Core Viewpoint - Index Ventures has become a prominent topic in Silicon Valley due to its controversial stance on the "996 work culture," advocating for increased productivity in the AI era, which has sparked both support and opposition within the investment community [3][4]. Group 1: Controversy and Support - The support for Index Ventures' viewpoint comes from notable investors like Harry Stebbings, who emphasizes the necessity for European entrepreneurs to adopt a similar work ethic as their Silicon Valley counterparts [4]. - Conversely, many entrepreneurs and investors have publicly opposed this stance, leading to heated debates and personal attacks within the industry [4]. Group 2: Financial Success - Index Ventures reported a remarkable financial achievement, earning approximately $11 billion (around 79 billion RMB) in just two months through significant transactions [4]. - The primary source of this profit was the IPO of Figma, which saw its stock price surge by over 250% on its first day, significantly increasing its market valuation to $67.6 billion [5][6]. - Index Ventures capitalized on this IPO by cashing out 5% of its stake, netting around $108 million (approximately 780 million RMB) while still retaining a 15% ownership in Figma, which is valued at about $5.8 billion (around 41.6 billion RMB) [6]. Group 3: Other Major Transactions - Another significant transaction was Meta's acquisition of Scale AI for $14.8 billion, where Index Ventures, as an early investor, held over 10% of the company, translating to a valuation of $3.02 billion (approximately 21.7 billion RMB) for its stake [7]. - Additionally, Index Ventures invested in Wiz, which is set to be acquired by Google for $32 billion (around 230 billion RMB), with Index Ventures holding a 12% stake valued at approximately $3.8 billion (around 27.3 billion RMB) [8][10]. Group 4: Company Background and Philosophy - Founded in 1996, Index Ventures has evolved from a bond trading company to a leading venture capital firm, with a focus on fostering relationships and understanding the stories behind entrepreneurs [12][17]. - The firm emphasizes the importance of talent evaluation and storytelling ability in potential investments, which has led to successful partnerships with companies like Figma [16][17].

Core Viewpoint - Index Ventures has become a controversial topic in Silicon Valley due to its partner Martin Mignot's advocacy for the "996 work system" as a standard for modern startups, arguing that the emergence of AI presents a once-in-a-generation opportunity that requires maximum productivity from every team member [1][2]. Investment Performance - Index Ventures generated $11 billion (approximately 79 billion RMB) in just two months through significant transactions, demonstrating the effectiveness of their investment strategy [3]. - The largest profit came from the IPO of Figma, which debuted at a valuation of $33 billion and saw its stock price surge by over 277% on the first day, leading to a market cap of $67.6 billion [4][5]. - Index Ventures, as a seed investor in Figma, realized approximately $108 million (around 780 million RMB) from selling 5% of its shares during the IPO, while still holding about 15% of the company, which is valued at approximately $5.8 billion (around 41.6 billion RMB) [5]. - Another significant return was from Meta's acquisition of Scale AI for $14.8 billion, where Index Ventures held over 10% of the company, resulting in a valuation of $3.02 billion (approximately 21.7 billion RMB) for its stake [6]. - Index Ventures also invested $245 million in Wiz, which is being acquired by Google for $32 billion, potentially valuing their stake at $3.8 billion (around 27.3 billion RMB) [7][9]. Industry Context - The competitive landscape for startups has become global, with Silicon Valley no longer having a significant information advantage, necessitating increased work intensity among entrepreneurs [2]. - The debate surrounding work culture, particularly the "996 work system," has polarized opinions within the investment community, with some supporting it as essential for productivity while others criticize it as detrimental to well-being [2][3]. Company Background - Index Ventures was founded in 1996 and has evolved from a bond trading company to a prominent venture capital firm, with notable investments in companies like Skype and MySQL [10][13]. - The firm has a strong focus on fostering relationships and understanding the entrepreneurs behind the startups, emphasizing the importance of storytelling and personal connection in their investment philosophy [14][15].

