54\u65f6\u60f3\u5f3a\u8c03\u4e24\u70b9\u4e2d\u7684\u7b2c\u4e00\u70b9\uff1a\u65f6\u95f4\u662f\u4e2a\u5927\u95ee\u9898\u3002\u6211\u4eec\u628a\u516c\u53f8\u6d41\u52a8\u6027\u7684\u65f6\u95f4\u4ece5-7\u5e74\u62c9\u957f\u523010-15\u5e74\u3002\u6211\u4e0d\u77e5\u9053\u786e\u5207\u6570\u5b57\uff0c\u4f46\u6bcf\u4e2aLP\u90fd\u610f\u8bc6\u5230\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<p>\u6211\u53d1\u7ed9\u4f60\u8fc7\u4e00\u5f20NVCA\u56fe\u8868\uff0c\u663e\u793a\u98ce\u9669\u57fa\u91d1\u57285-10\u5e74\u5185\u8fd4\u8fd8\u627f\u8bfa\u8d44\u91d1\u7684\u767e\u5206\u6bd4\u3002<strong>\u8fc7\u53bb\u5e73\u5747\u662f20%\uff0c\u6700\u9ad8\u5230\u8fc730%\uff0c\u53bb\u5e74\u964d\u52305%\uff0c\u73b0\u5728\u5927\u6982\u57285-7%\u533a\u95f4<\/strong>\uff0c\u8fd9\u53cd\u6620\u4e86LP\u7684\u6d41\u52a8\u6027\u5927\u95ee\u9898\u3002<\/p>\n<p>\u4f46\u8fd9\u5bf9GP\u4e5f\u662f\u4e2a\u95ee\u9898\u3002\u65f6\u95f4\u4e3a\u4ec0\u4e48\u662f\u5927\u9ebb\u70e6\uff1f\u56e0\u4e3a\u6709\u8d44\u672c\u6210\u672c\uff0cIRR\uff08\u5185\u90e8\u6536\u76ca\u7387\uff09\u4f1a\u88ab\u65f6\u95f4\u4fb5\u8680\u3002<strong>\u5927\u5bb6\u90fd\u8bf4\uff0c\u54e6\uff0c\u91cd\u8981\u7684\u662fDPI\uff0c\u4e0d\u662fIRR\uff0c\u4f46\u5982\u679c\u65f6\u95f4\u7ffb\u500d\uff0cIRR\u5c31\u6210\u4e86\u5173\u952e\u3002<\/strong>\u8fd9\u624d\u662f\u771f\u6b63\u91cd\u8981\u7684\u3002<\/p>\n<p>\u9664\u4e86\u65f6\u95f4\u548c\u8d44\u672c\u6210\u672c\uff0c\u8fd8\u6709\u7a00\u91ca\u3002\u6bcf\u53ea\u50f5\u5c38\u72ec\u89d2\u517d\u6bcf\u5e74\u90fd\u8981\u4e3a\u5458\u5de5\u6fc0\u52b1\u53d1\u884c3-6%\u65b0\u80a1\u3002<\/p>\n<p>\u628a\u8fd9\u4e24\u70b9\u7ed3\u5408\u8d77\u6765\u95ee\u9898\u5c31\u5f88\u5927\u4e86\u3002<strong>\u5047\u8bbe\u4f60\u539f\u672c\u5e0c\u671b\u7b2c10\u5e74\u80fd\u62ff\u56de100\u7f8e\u5143\uff0c\u5982\u4eca\u8981\u63a8\u8fdf\u5230\u7b2c15\u5e74\u3002<\/strong>\u53ea\u630910%\u590d\u5229\u7b97\uff0c\u7b2c15\u5e74\u5f97\u503c160\u7f8e\u5143\u624d\u80fd\u7b49\u4ef7\u3002\u5982\u679c\u4f60\u8ba4\u4e3a\u8fd9\u4e9b\u4eba\u6295\u8d44\u98ce\u9669\u6295\u8d44\u5c31\u662f\u56fe\u5927\u56de\u62a5\uff0c\u90a3\u4f60\u7684\u8d44\u672c\u6210\u672c\u4e0d\u662f5%\uff0c\u90a3\u662f\u65e0\u98ce\u9669\u5229\u7387\u3002\u771f\u6b63\u662f15%\uff0c\u518d\u52a0\u4e0a5%\u7684\u80a1\u6743\u7a00\u91ca\uff0c\u5c31\u662f20%\u3002<\/p>\n<p>\u5982\u679c\u4f60\u518d\u591a\u7b49\u4e94\u5e74\uff0c100\u7f8e\u5143\u5c31\u5f97\u53d8\u6210250\u7f8e\u5143\u624d\u80fd\u8fbe\u5230\u539f\u672c\u7684\u56de\u62a5\u9884\u671f\u3002\u6240\u4ee5\u8fd9\u662f\u4e2a\u5927\u95ee\u9898\u3002<\/p>\n<p>\u8fd8\u6709\u4e00\u70b9\u4e5f\u4e0d\u6e05\u695a\u3002\u4ee5\u524d\u6709\u4e00\u5b9a\u6570\u91cf\u7684\u516c\u53f8\u4f1a\u88ab\u6536\u8d2d\u6216\u4e0a\u5e02\uff0c\u7136\u540e\u71b5\u589e\uff0c\u6240\u6709\u516c\u53f8\u957f\u671f\u589e\u957f\u90fd\u5f88\u96be\u3002<\/p>\n<p>\u5927\u5bb6\u559c\u6b22\u8bf4\uff0c\u5982\u679c\u6ca1\u6709\u5927\u8d62\u5bb6\uff0c\u57fa\u91d1\u56de\u62a5\u5982\u4f55\uff1f\u4f46\u6211\u6ca1\u89c1\u8c01\u95ee\u8fc7\uff0c\u5982\u679c\u53ea\u5269\u5927\u8d62\u5bb6\uff0c\u5176\u4ed6\u5168\u6ca1\u4e86\uff0c\u57fa\u91d1\u56de\u62a5\u4f1a\u600e\u6837\uff1f\u56e0\u4e3a\u6211\u4eec\u4f3c\u4e4e\u6b63\u8d70\u5411\u8fd9\u79cd\u5c40\u9762\u3002\u8bf4\u4e86\u8fd9\u4e48\u591a\uff0c\u5176\u5b9e\u6211\u4e5f\u4e0d\u77e5\u9053\u4f60\u7684\u95ee\u9898\u7b54\u6848\u3002\u6211\u804c\u4e1a\u751f\u6daf\u4e00\u76f4\u505a\u65e9\u671f\u6295\u8d44\uff0c\u6211\u4f9d\u7136\u559c\u6b22\u90a3\u4e2a\u9636\u6bb5\uff0c\u56e0\u4e3a\u90a3\u662f\u53ef\u4ee5\u4e0b\u6ce8\u6700\u5927\u3001\u56de\u62a5\u6700\u5927\u7684\u7a97\u53e3\u3002<\/p>\n<p>\u4f46\u6211\u771f\u7684\u5f88\u4e0d\u559c\u6b22\u8ba9\u65b0\u4e00\u4ee3GP\u6bcf\u5bb6\u516c\u53f8\u90fd\u91cd\u590dUber-Lyft\u90a3\u79cd\u7ade\u4e89\u3002\u4f60\u53bb\u5f00\u8463\u4e8b\u4f1a\uff0c\u53d1\u73b0\u5bf9\u624b\u53c8\u878d\u4e86\u5341\u4ebf\u7f8e\u5143\uff0c\u684c\u4e0a\u7684\u51b3\u7b56\u5c31\u53d8\u6210\u201c\u6211\u4eec\u662f\u4e0d\u662f\u8be5\u518d\u4e8f\u4e24\u5e74\u3001\u8d1f\u6bdb\u5229\u62a2\u5e02\u573a\u4efd\u989d\uff1f\u201d\u4f60\u4e0d\u4f1a\u5728\u54c8\u4f5b\u6848\u4f8b\u91cc\u770b\u5230\u8fd9\u79cd\u60c5\u5f62\u3002<\/p>\n<p>\u8fd9\u662f\u975e\u5e38\u72ec\u7279\u7684\u4e00\u624b\u724c\uff0c\u662f\u8d85\u7ea7\u9ad8\u98ce\u9669\u7684\u6251\u514b\u6e38\u620f\uff0c\u7b56\u7565\u4e0d\u662f\u300a\u4ece\u4f18\u79c0\u5230\u5353\u8d8a\u300b\u90a3\u79cd\u3002\u8fd9\u4e0d\u662f\u4f20\u7edf\u7684\u516c\u53f8\u7ba1\u7406\u4e4b\u9053\uff0c\u4e5f\u4e0d\u662f\u5df4\u83f2\u7279\u4fe1\u91cc\u5199\u7684\u90a3\u4e00\u5957\uff0c\u5728\u8fd9\u79cd\u8d44\u672c\u5927\u6218\u4e16\u754c\u91cc\u90fd\u4e0d\u9002\u7528\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u6211\u60f3\u8c08\u8c08LP\uff0c\u4ee5\u53ca\u8d44\u672c\u662f\u5426\u771f\u7684\u4f1a\u6d41\u5411\u6700\u9ad8\u98ce\u9669\u8c03\u6574\u56de\u62a5\u7684\u5730\u65b9\u3002\u7406\u8bba\u4e0a\uff0c\u8d44\u672c\u5e94\u8be5\u4f1a\u4e0d\u65ad\u6d41\u5411\u98ce\u9669\u8c03\u6574\u540e\u56de\u62a5\u6700\u9ad8\u7684\u9886\u57df\u3002\u8fd9\u662f\u6574\u4e2a\u4f53\u7cfb\u7684\u610f\u4e49\u3002<\/p>\n<p>\u6240\u4ee5\u6211\u60f3\u95ee\uff0c\u4f60\u89c9\u5f97\u662f\u4ec0\u4e48\u963b\u788d\u4e86\u8fd9\u79cd\u6d41\u52a8\uff1f\u6362\u53e5\u8bdd\u8bf4\uff0c\u73b0\u5728LP\u8be5\u600e\u4e48\u505a\uff1f\u4ed6\u4eec\u662f\u8d44\u672c\u6240\u6709\u8005\uff0c\u6216\u8005\u8bf4\u4ee3\u8868\u8d44\u672c\u6240\u6709\u8005\u3002\u4ed6\u4eec\u7684\u804c\u8d23\u672c\u8be5\u662f\u83b7\u5f97\u6700\u4f18\u98ce\u9669\u8c03\u6574\u56de\u62a5\u3002\u4f60\u89c9\u5f97\u4ed6\u4eec\u8be5\u600e\u4e48\u505a\uff1f\u53c8\u662f\u4ec0\u4e48\u963b\u6b62\u4ed6\u4eec\u8fd9\u4e48\u505a\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u8fd9\u5927\u6982\u662f\u6211\u60f3\u5f3a\u8c03\u7684\u6700\u540e\u4e00\u70b9\uff0c\u7136\u540e\u6211\u4eec\u53ef\u4ee5\u968f\u4fbf\u804a\u804a\u3002\u4f60\u4e00\u5f00\u59cb\u95ee\u4e86\u4e2a\u5f88\u6709\u542f\u53d1\u6027\u7684\u95ee\u9898\u3002\u4f60\u65e9\u65e9\u5c31\u95ee\uff0cLP\u7684\u6d41\u52a8\u6027\u95ee\u9898\u4f1a\u4e0d\u4f1a\u6210\u4e3a\u6539\u53d8\u8fd9\u4e2a\u4e16\u754c\u7684\u50ac\u5316\u5242\uff1f<\/p>\n<p>\u6709\u5f88\u591a\u56e0\u7d20\u90fd\u5728\u63a8\u52a8\u8fd9