This year, in the big IPO season, the biggest winners among tech giants are undoubtedly Google and Microsoft: Google holds 14% equity in Anthropic and 7.5% in SpaceX; Microsoft holds 27% equity in OpenAI. Their investments were made early: Google invested in SpaceX back in 2015 and made its first investment in Anthropic at the beginning of 2023. It's worth noting that both of these investments were made directly by Google's parent company, not through Google Ventures. These large-scale investments are no longer in the realm of venture capital but rather strategic investments. Microsoft's first investment in OpenAI dates back to 2019.