Core Insights - The article discusses the intense work culture at Cognition, which has adopted a 996 work schedule for employees from Windsurf after its acquisition, emphasizing a lack of work-life balance [2][5][15] - Windsurf, once a promising AI programming company, faced a failed acquisition by OpenAI, leading to significant changes in its workforce and structure [6][7][10] - The trend of high-pressure work environments is spreading in Silicon Valley, with many startups adopting similar practices to test employee loyalty [4][20] Company Overview - Cognition was founded by Scott Wu, Steven Hao, and Walden Yan, all of whom are international Olympiad gold medalists in informatics [16] - The company’s core product, Devin, is described as the world's first AI software engineer capable of autonomously executing complete engineering tasks [17] - Following the acquisition, Cognition's employee count increased fivefold, integrating many from Windsurf [19] Financial Aspects - Windsurf was acquired for $250 million, a significant reduction from its expected $3 billion valuation during negotiations with OpenAI [15] - At the time of acquisition, Windsurf had an annual recurring revenue of approximately $82 million, comparable to Cognition's revenue [18] - The acquisition deal was structured to benefit both investors and employees, with $1.2 billion allocated to investors and the remaining $1.2 billion for employee incentives [11] Industry Trends - The article highlights a growing trend among AI startups where large tech companies acquire key personnel and technology without direct acquisitions, often leading to layoffs and restructuring [21][22] - Major companies like Google, Meta, Amazon, and Microsoft are increasingly engaging in this practice, reshaping the competitive landscape of the AI industry [21][22] - The article notes that the high-pressure work culture is becoming normalized in the tech industry, with some investors advocating for even more demanding schedules [5][20]

Core Insights - The article discusses the recent acquisition of Windsurf by Cognition and the subsequent challenges faced by the employees of Windsurf, who are now presented with a choice between accepting a demanding work schedule or a severance package [2][5][6]. Group 1: Acquisition Details - Cognition, a two-year-old AI programming startup valued at $4 billion, acquired Windsurf, which had around 200 employees, offering them a choice of either accepting a 996 work schedule or a severance package equivalent to nine months' salary [5][6]. - The acquisition contract was signed on July 19, and Cognition's CEO emphasized the need for high-intensity work from the new employees, stating that the company does not believe in work-life balance [4][6]. Group 2: Employee Transition - Following the acquisition, Windsurf's remaining employees experienced a tumultuous transition, especially after the departure of key executives to Google, which had previously agreed to pay $2.4 billion for Windsurf's technology [7]. - Cognition's workforce increased fivefold due to the acquisition, incorporating various roles from Windsurf, including sales and marketing [7]. Group 3: Work Culture Trends - The article highlights a growing trend among Silicon Valley AI startups adopting the controversial 996 work culture, where employees work from 9 AM to 9 PM, six days a week [10][12]. - Companies like Rilla and Sotira are implementing this work schedule, with Rilla explicitly stating in job postings that employees should expect to work over 70 hours a week [10][12]. - The article notes that this trend is not limited to startups, as some founders are framing the 996 schedule as a choice for the most dedicated employees, while others are incentivizing participation with salary increases and stock options [12][13].

"硅谷已经彻底迷失了方向。在这个曾以颠覆过时商业模式为傲的行业中，科技界最聪明的头脑们竟决定扮演19世纪的工厂主。" 这句话不是我在黑硅谷，而是来自美国商业媒体Winsome Marketing于2025年7月24日发表的评论："硅谷的996妄想：当拼搏文化反噬自身"。 作者观察到了一个令他十分不安的事实：来自遥远东方大国的996，正在硅谷攻城略地。 Winsome Marketing、Wired等媒体关于硅谷拥抱中国996的报道 是的，曾经被美国媒体讽刺为"现代奴隶制"的996，俘获了硅谷科技新贵的芳心。 01.狂飙突进 一切在几年前就已经有迹可循。 美式996的最佳代言人，当属工作狂马斯克，这个习惯于在工作室通宵的科技狂人，总是在严于律己的同时严于律人。 马斯克对加班的信念由来已久且毫不掩饰。早在2018年，马斯克便在那个当时还叫twitter的平台上发文吐槽，"靠每周工作40小时，改变不了世界"。 当被问到人类一周应工作多长时间时，马斯克给出的回答是，周工时可以稳定维持在80小时，个别情况下突破到100小时。80小时是一个分水岭，因为"人 的痛苦指数在80小时后会指数级增长"。 2022年，在接手Twi ...