\u4e2a\u53d8\u5316\u3002\u65f6\u95f4\u662f\u4e2a\u95ee\u9898\uff0c\u6211\u4eec\u5df2\u7ecf\u8ba8\u8bba\u8fc7\uff0cLP\u4eec\u8fd8\u5728\u52a0\u6760\u6746\u3002\u534e\u76db\u987f\u73b0\u5728\u4e5f\u5728\u8ba8\u8bba\u5bf9\u6350\u8d60\u57fa\u91d1\u5f81\u7a0e\uff0c\u8fd9\u4f1a\u5e26\u6765\u66f4\u591a\u6d41\u52a8\u6027\u538b\u529b\uff0c\u8fd9\u662f\u4ed6\u4eec\u4ece\u672a\u9047\u5230\u8fc7\u7684\u3002\u8fd8\u6709\u79d1\u7814\u7ecf\u8d39\u524a\u51cf\uff0c\u4e0d\u53ea\u662f\u54c8\u4f5b\u7684\u6fc0\u8fdb\u4e3e\u63aa\uff0c\u8fdeNIH\u548cNSF\u7684\u666e\u901a\u79d1\u7814\u7ecf\u8d39\u90fd\u88ab\u780d\u4e86\u3002\u6bd4\u5982\u95f4\u63a5\u8d39\u7528\u4ece60%\u780d\u523010%\u8fd9\u79cd\u4e8b\u3002<\/p>\n<p>\u8fd9\u4e9b\u90fd\u4f1a\u5bfc\u81f4\u5927\u5b66\u5bf9\u6350\u8d60\u57fa\u91d1\u8bf4\uff0c\u6211\u4eec\u4e0d\u662f\u89813%\uff0c\u800c\u662f\u89815%\u62166%\u7684\u5e74\u5ea6\u652f\u51fa\u3002\u8fd9\u4e9b\u90fd\u662f\u53ef\u80fd\u8ba9LP\u5904\u5883\u66f4\u96be\u7684\u56e0\u7d20\u3002\u8036\u9c81\u7b2c\u4e00\u4e2a\u8fdb\u5165\u4e8c\u7ea7\u5e02\u573a\u770b\u8d77\u6765\u5f88\u6709\u610f\u601d\u3002<\/p>\n<p>\u5982\u679c\u4f60\u662f\u4e2a\u5c0f\u6350\u8d60\u57fa\u91d1\uff0c\u4ece\u6ca1\u6295\u8fc7\u7ea2\u6749\uff0c\u73b0\u5728\u80fd\u901a\u8fc7\u4e70\u8036\u9c81\u7684\u4efd\u989d\u95f4\u63a5\u53c2\u4e0e\u3002\u4f46\u5982\u679c\u8d8a\u6765\u8d8a\u591a\u5927\u73a9\u5bb6\u6765\u4e8c\u7ea7\u5e02\u573a\uff0c\u4ef7\u683c\u5d29\u76d8\uff0c\u90a3\u53ef\u80fd\u4f1a\u5bf9\u6574\u4e2a\u7cfb\u7edf\u4ea7\u751f\u8fde\u9501\u53cd\u5e94\u3002<\/p>\n<p>\u8fd8\u6709\u4e00\u4e2a\u503c\u5f97\u5173\u6ce8\u7684\u662f\u4e2d\u4e1c\u4f1a\u4e0d\u4f1a\u6539\u53d8\u4e3b\u610f\u3002\u6211\u53d1\u7ed9\u4f60\u4e00\u7bc7\u94fe\u63a5\uff0c\u662f\u5361\u5854\u5c14\u7684\u6295\u8d44\u4e3b\u7ba1SheikhSaoudSalemAl-Sabah\u7684\u3002\u4ed6\u8bf4\uff0c<strong>\u5168\u7403\u6700\u5927\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7684\u8d1f\u8d23\u4eba\u8868\u793a\uff0c\u79c1\u52df\u80a1\u6743\u7684\u949f\u58f0\u5df2\u7ecf\u6572\u54cd\uff0c\u4ed6\u4e5f\u52a0\u5165\u4e86\u8d8a\u6765\u8d8a\u591a\u6295\u8d44\u4eba\u5bf9\u884c\u4e1a\u4f30\u503c\u65b9\u5f0f\u7684\u62c5\u5fe7\u3002<\/strong>\u8fd9\u662f\u4e2d\u4e1c\u4e0d\u540c\u7684\u58f0\u97f3\u3002\u5982\u679c\u8fd9\u79cd\u89c2\u70b9\u8513\u5ef6\u5f00\u6765\uff0c\u5f71\u54cd\u6240\u6709\u73a9\u5bb6\uff0c\u5f71\u54cd\u5c31\u4f1a\u5f88\u5927\u3002\u6240\u4ee5\u8fd9\u662f\u503c\u5f97\u5173\u6ce8\u7684\u9886\u57df\u3002<\/p>\n<p>\u5982\u679c\u6211\u662fLP\uff0c\u6211\u4f1a\u600e\u4e48\u505a\uff1f<strong>\u6211\u80af\u5b9a\u4f1a\u5728\u540e\u671f\u79c1\u6709\u5e02\u573a\u4e0a\u505a\u4e70\u5356\u4e24\u624b<\/strong>\uff0c\u4eb2\u81ea\u4f53\u9a8c\u4e00\u4e0b\u5e02\u573a\u673a\u5236\u3002\u4e0d\u662f\u8981\u5236\u9020\u6324\u5151<strong>\uff0c\u4f46\u4f60\u53ef\u80fd\u771f\u7684\u8981\u91cd\u65b0\u8bc4\u4f30\u8036\u9c81\u6a21\u578b\u662f\u5426\u8fd8\u6709\u6548\u3002\u5f53\u5e74\u53ea\u6709\u8036\u9c81\u505a\u65f6\u80af\u5b9a\u6709\u6548\uff0c\u4f46\u73b0\u5728\u5927\u5bb6\u90fd\u8fd9\u4e48\u505a\u5c31\u4e0d\u4e00\u5b9a\u4e86\u3002<\/strong>\u6211\u4f1a\u5173\u6ce8\u6709\u6ca1\u6709PE\u516c\u53f8\u613f\u610f\u79ef\u6781\u53bb\u50f5\u5c38\u72ec\u89d2\u517d\u7fa4\u4f53\u4e2d\u6316\u4ef7\u503c\u3002\u6211\u89c9\u5f97\u8fd9\u91cc\u9762\u53ef\u80fd\u6709\u673a\u4f1a\uff0c\u503c\u5f97\u4e50\u89c2\u5bf9\u5f85\u3002\u6211\u4e5f\u4f1a\u611f\u5174\u8da3\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679c\u4f60\u53ea\u8003\u8651\u56de\u62a5\uff0c\u50cf\u4f60\u539f\u6765\u7684\u5408\u4f19\u4ebaAndyRatcliffe\u5e38\u8bf4\uff0c\u60f3\u8d5a\u5927\u94b1\u5c31\u8981\u9006\u52bf\u800c\u884c\u5e76\u4e14\u662f\u5bf9\u7684\u3002<strong>\u662f\u4e0d\u662f\u53ef\u4ee5\u8003\u8651\u53bb\u6295AI\u4ee5\u5916\u7684<\/strong><strong>\u4e00\u7ea7\u5e02<\/strong><strong>\u573a\uff1f<\/strong>\u90a3\u91cc\u7684\u5b9a\u4ef7\u548c\u4f9b\u9700\u5173\u7cfb\u5b8c\u5168\u4e0d\u540c\u3002\u5982\u679c\u4f60\u53bb\u627e\u90a3\u4e9b\u666e\u901a\u516c\u53f8\uff0c\u8d44\u672c\u5e02\u573a\u5bf9\u5b83\u4eec\u5f88\u4e25\u82db\uff0c\u7528\u8ba1\u7b97\u5668\u4e25\u683c\u8bc4\u4f30\uff0c\u548cAI\u9886\u57df\u5b8c\u5168\u4e0d\u540c\u3002\u662f\u4e0d\u662f\u53ef\u4ee5\u591a\u5173\u6ce8\u8fd9\u4e9b\u5730\u65b9\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u751a\u81f3\u89c9\u5f97\uff0c\u521a\u624d\u63d0\u5230\u7684\u90a3\u4e9b\u88ab\u8ba4\u4e3a\u662f\u540e\u671f\u6295\u8d44\u4eba\u7684\u673a\u6784\u4e5f\u5728\u8fd9\u4e48\u60f3\u3002\u4ed6\u4eec\u5728\u60f3\uff0c\u80fd\u4e0d\u80fd\u627e\u5230\u4e00\u5bb6\u4f20\u7edf\u516c\u53f8\uff0c\u4e5f\u8bb8\u8fd8\u6ca1\u610f\u8bc6\u5230AI\u80fd\u63d0\u5347\u5b83\uff0c\u4f46\u6211\u4eec\u53ef\u4ee5\u81ea\u5df1\u53bb\u505a\uff0c\u4e5f\u8bb8\u8fd9\u5c31\u662f\u98a0\u8986\u6027\u7684\u673a\u4f1a\u3002<\/p>\n<p>HowardMarks\u6700\u65e9\u63d0\u51fa\u4e86<strong>\u201c\u975e\u5171\u8bc6\u4e14\u6b63\u786e\u201d\u8fd9\u4e2a\u89c2\u70b9\uff0c\u6211\u8bfb\u4ed6\u7684\u4e1c\u897f\u8bfb\u5f97\u5f88\u591a<\/strong>\u3002\u4f46\u8fd9\u4e2a\u89c2\u70b9\u548c\u5e73\u53f0\u8f6c\u578b\u5b58\u5728\u51b2\u7a81\u3002\u56e0\u4e3a\u5e73\u53f0\u8f6c\u578b\u73b0\u5728\u6210\u4e86\u5171\u8bc6\uff0c\u4f60\u8981\u9006\u52bf\u5c31\u4e0d\u80fd\u6295AI\uff0c\u8fd9\u542c\u8d77\u6765\u5f88\u8352\u5510\u3002\u6240\u4ee5\u8fd9\u4e24\u4ef6\u4e8b\u5f88\u96be\u540c\u65f6\u505a\u3002<\/p>\n<p>AI\u8fd8\u6709\u4e2a\u5f88\u6709\u8da3\u7684\u73b0\u8c61\uff0c\u5c31\u662f\u5927\u516c\u53f8\u4f3c\u4e4e\u53cd\u5e94\u5f88\u5feb\u3002\u6bd4\u5982\u53bbServiceNow\u5b98\u7f51\uff0c\u5168\u662fAI\u3002\u5fae\u8f6f\u8d22\u62a5\u91cc\u63d0\u5230AI67\u6b21\uff0cSatya\u8fde\u7eed\u4e24\u4e2a\u5c0f\u65f6\u90fd\u5728\u8bb2AI\u3002\u8fd9\u5f88\u5947\u602a\u3002<\/p>\n<p>\u6211\u4eec\u5728\u300a\u8de8\u8d8a\u9e3f\u6c9f\u300b\u548c\u300a\u521b\u65b0\u8005\u7684\u7a98\u5883\u300b\u91cc\u8bfb\u5230\uff0c\u5927\u516c\u53f8\u603b\u662f\u5bf9\u79fb\u52a8\u4e92\u8054\u7f51\u3001PC\u53cd\u5e94\u6162\uff0c\u8fd9\u7ed9\u4e86\u521b\u4e1a\u516c\u53f8\u673a\u4f1a\u3002\u4f46\u8fd9\u6b21\u6211\u89c9\u5f97\u5927\u516c\u53f8\u5f88\u65e9\u5c31\u8b66\u89c9\u4e86\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u89c9\u5f97\u8fd9\u53ea\u662