Sequoia Capital is committing $10bn — the largest investment in its 54-year history — to a dual strategy centered on AI and what it calls 'reindustrialization.' The latter encompasses manufacturing, defence, robotics, energy, and supply chain reshoring, based on the thesis that AI needs physical infrastructure to operate on. New leadership (Alfred Lin and Pat Grady) is driving the shift, building on a $7bn expansion fund raised earlier this year. Sequoia has also deepened its stake in Anthropic, hedging across AI model makers. The firm sees backing hard infrastructure as both a growth opportunity and a hedge against stretched pure-software valuations.
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