Sequoia Capital has raised $7 billion for a new fund under Alfred Lin and Pat Grady, focusing on AI startups like OpenAI and Anthropic. This marks a shift in strategy, allowing investments in competing companies within the same sector.

Sequoia Capital leader Roelof Botha announced his resignation, with Alfred Lin and Pat Grady succeeding him, due to dissatisfaction from three senior partners with his management style, believing his emotional intelligence and intelligence are mismatched, drawing attention from the investment community.