f\u6362\u4e86\u79cd\u65b9\u5f0f\u53d1\u751f\u5417\uff1f\u6bd4\u5982\u7406\u8bba\u4e0aGoogle\u5e94\u8be5\u6700\u6709\u4f18\u52bf\u4e3b\u5bfc\u6240\u6709AI\u573a\u666f\uff0c\u4f46\u6211\u8eab\u8fb9\u51e0\u4e4e\u6ca1\u4eba\u7528Gemini\u6216Google\u505a\u4ee3\u7801\u751f\u6210\uff0c\u65e5\u5e38LLM\u5de5\u4f5c\u4e5f\u4e0d\u7528\uff0c\u53cd\u800c\u7528\u7684\u662f\u521b\u4e1a\u516c\u53f8\u3001Cursor\u3001Anthropic\u3001OpenAI\u3002\u5927\u516c\u53f8\u867d\u7136\u53cd\u5e94\u5feb\uff0c\u4f46\u79d1\u6280\u516c\u53f8\u672c\u8eab\u8fd8\u662f\u5728\u91cd\u6f14\u540c\u6837\u7684\u73b0\u8c61\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4e24\u65b9\u9762\u7684\u6570\u636e\u90fd\u6709\u3002\u6211\u89c9\u5f97\u4f60\u8fd9\u4e2a\u8bba\u70b9\u5f88\u6709\u610f\u601d\u3002\u82f9\u679c\u662f\u4e2a\u4f8b\u5b50\u3002\u5fae\u8f6f\u9519\u8fc7\u4e86\u4e00\u6b21\uff08\u79fb\u52a8\u4e92\u8054\u7f51\uff09\uff0c\u8fd9\u6b21\u5c31\u66f4\u8b66\u89c9\u3002<\/p>\n<p>\u6211\u770b\u5230Friedberg\uff08\u6ce8\uff1a\u64ad\u5ba2All-in\u7684\u4e3b\u64ad\u4e4b\u4e00\uff09\u91c7\u8bbfSundar\u95ee\u4ed6\u8bfb\u6ca1\u8bfb\u8fc7\u300a\u521b\u65b0\u8005\u7684\u7a98\u5883\u300b\uff0c\u4ed6\u5766\u767d\u8bf4\u6ca1\u8bfb\u8fc7\u3002\u5f53\u4f60\u516c\u53f8\u505a\u5f97\u5f88\u597d\u7684\u65f6\u5019\uff0c\u8fd9\u4e9b\u7406\u8bba\u597d\u50cf\u662f\u7ed9\u522b\u4eba\u7684\uff0c\u4f46\u73b0\u5728\u4ed6\u4e5f\u8bb8\u8be5\u8bfb\u4e00\u8bfb\u4e86\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u8bc4\u4f30\u4e00\u5bb6\u4ee4\u4eba\u5174\u594b\u7684\u65b0AI\u516c\u53f8\u65f6\uff0c\u5176\u6536\u5165\u6027\u8d28\u53ef\u80fd\u4e0e\u4f01\u4e1aSaaS\u7b49\u4f20\u7edf\u6a21\u5f0f\u4e0d\u540c\u2014\u2014\u4f5c\u4e3a\u6295\u8d44\u4eba\uff0c\u4f60\u4f1a\u5982\u4f55\u8bc4\u4f30\u4e00\u5bb6\u65b0AI\u521d\u521b\u516c\u53f8\u7684\u6536\u5165\u8d28\u91cf\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u89c9\u5f97\u8fd9\u5f88\u96be\uff0c\u539f\u56e0\u524d\u9762\u63d0\u5230\u8fc7\u3002<strong>\u4f60\u53ef\u80fd\u62ff\u5230\u4e86\u4e00\u7b14\u4e00\u767e\u4e07\u7f8e\u5143\u7684\u8ba2\u5355\uff0c\u4f46\u5bf9\u4f60\u6765\u8bf4\u5374\u662f\u8d1f\u6bdb\u5229\u3002<\/strong>\u53e6\u4e00\u65b9\u9762\uff0c\u4f60\u770b\u770b\u4efb\u4f55\u4e24\u4ee3\u4ee5\u524d\u7684AI\u6a21\u578b\uff0c\u73b0\u5728\u7684\u4ef7\u683c\u53ea\u662f\u5f53\u521d\u7684\u767e\u5206\u4e4b\u4e00\u3002\u4f60\u5927\u6982\u53ef\u4ee5\u6709\u4fe1\u5fc3\uff0c\u672a\u6765\u4f1a\u901a\u8fc7\u4ef7\u683c\u4f18\u5316\u6765\u63d0\u5347\u6548\u7387\u3002<\/p>\n<p>Benchmark\u7684\u5408\u4f19\u4eba\u4eec\u6700\u8fd1\u4e00\u76f4\u5728\u5173\u6ce8\u5e76\u8bc4\u4f30\u7684\u4e00\u4ef6\u6709\u8da3\u7684\u4e8b\uff0c\u5c31\u662f\u516c\u53f8\u4ec0\u4e48\u65f6\u5019\u4f1a\u8f6c\u5411\u4f18\u5316\u6a21\u5f0f\uff0c\u4ee5\u53ca\u4e00\u65e6\u8f6c\u5411\u4f18\u5316\u6a21\u5f0f\u540e\uff0c\u4ed6\u4eec\u7684\u51b3\u7b56\u65b9\u5f0f\u4f1a\u548c\u5b9e\u9a8c\u3001\u6c99\u76d2\u6a21\u5f0f\u4e0b\u6709\u4f55\u4e0d\u540c\u3002\u73b0\u5728\u6709\u4e86\u5145\u8db3\u7684\u8d44\u672c\uff0c\u4f60\u53ef\u4ee5\u5728\u6c99\u76d2\u6a21\u5f0f\u4e0b\u8fd0\u884c\u66f4\u4e45\uff0c\u624d\u4f1a\u8f6c\u5411\u4f18\u5316\u6a21\u5f0f\u3002\u6211\u4eec\u5728\u4e92\u8054\u7f51\u65f6\u4ee3\u4e5f\u89c1\u8fc7\u7c7b\u4f3c\u7684\u60c5\u5f62\u3002\u6211\u559c\u6b22\u5f3a\u8c03\uff0c\u6700\u521d\u4e24\u5e74\u6240\u6709\u521b\u4e1a\u516c\u53f8\u90fd\u6784\u5efa\u5728Sun\u548cOracle\u4e4b\u4e0a\u3002\u6240\u6709\u4eba\u90fd\u662f\u3002\u4e94\u516d\u5e74\u540e\uff0c\u6ca1\u6709\u4eba\u518d\u7528\u5b83\u4eec\u4e86\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u8981\u5bc6\u5207\u5173\u6ce8\u8fd9\u79cd\u8f6c\u53d8\u3002<\/p>\n<h2><strong>\u300c\u4e2d\u56fd\u5de8\u5934\u7684AI\u4ea7\u54c1\u5982\u679c\u90fd\u5f00\u6e90\uff0c\u4f1a\u975e\u5e38\u6709\u529b\u91cf\u300d<\/strong><\/h2>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u600e\u4e48\u770bAI\u9886\u57df\u6709\u8da3\u7684\u56fd\u9645\u7ade\u4e89\u683c\u5c40\uff1f\u5728\u4ee5\u524d\u7684\u5e73\u53f0\u8f6c\u578b\u4e2d\uff0c\u8fd9\u79cd\u7ade\u4e89\u8fd8\u4e0d\u90a3\u4e48\u660e\u663e\uff0c\u57fa\u672c\u90fd\u662f\u7f8e\u56fd\u3001\u897f\u65b9\u79d1\u6280\u5904\u4e8e\u524d\u6cbf\u3002\u4e2d\u56fd\u663e\u7136\u662f\u8fd9\u91cc\u7684\u6700\u5927\u53d8\u91cf\uff0c\u6bd4\u5982DeepSeek\u8fd9\u6837\u7684\u9879\u76ee\uff0c\u8fd8\u6709\u8d8a\u6765\u8d8a\u591a\u6765\u81ea\u4e2d\u56fd\u7684\u521d\u521b\u516c\u53f8\uff0c\u4ea7\u54c1\u770b\u8d77\u6765\u4e5f\u975e\u5e38\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\u3002\u4f60\u5982\u4f55\u770b\u5f85\u8fd9\u573a\u56fd\u9645\uff0c\u7279\u522b\u662f\u4e2d\u7f8e\u4e4b\u95f4\u7684AI\u7ade\u8d5b\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u89c9\u5f97\u4e2d\u56fd\u5c40\u52bf\u6709\u4e00\u4e2a\u8d85\u7ea7\u6709\u8da3\u7684\u53d1\u5c55\uff0c\u975e\u5e38\u503c\u5f97\u5173\u6ce8\u3002DeepSeek\u7206\u706b\u65f6\uff0c\u6211\u4eec\u90fd\u5728\u5173\u6ce8\u7f8e\u56fd\u7684\u53cd\u5e94\uff0c\u7f8e\u56fd\u7684\u6a21\u578b\uff0c\u534e\u76db\u987f\u7684\u653f\u7b56\u3002\u6bd4\u5982AWS\u6258\u7ba1\u4e86DeepSeek\u7b49\u7b49\u3002\u4f46\u5728\u4e2d\u56fd\uff0c\u963f\u91cc\u5df4\u5df4\u628aQwen\u5f00\u6e90\u4e86\uff0c\u5c0f\u7c73\u73b0\u5728\u4e5f\u6709\u81ea\u5df1\u7684\u6a21\u578b\uff0c\u6211\u8bb0\u4e0d\u6e05\u540d\u5b57\u4e86\uff0c\u53ef\u80fd\u53ebMiMo\uff0c\u4e5f\u662f\u5f00\u6e90\u7684\u3002\u767e\u5ea6\u7684RobinLi\uff08\u674e\u5f66\u5b8f\uff09\u539f\u672c\u7684\u6a21\u578b\u662f\u95ed\u6e90\u7684\uff0c\u4f46\u4ed6\u8bf4\u516d\u6708\u4f1a\u5f00\u6e90\u3002<\/p>\n<p><strong>\u5982\u679c\u6700\u540e\u53d8\u6210\u56db\u5bb6\u8d44\u91d1\u96c4\u539a\u7684\u516c\u53f8\u90fd\u5f00\u6e90\u4ea7\u54c1\uff0c\u8fd9\u4f1a\u975e\u5e38\u6709\u529b\u91cf\u3002<\/strong>\u6211\u4eec\u5df2\u7ecf\u77e5\u9053\u8fd9\u4e9b\u6a21\u578b\u53ef\u4ee5\u4e92\u76f8\u8bad\u7ec3\u3001\u4e92\u76f8\u63d0\u5347\u3002<strong>\u5982\u679c\u6709\u56db\u4e2a\u5f00\u6e90\u6a21\u578b\u53ef\u4ee5\u4e92\u76f8\u5b66\u4e60\uff0c\u6bcf\u4e2a\u4eba\u90fd\u80fd\u7528\u5f97\u5230\uff0c\u6211\u8ba4\u4e3a\u8fd9\u4f1a\u5e26\u6765\u5927\u91cf\u7684\u9009\u62e9\u548c\u5b9e\u9a8c\u7a7a\u95f4\uff0c<\/strong>\u662f\u6211\u4eec\u5728\u7f8e\u56fd\u4e0d\u4f1a\u62e5\u6709\