投资实习所·2025-07-21 14:16Core Viewpoint - The article discusses a new transaction structure in the AI sector termed "HALO," which stands for "Hire And License Out," representing a hybrid model between acquisition and hiring, allowing companies to employ startup teams while licensing their intellectual property [1][5][6]. Group 1: HALO Transaction Characteristics - HALO transactions are characterized by rapid execution, high prices, and are currently unique to the AI industry [3][4]. - Unlike traditional acquihires, the acquiring company does not purchase the startup but hires its personnel and obtains a non-exclusive license for its intellectual property [2][7]. - The financial returns for startup investors and employees are structured to resemble those of an acquisition, with licensing fees set close to acquisition amounts [8][12]. Group 2: Social Contract and Market Dynamics - There are concerns that HALO transactions may disrupt the social contract between founders, investors, and employees, but they are seen as efforts to maintain this contract in a new environment [10][11]. - The rise of HALO transactions is partly attributed to the current antitrust environment, which has made traditional acquisitions more politically charged and uncertain [13][14]. Group 3: Talent Valuation in AI - The article emphasizes that in the AI sector, talent is increasingly valued over traditional assets, with companies willing to pay substantial amounts to secure key teams [16][17]. - The scarcity of experienced talent in AI makes these individuals highly sought after, as the technology itself depreciates rapidly [18][22]. Group 4: Future of HALO and Industry Implications - HALO is viewed as a signal of the evolving focus on human capital over company assets, indicating a shift in market dynamics [25]. - The structure of HALO transactions is still in its infancy and may require further refinement to establish clearer industry norms and improve efficiency [30][31].