现在的并购，流行直接挖人

Core Viewpoint - The article discusses the evolution of "acqui-hire" from a mutually beneficial acquisition strategy to a tool for larger companies to eliminate competition, highlighting the shift in dynamics within the tech industry, particularly in the AI sector [4][10]. Group 1: Acqui-hire Evolution - Acqui-hire has transformed from a win-win situation to a method for large companies to eliminate competitors more efficiently and discreetly than traditional acquisitions [10][48]. - The case of Groq, a company valued at $6.9 billion, illustrates this shift, where Nvidia acquired key personnel for $20 billion, leaving behind an empty shell [6][9]. - Historical examples, such as Facebook's acquisition of Instagram for $1 billion, show that earlier acqui-hires allowed teams to continue operating independently, benefiting all parties involved [13][16][22]. Group 2: Recent Trends in Acqui-hire - In 2024, several high-profile transactions occurred where major companies like Microsoft and Google hired talent from startups without formal acquisitions, indicating a trend towards "technology licensing + talent recruitment" [34][36]. - The financial outcomes of these recent transactions reveal a stark contrast to earlier acqui-hires, with only a small percentage of employees benefiting from the deals, while founders and investors reaped significant rewards [35][38]. - The legal landscape has shifted, allowing larger companies to recruit talent directly from competitors without the need for formal acquisition processes, further incentivizing this trend [36][44]. Group 3: Comparison of Markets - The article contrasts the U.S. and Chinese markets, noting that in China, large companies often prefer to directly recruit talent rather than acquire startups, leading to lower acquisition prices [41][43]. - Chinese AI startups face a different set of challenges, with a focus on product viability and commercial success, as opposed to the U.S. model where acqui-hire was a common exit strategy [46][48]. - The decline in the number of AI startups in China by 50% in 2024 compared to 2023 reflects a market that is rapidly differentiating between commercially viable companies and those that are not [46].