u7684\u3002\u8fd9\u662f\u6211\u770b\u5230\u7684\u56fd\u9645AI\u53d9\u4e8b\u4e2d\u6700\u5438\u5f15\u4eba\u7684\u90e8\u5206\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u4f1a\u6709\u201c\u5e0c\u671b\u67d0\u4e00\u65b9\u83b7\u80dc\u201d\u7684\u60c5\u611f\uff1f\u4f60\u6700\u5e0c\u671b\u770b\u5230\u4ec0\u4e48\uff1f\u662f\u7ade\u4e89\u5417\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4f60\u63d0\u8fd9\u4e2a\u5f88\u6709\u610f\u601d\u3002\u6211\u6ce8\u610f\u5230\uff0c\u6709\u4e9b\u6700\u6fc0\u8fdb\u7684\u201c\u4e2d\u56fd\u9e70\u6d3e\u201d\uff0c<strong>\u5176\u5b9e\u662f\u5728\u65b0\u4e00\u4ee3\u98ce\u6295\u652f\u6301\u7684\u519b\u5de5\u516c\u53f8\u4e0b\u6ce8\u7684\u4eba\u3002<\/strong>\u6211\u8ba8\u538c\u4f60\u53ef\u80fd\u4f1a\u53d8\u6210\u6218\u4e89\u8d29\u5b50\uff08warmonger\uff09\uff0c\u4f46\u6211\u77e5\u9053\u8fd9\u79cd\u60c5\u51b5\u53ef\u80fd\u53d1\u751f\uff0c\u56e0\u4e3a\u6211\u6295\u8d44Uber\u65f6\uff0c\u4f60\u4f1a\u4e0d\u60dc\u4e00\u5207\u4e3a\u5b83\u8fa9\u62a4\u3002\u8fd9\u5f88\u81ea\u7136\uff0c\u5c31\u50cf\u4f60\u7684\u5b69\u5b50\uff0c\u4f60\u4f1a\u4fdd\u62a4\u5b83\uff0c\u6240\u4ee5\u4f60\u7684\u7acb\u573a\u4f1a\u968f\u7740\u6295\u8d44\u5bf9\u8c61\u800c\u53d8\u3002\u6211\u5bf9\u4efb\u4f55\u548cBenchmark\u6709\u5173\u7684\u516c\u53f8\u4ecd\u7136\u6709\u8fd9\u79cd\u60c5\u611f\uff0c\u6211\u4e0d\u786e\u5b9a\u6211\u4f1a\u4e0d\u4f1a\u6709\u4e00\u5929\u53d8\u5f97\u6ca1\u6709\u8fd9\u79cd\u611f\u89c9\u3002\u8fd9\u5c31\u662f\u73b0\u5b9e\uff0c\u8fd9\u4e5f\u662f\u8fd9\u4e2a\u4e16\u754c\u8fd0\u4f5c\u7684\u65b9\u5f0f\u3002<\/p>\n<p>\u5c31\u6280\u672f\u672c\u8eab\u800c\u8a00\uff0c\u6211\u89c9\u5f97\u4e00\u4e9b\u975eLLM\u7684\u65b9\u5411\u975e\u5e38\u4ee4\u4eba\u5174\u594b\u3002\u6211\u5f88\u671f\u5f85\u770b\u5230\u673a\u5668\u4eba\u667a\u80fd\u80fd\u5b9e\u73b0\u4ec0\u4e48\u7a81\u7834\u3002\u6211\u5e0c\u671b\u6211\u4eec\u80fd\u5728\u533b\u7597\u5065\u5eb7\u9886\u57df\u53d6\u5f97\u8fdb\u5c55\u3002\u6211\u4e0d\u8ba4\u4e3a\u5341\u5e74\u540e\u6240\u6709\u75be\u75c5\u90fd\u4f1a\u6d88\u5931\uff0c\u50cf\u4e00\u4e9bAI\u521b\u59cb\u4eba\u8bf4\u7684\u90a3\u6837\u3002\u6211\u89c9\u5f97\u90a3\u6837\u8bf4\u592a\u5938\u5f20\u4e86\uff0c\u4f46\u8fc7\u7a0b\u4f1a\u5f88\u6709\u8da3\u3002\u6b63\u5982\u4f60\u8bf4\u7684\uff0c\u6211\u6bcf\u5929\u90fd\u5728\u7528\u8fd9\u4e9b\u4e1c\u897f\u3002\u53d8\u5316\u7684\u901f\u5ea6\u662f\u6211\u804c\u4e1a\u751f\u6daf\u4e2d\u89c1\u8fc7\u6700\u5feb\u7684\u3002\u5982\u679c\u4f60\u9519\u8fc7\u4e00\u5468\u65b0\u95fb\uff0c\u4e00\u5468\u540e\u5c31\u50cf\u8fdb\u5165\u4e86\u53e6\u4e00\u4e2a\u4e16\u754c\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u521a\u624d\u63d0\u5230\u4e86\u56fd\u9632\u521d\u521b\u751f\u6001\u3002\u6211\u60f3\u628a\u8fd9\u4e2a\u6269\u5c55\u5230\u7269\u7406\u4e16\u754c\u3001\u786c\u79d1\u6280\u751f\u6001\u7cfb\u7edf\uff0c\u5f88\u591a\u5176\u5b9e\u548c\u6218\u4e89\u65e0\u5173\uff0c\u6bd4\u5982\u77ff\u4e1a\u516c\u53f8\u7b49\u7b49\u3002\u4f60\u600e\u4e48\u770b\u8fd9\u4e00\u7c7b\u516c\u53f8\uff1f\u5b83\u4eec\u65e0\u7591\u662f\u79d1\u6280\u516c\u53f8\uff0c\u901a\u5e38\u5728\u5f88\u5927\u7684\u5e02\u573a\u91cc\u8fd0\u4f5c\uff0c\u4f46\u8d44\u672c\u5bc6\u5ea6\u5f88\u9ad8\uff0c\u4ece\u6295\u5165\u5230\u6709\u6536\u5165\u9700\u8981\u5f88\u957f\u65f6\u95f4\u3002\u6bd4\u5982\u6838\u805a\u53d8\u3001\u88c2\u53d8\u7b49\u3002\u4f60\u600e\u4e48\u770b\u8fd9\u7c7b\u79c1\u6709\u5e02\u573a\u79d1\u6280\u6295\u8d44\uff1f\u6211\u77e5\u9053\u4f60\u4ee5\u524d\u6ca1\u600e\u4e48\u6295\u8fc7\u8fd9\u7c7b\u9879\u76ee\uff0c\u4e5f\u8bb8\u4f60\u5e76\u4e0d\u559c\u6b22\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4f5c\u4e3a\u4e00\u4e2a\u7ecf\u9a8c\u6cd5\u5219\uff0c\u5982\u679c\u6211\u662f\u6559\u6388\uff0c\u6211\u4f1a\u8bf4\u4f60\u53ef\u4ee5\u7528\u6570\u5b66\u65b9\u6cd5\u7814\u7a76\uff0c\u8fd9\u4e9b\u9886\u57df\u7684\u56de\u62a5\u901a\u5e38\u4e0d\u9ad8\u3002\u4f60\u53ef\u4ee5\u770b\u2014\u201415\u300120\u5e74\u524d\u6709\u5927\u91cf\u98ce\u9669\u6295\u8d44\u6d8c\u5165\u592a\u9633\u80fd\uff0c\u7ed3\u679c\u5e76\u4e0d\u597d\u3002\u552f\u4e00\u7684\u4f8b\u5916\u5c31\u662fElonMusk\u6d89\u53ca\u7684\u4efb\u4f55\u4e8b\u3002\u6240\u4ee5SpaceX\u548cTesla\u662f\u6570\u636e\u70b9\uff0c\u4f46\u5b83\u4eec\u90fd\u662f\u7279\u4f8b\uff0c\u800c\u4e14\u90fd\u548cElon\u76f8\u5173\u3002<\/p>\n<p>\u6211\u8ba4\u4e3a\uff0c\u53ea\u6709\u7b49\u6211\u4eec\u770b\u5230\u56db\u4e94\u4e2a\u975eElon\u4e3b\u5bfc\u7684\u6210\u529f\u6848\u4f8b\uff0c\u624d\u80fd\u786e\u5b9a\u8fd9\u662f\u5426\u53ef\u884c\u3002\u5173\u4e8e\u4ed6\u5728\u8fd9\u4e9b\u516c\u53f8\u91cc\u7684\u6267\u884c\u529b\u548c\u53d1\u5c55\u901f\u5ea6\uff0c\u6211\u5b66\u5230\u548c\u542c\u5230\u5f88\u591a\uff0c\u6211\u4e0d\u786e\u5b9a\u5176\u4ed6\u4eba\u80fd\u5426\u505a\u5230\u3002\u5982\u679c\u4ed6\u4eec\u80fd\u505a\u5230\u5e76\u6210\u529f\uff0c\u5bf9\u4e16\u754c\u5f53\u7136\u662f\u597d\u4e8b\u3002<strong>\u987a\u4fbf\u8bf4\u4e00\u53e5\uff0c\u6211\u4eec\u4e5f\u770b\u5230\u8d44\u672c\u5145\u88d5\u65f6\uff0c\u5927\u5bb6\u66f4\u613f\u610f\u6295\u90a3\u4e9b\u8d44\u672c\u6548\u7387\u4f4e\u7684\u751f\u610f\uff0c\u8fd9\u4e24\u8005\u662f\u76f8\u5173\u7684\u3002<\/strong><\/p>\n<p>\u6240\u4ee5\u53e6\u4e00\u4e2a\u8981\u5173\u6ce8\u7684\u662f\uff0c\u5982\u679c\u8d44\u672c\u53d8\u7d27\u4e86\uff0c\u5927\u5bb6\u8fd8\u4f1a\u6709\u5174\u8da3\u5417\uff1f\u8fd9\u4e9b\u751f\u610f\u5f88\u591a\u90fd\u6d89\u53ca\u76d1\u7ba1\uff0c\u5982\u679c\u6211\u4eec\u4e0d\u80fd\u7528\u4e2d\u56fd\u7684\u8d44\u6e90\uff0c\u77ff\u4e1a\u5c31\u53d8\u5f97\u66f4\u6709\u5438\u5f15\u529b\u3002\u6211\u8ba8\u538c\u8fd9\u4e2a\u4e16\u754c\u7684\u8fd9\u4e00\u90e8\u5206\u3002\u6211\u51e0\u5e74\u524d\u505a\u8fc7\u4e00\u4e2a\u5173\u4e8e\u76d1\u7ba1\u4fd8\u83b7\u7684\u6f14\u8bb2\uff0c\u5f53\u65f6\u7845\u8c37\u6ca1\u4eba\u53bb\u534e\u76db\u987f\u3002\u800c\u73b0\u5728\u5927\u5bb6\u90fd\u53bb\u4e86\u2014\u2014\u201cHillandValley\u201d\uff0c\u7b49\u7b49\u3002\u6240\u4ee5\u8fd9\u662f\u53e6\u4e00\u4e2a\u5143\u7d20\uff0c\u4e5f\u8bb8\u672c\u8be5\u653e\u5728\u6211\u7684\u201c\u73b0\u5b9e\u4e16\u754c\u201d\u91cc\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u770b\u8d77\u6765\u8fd9\u5c31\u662f\u8d8b\u52bf\u2014\u2014\u98ce\u6295\u652f\u6301\u3001\u65e9\u671f\u79c1\u6709\u5e02\u573a\u652f\u6301\u7684\u516c\u53f8\uff0c\u9762\u5bf9\u5927\u578b\u53d7\u76d1\u7ba1\u884c\u4e1a\uff0c\u6700\u7ec8\u90fd\u4f1a\u88ab\u201c\u5904\u7406\u201d\uff08processed\uff09\u3002<strong>\u6bd4\u5982Anduril\u73b0\u5728\u4f30\u503c\u5927\u6982300\u4ebf\u7f8e\u5143\uff0c\u867d\u7136\u6ca1\u5230SpaceX\u90a3\u79cd\u7ea7\u522b\uff0c\u4f46\u4e5f\u5f88\u5927<\/strong>\u2014\u2014\u4f60\u89c9\u5f97\u8fd9\u7b97\u4e0d\u7b97\u53c8\u4e00\u4e2a\u6570\u636e\u70b9\uff0c\u8bf4\u660e\u6211\u4eec\u771f\u7684\u53ef\u4ee5\u5728\u9700\u8981\u5927\u91cf\u8d44\u672c\u7684\u516c\u53f8\u91cc\u53d6\u5f97\u6210\u529f\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6beb\u65e0\u7591\u95ee\uff0c\u4ece\u76d1\u7ba1\u89d2\u5ea6\u6765\u8bf4\u786e\u5b9e\u5982\u6b64\u3002\u5386\u53f2\u4e0a\uff0c\u8fd9\u4e9b\u884c\u4e1a\u7684\u516c\u53f8\u5f88\u96be\u7a81\u7834\uff0c\u4e3b\u8981\u5c31\u662f\u56e0\u4e3a\u76d1\u7ba1\u3002\u5728Tesla\u4e4b\u524d\u6709SevenMotors\u7b49\u9020\u8f66\u5c1d\u8bd5\uff0c\u4f46\u90fd\u5931\u8d25\u4e86\u3002\u6211\u89c9\u5f97\u5f88\u591a\u90fd\u662f\u88ab\u76d1\u7ba1\u5361\u4f4f\u4e86\u3002<\/p>\n<p>\u6240\u4ee5<strong>Anduril\u80fd\u88ab\u7f8e\u56fd\u56fd\u9632\u90e8\u6279\u51c6\u5e76\u79ef\u6781\u9500\u552e\u7ed9\u519b\u65b9\uff0c\u7edd\u5bf9\u662f\u4e2a\u65b0\u6570\u636e\u70b9\uff0c<\/strong>\u5bf9\u521d\u521b\u516c\u53f8\u6765\u8bf4\u975e\u5e38\u503c\u5f97\u656c\u4f69\u3002<strong>\u4f46\u6211\u4e0d\u8ba4\u4e3a\u8fd9\u610f\u5473\u7740\u6240\u6709\u98ce\u6295\u90fd\u8be5\u51b2\u8fdb\u8fd9\u4e9b\u8d5b\u9053\u3002<\/strong>\u8fd9\u5f88\u96be\u3002\u5982\u679c\u4f60\u80fd\u505a\u4e00\u5bb6\u8f6f\u4ef6\u516c\u53f8\uff0c\u6216\u8005\u50cf\u5927\u5bb6\u5e38\u8bf4\u7684\u793e\u4ea4\u7f51\u7edc\u516c\u53f8\uff0c\u80fd\u5feb\u901f\u589e\u957f\u6536\u5165\u548c\u5229\u6da6\uff0c\u90a3\u6761\u8def\u6bd4\u73b0\u5728\u8ba8\u8bba\u7684\u8fd9\u4e9b\u5bb9\u6613\u591a\u4e86\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u8fd8\u6709\u54ea\u4e9b\u6211\u4eec\u6ca1\u804a\u5230\u3001\u4f60\u7279\u522b\u611f\u5174\u8da3\u7684\u751f\u6001\u7ec6\u5206\u9886\u57df\u3001\u516c\u53f8\u7c7b\u578b\u3001\u6295\u8d44\u7b56\u7565\u6216\u52a8\u6001\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5982\u679c\u6211\u8fd8\u662f\u6d3b\u8dc3\u7684GP\uff0c\u6211\u4f1a\u8003\u8651AI\u7684\u5782\u76f4\u9886\u57df\uff0c\u601d\u8003AI\u5728\u54ea\u4e9b\u5730\u65b9\u7279\u522b\u64c5\u957f\u3002AI\u5728\u8bed\u8a00\u65b9\u9762\u975e\u5e38\u5f3a\u5927\uff0c\u7f16\u7801\u5176\u5b9e\u662f\u66f4\u7cbe\u70bc\u7684\u8bed\u8a00\uff0c\u6240\u4ee5AI\u5728\u7f16\u7a0b\u9886\u57df\u66f4\u5f3a\uff0c\u8fd9\u4e9b\u9886\u57df\u90fd\u5f88\u91cd\u8981\u3002\u6cd5\u5f8b\u3001\u5ba2\u670d\u7b49\u9886\u57df\u90fd\u5df2\u7ecf\u6709\u5f88\u591a\u63a2\u7d22\u3002\u4f46\u6211\u89c9\u5f97\u8fd8\u6709\u4e00\u4e9b\u9886\u57df\u5c1a\u672a\u88ab\u5145\u5206\u6316\u6398\u3002\u8fd9\u4e2a\u5951\u5408\u70b9\u5bf9\u6211\u6765\u8bf4\u975e\u5e38\u6709\u8da3\u3002<\/p>\n<h2><strong>\u5982\u4f55\u4fee\u590d\u7cfb\u7edf\u5931\u7075<\/strong><strong>\u3001\u7ed9\u521b\u59cb\u4eba\u7684\u5efa\u8bae<\/strong><\/h2>\n<p><strong>Patrick\uff1a<\/strong>\u56de\u5230\u6211\u4eec\u4e00\u5f00\u59cb\u8ba8\u8bba\u7684LP\u89c6\u89d2\u3001\u8d44\u672c\u5e02\u573a\u7cfb\u7edf\u5c42\u9762\u7684\u95ee\u9898\uff0c\u4f60\u89c9\u5f97\u672a\u6765\u4e94\u5e74\u5185\u4f1a\u53d1\u751f\u4ec0\u4e48\uff1f\u4f60\u5df2\u7ecf\u63cf\u8ff0\u4e86\u73b0\u5b9e\u548c\u5404\u79cd\u6fc0\u52b1\uff08\u6216\u7f3a\u4e4f\u6fc0\u52b1\uff09\u673a\u5236\u3002\u4f60\u89c9\u5f97\u63a5\u4e0b\u6765\u4f1a\u600e\u6837\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u7684\u76f4\u89c9\u662f\uff0c\u6211\u4eec\u786e\u5b9e\u6709\u95ee\u9898\u3002\u867d\u7136\u6211\u5728\u98ce\u6295\u9886\u57df\u53d6\u5f97\u4e86\u4e00\u4e9b\u6210\u529f\uff0c\u4f46\u6211\u4e00\u76f4\u66f4\u50cf\u5206\u6790\u5e08\u800c\u4e0d\u662f\u4e50\u89c2\u4e3b\u4e49\u8005\u3002\u6211\u5929\u751f\u66f4\u503e\u5411\u4e8e\u6279\u5224\u6027\u601d\u7ef4\uff0c\u6240\u4ee5\u6211\u7684\u504f\u89c1\u4e5f\u5728\u8fd9\u8fb9\u3002\u6709\u4eba\u80af\u5b9a\u53ef\u4ee5\u53cd\u9a73\u6211\uff0c\u8bf4Gurley\u603b\u662f\u9884\u6d4b\u4e0b\u884c\u5468\u671f\u4ec0\u4e48\u7684\u3002<\/p>\n<p>\u4f46\u6211\u7684\u76f4\u89c9\u662f\uff0c\u6211\u4eec\u786e\u5b9e\u6709\u95ee\u9898\u3002\u5f53\u524d\u7684\u7cfb\u7edf\u5bfc\u81f4\u6d41\u52a8\u6027\u53d8\u5dee\uff0c\u4f20\u7edf\u9ad8\u8d28\u91cf\u516c\u53f8\u5efa\u8bbe\u53d8\u5c11\uff0c\u70e7\u94b1\u901f\u5ea6\u53d8\u5feb\u3002\u4ece\u6211\u7684\u89d2\u5ea6\u770b\uff0c\u8fd9\u4e0d\u662f\u4e2a\u597d\u7ec4\u5408\u3002\u800c\u4e14\u8fd9\u4e00\u5207\u90fd\u662f\u81ea\u6211\u5f3a\u5316\u7684\uff0c\u6240\u6709\u7ec4\u6210\u90e8\u5206\u90fd\u5728\u4e92\u76f8\u4f5c\u7528\uff0c\u9664\u975eLP\u5c42\u9762\u53d1\u751f\u53d8\u5316\uff0c\u5426\u5219\u6211\u770b\u4e0d\u5230\u7ea0\u6b63\u673a\u5236\u3002\u6211\u89c9\u5f97\u6211\u4eec\u53ea\u4f1a\u8d8a\u6765\u8d8a\u9677\u5165\u8fd9\u4e2a\u5faa\u73af\u3002<\/p>\n<p>\u4f60\u53ef\u80fd\u770b\u8fc7\u4e00\u4e2aJoshKopelman\u7684\u89c6\u9891\uff0c\u4ed6\u7528\u5f88\u7b80\u5355\u7684GP\u6570\u5b66\u63a8\u5bfc\u4e86\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5bf9\uff0c\u548cJackAltman\u4e00\u8d77\u505a\u7684\u3002\u662f\u7684\uff0c\u6211\u770b\u8fc7\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5927\u6982\u4e09\u5206\u949f\u7684\u89c6\u9891\u3002\u4e5f\u8bb8\u6211\u4eec\u53ef\u4ee5\u628a\u5b83\u53d1\u51fa\u6765\u3002\u6211\u5f88\u96be\u4e0d\u540c\u610f\u4ed6\u89c6\u9891\u91cc\u7684\u89c2\u70b9\u3002\u5f88\u7b80\u5355\u7684\u6570\u5b66\u3002<strong>\u8fd9\u5957\u7cfb\u7edf\u73b0\u5728\u770b\u8d77\u6765\u65e0\u6cd5\u6301\u7eed\u3002\u4ee5\u6211\u4eec\u73b0\u5728\u4ed8\u51fa\u7684\u4ef7\u683c\u3001\u82b1\u7684\u94b1\u3001\u4ee5\u53ca\u8981\u8ba9\u98ce\u6295\u56de\u62a5\u8fbe\u5230\u5386\u53f2\u6c34\u5e73\u6240\u9700\u7684\u6761\u4ef6\u6765\u770b\uff0c\u5c40\u9762\u5f88\u96be\u89e3\u3002<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679c\u7ecf\u5386\u4e00\u6b21\u91cd\u7f6e\u4f1a\u600e\u6837\uff1f\u5047\u8bbe\u6211\u4eec\u80fd\u628a\u516c\u5f00\u5e02\u573a\u7684\u5b9a\u4ef7\u673a\u5236\u5e26\u5230\u6240\u6709\u8d44\u4ea7\u4e0a\uff0c\u7ed3\u679c\u5c31\u662f\u4e00\u6b21\u5927\u89c4\u6a21\u7684\u4ef7\u683c\u91cd\u7f6e\u3002\u4e4b\u540e\u4f1a\u53d1\u751f\u4ec0\u4e48\uff1f\u4f60\u89c9\u5f97\u8fd9\u79cd\u201creset\u201d\u5e26\u6765\u7684\u5229\u4e0e\u5f0a\u5206\u522b\u662f\u4ec0\u4e48\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6211\u5f88\u96be\u60f3\u8c61\u3002\u6211\u89c9\u5f97\u5927\u591a\u6570\u4eba\u4f1a\u89c9\u5f97\u5f88\u7cdf\u7cd5\u3002\u6211\u7ecf\u5386\u8fc7\u51e0\u6b21\u91cd\u7f6e\uff0c\u6709\u4e00\u70b9\u633a\u6709\u8da3\u2014\u2014\u4f5c\u4e3a\u6d3b\u8dc3GP\u65f6\uff0c\u6211\u5728\u91cd\u7f6e\u671f\u95f4\u53cd\u800c\u66f4\u51b7\u9759\u3001\u66f4\u5f00\u5fc3\uff0c\u5de5\u4f5c\u66f4\u6709\u6210\u5c31\u611f\u3001\u66f4\u9ad8\u6548\u3002\u5728\u6ce1\u6cab\u671f\u53cd\u800c\u6ca1\u90a3\u4e48\u597d\u3002\u53ef\u80fd\u6709\u4e9b\u4eba\u66f4\u559c\u6b22\u6ce1\u6cab\uff0c\u6bd4\u5982\u9500\u552e\u578b\u4eba\u624d\u559c\u6b22\u90a3\u79cd\u70ed\u95f9\u573a\u9762\u3002\u4f46\u6211\u53d1\u73b0\u5173\u4e8e\u516c\u53f8\u5efa\u8bbe\u7684\u8ba8\u8bba\uff0c\u5728\u91cd\u7f6e\u671f\u90fd\u66f4\u9ad8\u6548\u3001\u66f4\u771f\u5b9e\u3002<\/p>\n<p>\u4e92\u8054\u7f51\u6ce1\u6cab\u7834\u706d\u65f6\uff0c<strong>\u4f2a\u88c5\u8005\u79bb\u5f00\u4e86\u7845\u8c37\u3002<\/strong>\u90a3\u65f6\u6709\u4e2a\u7b11\u8bdd\uff0cB2C\u548cB2B\u53d8\u6210\u4e86\u201cBacktoConsulting\u201d\u548c\u201cBacktoBanking\u201d\uff0c\u56e0<strong>\u4e3a\u94b1\u4e0d\u5bb9\u6613\u62ff\u5230\uff0c<\/strong><strong>\u673a\u4f1a\u4e3b\u4e49\u8005<\/strong><strong>\u5c31\u8d70\u4e86\u3002<\/strong>\u8fd9\u4e9b\u4eba\u6211\u4e0d\u559c\u6b22\uff0c<strong>\u4ed6\u4eec\u4e0d\u662f\u51fa\u4e8e\u6b63\u786e\u7406\u7531\u53c2\u4e0e\uff0c\u559c\u6b22\u8fc7\u5ea6\u5ba3\u4f20\u3001\u8fc7\u5ea6\u878d\u8d44\u3001\u8fc7\u5ea6\u53c2\u4e0e\u4e8c\u7ea7\u5e02\u573a\uff0c\u6700\u540e\u7559\u4e0b\u4e00\u5730\u9e21\u6bdb\u3002<\/strong>\u6211\u4e0d\u559c\u6b22\u8fd9\u6837\uff0c\u4f46\u5728\u8fd9\u4e2a\u9ad8\u901f\u8fd0\u8f6c\u7684\u4e16\u754c\u91cc\uff0c\u8fd9\u4e5f\u662f\u4e00\u90e8\u5206\u3002\u5982\u679c\u5e02\u573a\u4fee\u6b63\u4e86\uff0c\u5927\u5bb6\u4f1a\u53bb\u5bfb\u627e\u65b0\u673a\u4f1a\u3002\u9020\u6210\u8fd9\u79cd\u5c40\u9762\u7684\u539f\u56e0\u4e4b\u4e00\uff0c\u662f\u5927\u5bb6\u90fd\u7814\u7a76\u8fc7\u5386\u53f2\uff0c\u90fd\u61c2\u590d\u5229\u6548\u5e94\u3001\u7f51\u7edc\u6548\u5e94\u3001\u5468\u671f\u5faa\u73af\uff0c\u90fd\u89c1\u8fc7\u7e41\u8363\u4e0e\u8427\u6761\u3002\u4f60\u8fd8\u8bb0\u5f97\u65b0\u51a0\u521d\u671f\u80a1\u5e02\u4e0b\u8dcc\u6301\u7eed\u4e86\u591a\u4e45\u5417\uff1f<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5927\u6982\u4e09\u5468\u5427\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5bf9\uff0c\u7136\u540e\u5927\u5bb6\u5c31\u5f00\u59cb\u6284\u5e95\u3002\u6240\u4ee5\u6211\u6000\u7591\uff0cAI\u9886\u57df\u7684\u4fe1\u5fc3\u8db3\u591f\u9ad8\uff0c\u5373\u4f7f\u6709\u516d\u4e2a\u6708\u5927\u5bb6\u89c9\u5f97AI\u88ab\u9ad8\u4f30\u4e86\uff0c\u5f88\u5feb\u4e5f\u4f1a\u53cd\u5f39\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5982\u679c\u4f60\u73b0\u5728\u8981\u521b\u529e\u4e00\u5bb6\u5168\u65b0\u7684\u6295\u8d44\u516c\u53f8\uff0c\u4f60\u89c9\u5f97\u54c1\u724c\u5efa\u8bbe\u6700\u91cd\u8981\u7684\u56e0\u7d20\u662f\u4ec0\u4e48\uff1f\u6211\u4eec\u6b63\u5904\u5728\u4e00\u4e2a\u65b0\u7eaa\u5143\uff0c\u4e00\u4e9b\u65b0\u5174\u79c1\u6709\u5e02\u573a\u516c\u53f8\u50cfThrive\u3001Greenoaks\u3001a16z\u3001Ribbit\u7b49\uff0c2010\u5e74\u524d\u540e\u521b\u7acb\uff0c\u73b0\u5728\u5df2\u7ecf\u975e\u5e38\u5927\u3001\u5f88\u6709\u58f0\u671b\u3002\u4ed6\u4eec\u5404\u6709\u81ea\u5df1\u7684\u54c1\u724c\u5efa\u8bbe\u4e4b\u9053\u3002\u4f60\u4f1a\u7ed9\u4eca\u5e74\u521b\u4e1a\u3001\u5e0c\u671b\u5341\u4e8c\u5e74\u540e\u6210\u4e3a\u8fd9\u4e9b\u516c\u53f8\u7684\u65b0\u6295\u8d44\u4eba\u4ec0\u4e48\u5efa\u8bae\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u4f60\u521a\u624d\u7684\u8bdd\u8ba9\u6211\u60f3\u5230\u4e00\u4e2a\u548c\u4f60\u95ee\u9898\u65e0\u5173\u7684\u70b9\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u6ca1\u5173\u7cfb\u3002<\/p>\n<p><strong>Bill\uff1a\u7cfb\u7edf\u6027\u95ee\u9898\u7684\u53e6\u4e00\u4e2a\u8d1f\u9762\u5f71\u54cd\uff0c\u662f\u6709\u4e9b\u516c\u53f8\u9760\u5199\u4e09\u4ebf\u7f8e\u5143\u5927\u652f\u7968\u201c\u8dea\u6c42\u201d\u8fdb\u5165\u80a1\u4e1c\u540d\u5355\uff0c\u4ed6\u4eec\u7684\u5dee\u5f02\u5316\u65b9\u5f0f\u5c31\u662f\u6210\u4e3a\u521b\u59cb\u4eba\u6700\u597d\u7684\u670b\u53cb<\/strong>\u3002\u8fd9\u5bf9\u6211\u6765\u8bf4\u5f88\u5bb9\u6613\u8bf4\uff0c\u56e0\u4e3a\u6211\u5df2\u7ecf\u4e0d\u5199\u652f\u7968\u4e86\uff0c\u6ca1\u4eba\u4f1a\u56e0\u4e3a\u6211\u8bf4\u4ec0\u4e48\u800c\u4e0d\u8ba9\u6211\u5f53\u8463\u4e8b\uff0c\u6240\u4ee5\u65e0\u6240\u8c13\u3002<\/p>\n<p><strong>\u4f46\u4ed6\u4eec\u4e0d\u4f1a\u627f\u62c5\u201c\u5e2e\u4f60\u505a\u66f4\u597d\u51b3\u7b56\u201d\u7684\u8d23\u4efb\u3002<\/strong>\u4ed6\u4eec\u6c38\u8fdc\u4e0d\u4f1a\u8bf4\u201c\u4e0d\u201d\u3002\u4e00\u4e2a\u6781\u7aef\u4f8b\u5b50\u5c31\u662fSBF\u7684FTX\u4e8b\u4ef6\uff0c\u6ca1\u6709\u4eba\u8fdb\u8463\u4e8b\u4f1a\uff0c\u5927\u5bb6\u90fd\u76f8\u4fe1\u4ed6\u6ca1\u632a\u7528\u8d44\u91d1\uff0c\u6700\u540e\u5c31\u5d29\u4e86\u3002<strong>\u5176\u5b9e\u6709\u4e2a\u4eba\u80fd\u5728\u5173\u952e\u65f6\u523b\u201c\u53eb\u505c\u201d\uff0c\u80fd\u63a8\u52a8\u5355\u4f4d\u7ecf\u6d4e\u6a21\u578b\uff0c\u662f\u5f88\u6709\u7528\u7684\u3002\u6211\u62c5\u5fc3\u73b0\u5728\u8fd9\u6837\u7684\u201c\u9006\u5411\u58f0\u97f3\u201d\u8d8a\u6765\u8d8a\u5c11\u3002<\/strong><\/p>\n<p>\u6700\u4f18\u79c0\u7684CEO\uff0c\u6bd4\u5982Barton\uff08Zillow\u524dCEO\uff09\u3001Benioff\uff08Salesforeqian CEO\uff09\uff0c\u751a\u81f3Meta\u7684Mark\u90fd\u8bf4\u8fc7\uff0c<strong>\u4ed6\u4eec\u8ba4\u4e3a\u4e0a\u5e02\u8ba9\u4ed6\u4eec\u8fd0\u4f5c\u66f4\u9ad8\u6548\u3002\u516c\u53f8\u957f\u671f\u79c1\u6709\u5316\u7684\u53e6\u4e00\u4e2a\u8d1f\u9762\u5f71\u54cd\uff0c\u662f\u4ed6\u4eec\u5f97\u4e0d\u5230\u8fd9\u79cd\u53cd\u9988\u3002<\/strong><\/p>\n<p>\u56de\u5230\u4f60\u7684\u95ee\u9898\uff0c\u6211\u4e0d\u77e5\u9053\u8be5\u600e\u4e48\u56de\u7b54\u3002\u73b0\u5728\u8981\u6211\u91cd\u65b0\u5f00\u59cb\u8fd9\u6bb5\u65c5\u7a0b\u5f88\u96be\u60f3\u8c61\uff0c\u56e0\u4e3a\u524d\u9762\u8bf4\u7684\u90a3\u4e9b\u539f\u56e0\u3002\u6240\u4ee5\u6211\u53ea\u80fd\u6682\u65f6\u8df3\u8fc7\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u5f88\u9ad8\u5174\u6211\u7684\u95ee\u9898\u80fd\u5f15\u53d1\u4f60\u521a\u624d\u90a3\u6bb5\u601d\u8003,\u4e5f\u5f88\u6709\u4ef7\u503c\u3002\u6700\u540e\u80fd\u4e0d\u80fd\u7ed9\u521b\u59cb\u4eba\u4eec\u7559\u51e0\u53e5\u8bdd\uff1f\u6211\u603b\u662f\u5e0c\u671b\u56de\u5230\u521b\u59cb\u4eba\u8eab\u4e0a\uff0c\u56e0\u4e3a\u6ca1\u6709\u4ed6\u4eec\u505a\u4e8b\uff0c\u8fd9\u4e00\u5207\u90fd\u6ca1\u6709\u610f\u4e49\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5b8c\u5168\u540c\u610f\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u73b0\u5728\u521b\u59cb\u4eba\u53ef\u80fd\u9762\u4e34\u6709\u53f2\u4ee5\u6765\u6700\u597d\u7684\u521b\u4e1a\u73af\u5883\uff0c\u5de5\u5177\u6700\u591a\uff0c\u6280\u672f\u6700\u6fc0\u52a8\u4eba\u5fc3\uff0c\u8d44\u672c\u4e5f\u613f\u610f\u652f\u6301\u3002\u4f60\u4f5c\u4e3a\u6295\u8d44\u4eba\u76f4\u63a5\u652f\u6301\u8fc7\u5f88\u591a\u4f1f\u5927\u4f01\u4e1a\uff0c\u80fd\u4e0d\u80fd\u7ed9\u4ed6\u4eec\u4e00\u4e9b\u5173\u4e8e\u673a\u4f1a\u548c\u601d\u8003\u65b9\u5f0f\u7684\u5efa\u8bae\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5982\u679c\u4f60\u8db3\u591f\u5e78\u8fd0\u8eab\u5904\u70ed\u95e8\u516c\u53f8\u3001\u6b63\u5904\u4e8e\u6211\u4eec\u8ba8\u8bba\u7684\u8fd9\u4e2a\u4e16\u754c\uff0c\u6211\u4f1a\u7ed9\u51e0\u70b9\u5efa\u8bae\u3002<\/p>\n<p><strong>\u7b2c\u4e00\uff0c\u5355\u4f4d\u7ecf\u6d4e\u6a21\u578b\u8fdf\u65e9\u4f1a\u53d8\u5f97\u91cd\u8981\u3002<\/strong>\u4f46\u8fd9\u4e0d\u610f\u5473\u7740\u4f60\u73b0\u5728\u5c31\u5f97\u628a\u6bcf\u4e00\u5206\u94b1\u90fd\u7b97\u6e05\u695a\u3002\u6b63\u5982\u524d\u9762\u8bf4\u7684\uff0c\u4e24\u4ee3\u4ee5\u524d\u7684\u6a21\u578b\u4ef7\u683c\u53ea\u6709\u73b0\u5728\u7684\u767e\u5206\u4e4b\u4e00\u3002\u4f60\u53ef\u4ee5\u8ba1\u5212\u672a\u6765\u4f1a\u8f6c\u5411\u90a3\u79cd\u6a21\u5f0f\uff0c\u8fd9\u6ca1\u95ee\u9898\u3002\u6211\u89c9\u5f97\u73b0\u5728\u70e7\u94b1\u6ca1\u5173\u7cfb\uff0c\u4f46\u5355\u4f4d\u7ecf\u6d4e\u8fdf\u65e9\u4f1a\u6210\u4e3a\u6838\u5fc3\u3002\u4f60\u6700\u7ec8\u8fd8\u662f\u8981\u628a\u516c\u53f8\u89c4\u6a21\u505a\u5927\u3001\u9ad8\u6548\u8fd0\u4f5c\u3002\u6211\u53d1\u73b0\uff0c\u5f88\u591a\u521b\u59cb\u4eba\u628a\u67d0\u4e9b\u8fd0\u8425\u80fd\u529b\u5f53\u4f5c\u201c\u5b98\u50da\u4e3b\u4e49\u201d\uff0c\u89c9\u5f97\u90a3\u662f\u5927\u516c\u53f8\u624d\u505a\u7684\u4e8b\uff0c\u4e0d\u662f\u521b\u4e1a\u7684\u521d\u8877\u3002\u4f46\u5f53\u4f60\u6536\u5165\u8d85\u8fc7\u4e00\u4ebf\u7f8e\u5143\u3001\u751a\u81f3\u5341\u4ebf\u7f8e\u5143\u65f6\uff0c\u6ca1\u6709\u8fd9\u4e9b\u80fd\u529b\u662f\u6ca1\u6cd5\u8fd0\u4f5c\u7684\u3002\u8fd9\u5176\u5b9e\u5728\u4efb\u4f55\u5468\u671f\u90fd\u9002\u7528\uff0c\u4f46\u5728\u8d44\u672c\u5145\u88d5\u65f6\u4ee3\u5c24\u4e3a\u91cd\u8981\u3002<\/p>\n<p>\u6211\u6700\u559c\u6b22\u7684Reid Hoffman\u5199\u8fc7\u4e00\u7bc7\u5173\u4e8eUber\u7684\u6587\u7ae0\uff0c\u7528\u201c\u6d77\u76d7-\u6d77\u519b\u201d\u6bd4\u55bb\uff0c<strong>\u8bf4\u6240\u6709\u521d\u521b\u516c\u53f8\u90fd\u662f\u4ee5\u6d77\u76d7\u8d77\u5bb6\uff0c\u6700\u7ec8\u90fd\u5f97\u53d8\u6210\u6d77\u519b\u3002<\/strong>\u8fd9\u662f\u771f\u7684\u3002\u5bf9\u4e8e\u4e00\u4e9b\u4eba\uff0c\u8fd9\u4e2a\u8f6c\u53d8\u5f88\u4e0d\u8212\u670d\uff0c\u4f46\u4f60\u5fc5\u987b\u627e\u5230\u9002\u5408\u81ea\u5df1\u7684\u65b9\u5f0f\u3002<\/p>\n<p><strong>\u53e6\u4e00\u4e2a\u76f8\u5173\u7684\u60f3\u6cd5\uff0c<\/strong>BenHorowitz\u4e5f\u5199\u8fc7\u4e00\u7bc7\u5f88\u68d2\u7684\u535a\u5ba2\uff0c<strong>\u8bf4\u4ed6\u4eec\u53ea\u60f3\u652f\u6301\u80fd\u575a\u6301\u5230\u5e95\u7684\u521b\u59cb\u4eba\u3002<\/strong>\u8fd9\u53e5\u8bdd\u5199\u5f97\u5f88\u806a\u660e\uff0c\u56e0\u4e3a\u521b\u59cb\u4eba\u90fd\u7231\u542c\u3002\u4f46\u5176\u5b9e\u6bcf\u4e2a\u98ce\u6295\u90fd\u4e00\u6837\uff0c\u56e0\u4e3a\u6362CEO\u6709\u4e00\u534a\u6982\u7387\u5931\u8d25\uff0c\u6ca1\u4eba\u613f\u610f\u5192\u8fd9\u4e2a\u9669\u3002\u4f46\u90a3\u7bc7\u6587\u7ae0\u91cc\u6709\u4e24\u4e09\u6bb5\u8bdd\u8bf4\uff0c\u201c\u5f53\u7136\uff0c\u524d\u63d0\u662f\u521b\u59cb\u4eba\u613f\u610f\u5b66\u4f1a\u5982\u4f55\u9886\u5bfc\u3002\u201d\u6211\u89c9\u5f97\u6211\u4eec\u884c\u4e1a\u91cc\u5e38\u5e38\u5ffd\u7565\u8fd9\u4e00\u70b9\u2014\u2014\u521b\u59cb\u4eba\u751f\u6765\u5e76\u4e0d\u4e00\u5b9a\u9002\u5408\u5e26\u9886\u4e00\u5343\u4eba\u56e2\u961f\u3002\u6709\u4e9b\u4eba\u4e00\u8f88\u5b50\u90fd\u5728\u7814\u7a76\u600e\u4e48\u628a\u7ec4\u7ec7\u7ba1\u597d\u3002\u53ea\u6709\u6781\u5c11\u6570\u521b\u59cb\u4eba\uff0c\u6bd4\u5982\u4e09\u5341\u6765\u4e2a\uff0c\u6709\u673a\u4f1a\u548cBillCampbell\u5408\u4f5c\uff0c\u5b66\u4f1a\u600e\u4e48\u505a\u9886\u5bfc\u3002\u8fd9\u4e0d\u662f\u5929\u751f\u7684\uff0c\u4e5f\u4e0d\u662f\u514d\u8d39\u7684\uff0c\u4f60\u5f97\u4e0b\u51b3\u5fc3\u5b66\u4f1a\u3002\u6709\u4e9b\u4eba\u683c\u7c7b\u578b\u5f88\u96be\u505a\u5230\u3002\u6211\u548cMichaelDell\u6709\u8fc7\u5f88\u68d2\u7684\u4ea4\u6d41\uff0c\u4ed6\u505a\u5230\u4e86\uff0c\u6709\u6bb5\u65f6\u95f4\u89c9\u5f97\u81ea\u5df1\u4e0d\u60f3\u505a\uff0c\u540e\u6765\u53c8\u627e\u5230\u4e86\u65e2\u80fd\u505a\u53c8\u80fd\u5f00\u5fc3\u7684\u65b9\u5f0f\u3002\u8fd9\u771f\u7684\u5f88\u96be\u3002<\/p>\n<p><strong>\u6700\u540e\u8fd8\u6709\u4e24\u70b9\u3002<\/strong>\u7b2c\u4e00\uff0c\u7f51\u7edc\u6548\u5e94\u662f\u771f\u5b9e\u5b58\u5728\u7684\uff0c\u5982\u679c\u4f60\u5173\u6ce8\u5b83\u4eec\uff0c\u53ef\u4ee5\u8ba9\u5b83\u4eec\u53d8\u5f97\u66f4\u5f3a\u3002\u5982\u679c\u4f60\u5728\u70ed\u95e8\u5e02\u573a\u91cc\uff0c\u589e\u957f\u65e0\u5904\u4e0d\u5728\uff0c\u5bb9\u6613\u5ffd\u89c6\u7f51\u7edc\u6548\u5e94\u3002\u4f46\u4f60\u8981\u601d\u8003\uff1a\u4f60\u7684\u4e1a\u52a1\u6709\u6ca1\u6709\u67d0\u79cd\u201c\u6570\u636e\u526f\u4ea7\u7269\u201d\u6216\u5176\u4ed6\u673a\u5236\uff0c\u6bd4\u5982\u4f60\u6709\u4e00\u5343\u4e2a\u5ba2\u6237\uff0c\u53d8\u6210\u4e24\u5343\u4e2a\u5ba2\u6237\u65f6\uff0c\u7b2c\u4e24\u5343\u4e2a\u5ba2\u6237\u7684\u4f53\u9a8c\u5e94\u8be5\u6bd4\u7b2c\u4e00\u5343\u4e2a\u66f4\u597d\u3002\u4f60\u80fd\u4e0d\u80fd\u628a\u8fd9\u4e2a\u673a\u5236\u8bbe\u8ba1\u8fdb\u7cfb\u7edf\uff1f\u5982\u679c\u80fd\u505a\u5230\uff0c\u957f\u671f\u5bf9\u516c\u53f8\u6210\u529f\u4f1a\u6709\u5de8\u5927\u5f71\u54cd\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u4f60\u89c9\u5f97\u5728AI\u65f6\u4ee3\uff0c\u600e\u4e48\u5b9e\u73b0\u8fd9\u4e00\u70b9\uff1f\u4e3b\u8981\u662f\u6570\u636e\u95ee\u9898\u5417\uff1f\u8ba9\u4ea7\u54c1\u81ea\u7136\u4ea7\u751f\u66f4\u591a\u6570\u636e\uff0c\u4ece\u800c\u63d0\u5347\u81ea\u8eab\u80fd\u529b\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5047\u8bbe\u4f60\u670d\u52a1\u7684\u662f\u67d0\u4e2a\u529f\u80fd\u578b\u5782\u76f4\u9886\u57df\u3002\u5982\u679c\u4e00\u4e2a\u5ba2\u6237\u7684\u5b66\u4e60\u6210\u679c\u80fd\u53d8\u6210\u6574\u4e2a\u5ba2\u6237\u7fa4\u4f53\u7684\u5b66\u4e60\u6210\u679c\uff0c\u5927\u5bb6\u90fd\u80fd\u53d7\u76ca\uff0c\u8fd9\u5c31\u5f88\u5f3a\u5927\u3002\u6211\u89c9\u5f97\u8fd9\u5b8c\u5168\u53ef\u884c\u3002\u6bd4\u5982\u6709\u4e9bAI\u6cd5\u5f8b\u516c\u53f8\uff0c\u6211\u6ca1\u6295\u8fc7\uff0c\u4ed6\u4eec\u4f1a\u7814\u7a76\u6240\u6709\u8bc9\u8bbc\u8f93\u5165\u4fe1\u606f\uff0c\u8fd8\u4f1a\u7814\u7a76\u6240\u6709\u5224\u4f8b\u548c\u6cd5\u5f8b\u5386\u53f2\u3002AI\u4f1a\u505a\u67d0\u4e9b\u4e8b\uff0c\u5982\u679c\u6709\u4eba\u5de5\u53c2\u4e0e\uff0c\u4f60\u4f1a\u53d1\u73b0\u5931\u8d25\u70b9\uff0c\u7136\u540e\u4e0d\u65ad\u6539\u8fdb\u6a21\u578b\u3002\u8fd9\u7c7b\u673a\u5236\u4f1a\u8ba9\u9886\u5148\u8005\u8d8a\u8dd1\u8d8a\u5feb\uff0c\u53ea\u8981\u6a21\u578b\u6301\u7eed\u6539\u8fdb\u3002<\/p>\n<p><strong>Patrick\uff1a\u4f60\u89c9\u5f97AI\u4f1a\u8ba9\u6d88\u8d39\u4e92\u8054\u7f51\u91cd\u65b0\u53d8\u5f97\u6709\u6295\u8d44\u4ef7\u503c\u5417\uff1f<\/strong>\u81ea\u79fb\u52a8\u4e92\u8054\u7f51\u65f6\u4ee3\u4ee5\u6765\uff0c\u7f8e\u56fdVC\u5f88\u5c11\u5173\u6ce8\u6d88\u8d39\u9886\u57df\uff0c\u8d44\u672c\u4e5f\u5f88\u5c11\u6d41\u5411\u90a3\u91cc\u3002\u4f60\u89c9\u5f97AI\u4f1a\u8ba9\u8fd9\u4e2a\u9886\u57df\u518d\u6b21\u53d8\u5f97\u6709\u5438\u5f15\u529b\u5417\uff1f<\/p>\n<p><strong>Bill\uff1a<\/strong>\u6709\u4eba\u7814\u7a76\u8fc7\u4e2d\u56fd\u51fa\u73b0\u7684\u4e00\u4e9b\u65b0\u73b0\u8c61\uff0c\u53ef\u80fd\u9884\u793a\u7740\u8fd9\u4e00\u70b9\uff0c\u6211\u5e94\u8be5\u591a\u505a\u4e9b\u529f\u8bfe\u3002\u6211\u4eec\u5176\u5b9e\u5728Character.ai\u4e0a\u6709\u8fc7\u65e9\u671f\u5c1d\u8bd5\u3002<strong>\u4f46LLM\u7b2c\u4e00\u6ce2\u6709\u4e24\u4e2a\u95ee\u9898\u8ba9\u5b83\u4eec\u4e0d\u9002\u5408\u6d88\u8d39\u9886\u57df\uff1a\u7b2c\u4e00\u662f\u8bed\u97f3\u80fd\u529b\uff0c\u867d\u7136\u6b63\u5728\u53d8\u5f3a\uff1b\u7b2c\u4e8c\u662f\u8bb0\u5fc6\u80fd\u529b\uff0c\u73b0\u5728\u4e5f\u5728\u63d0\u5347\uff0c\u867d\u7136\u662f\u5728\u4e3b\u6a21\u578b\u4e4b\u5916\u5b9e\u73b0\u7684\uff0c\u4f46\u6ca1\u5173\u7cfb\uff0c\u6700\u540e\u8fd8\u662f\u4f1a\u96c6\u6210\u8fdb\u4e0a\u4e0b\u6587\u7a97\u53e3\u3002<\/strong><\/p>\n<p>\u968f\u7740\u8fd9\u4e9b\u80fd\u529b\u63d0\u5347\u2014\u2014\u5f88\u591aCharacter.ai<strong>\u65e9\u671f\u7684\u8d1f\u9762\u53cd\u9988\u5c31\u662f\u201c\u5b83\u5e76\u4e0d\u771f\u7684\u4e86\u89e3\u4f60\u201d<\/strong>\uff0c\u6240\u4ee5\u7f51\u7edc\u6548\u5e94\u3001\u5b66\u4e60\u63d0\u5347\u548c\u5207\u6362\u6210\u672c\u90fd\u4e0d\u660e\u663e\u3002\u6211\u5b8c\u5168\u80fd\u60f3\u8c61\u7535\u5f71\u300a\u5979\u300b\u91cc\u7684\u60c5\u8282\u4f1a\u5b9e\u73b0\u2014\u2014\u90a3\u771f\u662f\u90e8\u8d85\u524d\u7684\u7535\u5f71\u3002\u6211\u4f1a\u5f88\u60ca\u8bb6\u5982\u679c\u660e\u5e74\u4e0d\u5192\u51fa\u56db\u4e94\u5bb6\u8fd9\u6837\u7684\u516c\u53f8\u3002\u4e5f\u8bb8\u8fd9\u5c31\u662f\u6211\u4eec\u4e00\u76f4\u5728\u627e\u7684\u201c\u9006\u5411\u673a\u4f1a\u201d\u2014\u2014<strong>\u7f8e\u56fd\u5927\u90e8\u5206\u7cbe\u529b\u90fd\u5728\u4f01\u4e1a\u4fa7\uff0c\u6d88\u8d39\u4fa7\u53ef\u80fd\u771f\u7684\u6709\u5927\u673a\u4f1a\u3002<\/strong><\/p>\n<p><strong>Patrick\uff1a<\/strong>Bill\uff0c\u548c\u4f60\u804a\u592a\u6709\u8da3\u4e86\u3002\u4e5f\u8bb8\u6211\u4eec\u6bcf\u9694\u51e0\u5e74\u5c31\u505a\u4e00\u6b21\u5e02\u573a\u72b6\u6001\u66f4\u65b0\uff0c\u65e2\u7136\u4f60\u4e0d\u518d\u76f4\u63a5\u7ed9LP\u505a\u8fd9\u4e8b\uff0c\u6211\u4eec\u53ef\u4ee5\u4e3a\u6574\u4e2a\u884c\u4e1a\u505a\u4e00\u6b21\u3002\u8c22\u8c22\u4f60\u548c\u6211\u4eec\u5206\u4eab\u4f60\u7684\u7ecf\u9a8c\u548c\u89c1\u89e3\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u5f53\u7136\uff0c\u6211\u77e5\u9053LP\u5708\u5b50\u5f88\u5173\u6ce8\u4f60\u505a\u7684\u5185\u5bb9\uff0cPatrick\u3002\u5982\u679c\u6709\u4eba\u5bf9\u6211\u8bf4\u7684\u6709\u53cd\u9988\u3001\u60f3\u7ea0\u6b63\u3001\u6216\u8005\u6709\u4efb\u4f55\u5efa\u8bae\uff0c\u90fd\u6b22\u8fce\u8054\u7cfb\u6211\u3002\u6211\u5f88\u559c\u6b22\u8fd9\u4e2a\u884c\u4e1a\uff0c\u5e0c\u671b\u6211\u7684\u5206\u4eab\u6709\u7528\u3002\u73b0\u5728\u6211\u6b63\u5904\u4e8e\u201c\u56de\u9988\u793e\u4f1a\u201d\u7684\u9636\u6bb5\uff0c\u5f88\u613f\u610f\u5e2e\u5fd9\u3002<\/p>\n<p><strong>Patrick\uff1a<\/strong>\u6211\u4eec\u4f1a\u628a\u4fe1\u53f7\u53d1\u51fa\u53bb\u3002Bill\uff0c\u975e\u5e38\u611f\u8c22\u4f60\u7684\u65f6\u95f4\u3002<\/p>\n<p><strong>Bill\uff1a<\/strong>\u597d\u3002<\/p>\n<\/p><\/div>\n<div class=\"pl30 pr30 pb30\">\n<p class=\"f18 fw\">\u6b22\u8fce\u52a0\u5165\u6df1\u6f6eTechFlow\u5b98\u65b9\u793e\u7fa4<\/p>\n<div class=\"line32 mt20\">                        Telegram\u8ba2\u9605\u7fa4\uff1ahttps:\/\/t.me\/TechFlowDaily<br \/>                        Twitter\u5b98\u65b9\u8d26\u53f7\uff1ahttps:\/\/x.com\/TechFlowPost<br \/>                        Twitter\u82f1\u6587\u8d26\u53f7\uff1ahttps:\/\/x.com\/BlockFlow_News                    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bill Guerley \u8c08\u7f8e\u56fd\u4e00\u7ea7\u5e02\u573a\u95ee\u9898\uff1a\u50f5\u5c38\u72ec\u89d2\u517d\u3001\u4f30\u503c\u5931\u771f\u3001IPO \u56f0\u5883\u3001\u516c\u53f8\u4e0d\u60f3\u4e0a\u5e02 \u5f53\u524d\u5e02\u573a\u4e2d\uff0c\u65e0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2714"}],"version-history":[{"count":1,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2714\/revisions"}],"predecessor-version":[{"id":5243,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2714\/revisions\/5243"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/media\/2715"}],"wp:attachment":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2714"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}