Core Viewpoint - The article discusses the resurgence of the "996" work culture in Silicon Valley, particularly within the AI startup sector, highlighting a shift from work-life balance to high-intensity work environments driven by competition and capital pressure [1][2]. Group 1: Emergence of 996 Work Culture - The "996" work schedule, which entails working from 9 AM to 9 PM six days a week, is becoming increasingly common in U.S. startups, especially in the AI field, as founders believe that intense effort is necessary to succeed in the technology race [1][2]. - Many startup CEOs are now asking potential hires if they are willing to accept a 996 work schedule during the interview process, making it a de facto requirement for some positions [2][3]. Group 2: Company Practices and Employee Responses - For instance, the AI startup Rilla explicitly states in its job postings that candidates uninterested in working over 70 hours a week should not apply, reflecting a culture where nearly all employees adhere to the 996 schedule [3]. - Some companies are adopting a "volunteer" approach, offering higher salaries and equity to those willing to work 996 hours, as seen in the remote healthcare company Fella & Delilah, where about 10% of employees opted for this arrangement [4]. Group 3: Perspectives on Work Intensity - The CEO of Sotira acknowledges that the 996 work culture is an open "unwritten rule" in the Bay Area startup scene, particularly during the initial years of a startup, although she notes that such demands should not be placed on regular employees [5]. - The debate over extended work hours is not limited to Silicon Valley; globally, there are discussions about whether more extreme work schedules, such as a "007" (working seven days a week), are necessary for building billion-dollar companies [6]. Group 4: Historical Context and Legal Considerations - Some individuals argue that the 996 culture has been prevalent in Silicon Valley for years, with many employees accepting high workloads in exchange for equity in startups, while others express concerns about the health implications of such work demands [7]. - There are warnings from industry experts that many companies enforcing 996 schedules may be violating labor laws by failing to classify positions correctly and not providing overtime pay, highlighting the legal risks associated with this work culture [7].

Core Viewpoint - The 996 work culture, characterized by working six days a week from 9 AM to 9 PM, is increasingly being adopted by startups in the AI sector in the West, despite its controversial reputation as a form of modern slavery [1][3][15]. Group 1: Adoption of 996 Work Culture - The number of U.S. startups explicitly requiring employees to adhere to the 996 work schedule has at least doubled in the past year, particularly in fast-evolving fields like AI and enterprise software [3][9]. - This shift contrasts sharply with the pre-pandemic focus on work-life balance and combating burnout, as companies now prioritize speed and high-intensity work [3][4]. Group 2: Case Studies of Startups - Rilla, an AI startup, achieved revenue growth from $0 to $40 million in three and a half years, with a net revenue retention rate exceeding 170%, by maintaining a work culture where employees often work over 70 hours a week [6][7]. - Rilla's hiring practices openly state the expectation of long hours, warning potential candidates that those who prioritize work-life balance need not apply [8][9]. Group 3: Perspectives from Founders and Investors - Founders like Amrita Bhasin of Sotira acknowledge the necessity of high-intensity work for startup founders but argue that imposing such demands on all employees is neither fair nor sustainable [9][10]. - Ritchie Cartwright of Fella & Delilah is experimenting with a "tiered approach" to work intensity, offering significant compensation increases for those willing to adopt a 996 schedule, indicating a trend towards incentivizing high-intensity work rather than mandating it [10][14]. Group 4: Cultural and Legal Implications - The debate around 996 has intensified, with some investors suggesting that even more extreme work schedules may be necessary to achieve significant business growth, highlighting a cultural divide between American and European attitudes towards work [15][16]. - Legal risks are emerging as many startups adopting 996 fail to properly classify employees under U.S. labor laws, potentially exposing themselves to significant liabilities [16]. Group 5: Public Reactions and Criticism - Public sentiment reflects skepticism towards the 996 culture, with many arguing that productivity should not be equated with long hours, and that smarter work practices can yield better results [18][20]. - European entrepreneurs express strong resistance to the 996 model, emphasizing that successful companies thrive on sustainable innovation rather than excessive work hours [19][20].

Group 1 - The "996" work schedule, which entails working six days a week from 9 AM to 9 PM, is becoming a standard requirement in AI startups, particularly in the U.S. and Europe, as competition intensifies in the industry [1][2][3] - The number of U.S. startups mandating a "996" work schedule has reportedly doubled in the past year, with a significant concentration in AI and enterprise software sectors [2] - This shift contrasts sharply with the work culture discussions during the early COVID-19 pandemic, which focused on combating burnout and promoting work-life balance [2] Group 2 - Rilla, an AI startup, has achieved rapid growth, reaching $40 million in revenue within three and a half years, with a net revenue retention rate exceeding 170% [4][5] - Rilla's team works an average of over 70 hours per week, with no fixed end time for the workday, emphasizing a culture of high intensity and rapid feedback loops [5][6] - The company actively seeks employees who are willing to embrace this demanding work culture, explicitly stating the expectations in job postings [6][7] Group 3 - Many startups are adopting the "996" model as a means to filter candidates who are genuinely committed to success, believing that short-term intense effort can lead to exponential growth [7] - Some founders, like Amrita Bhasin of Sotira, acknowledge the necessity of high intensity in the early years of a startup but do not impose the same expectations on their teams [7][8] - Fella & Delilah is experimenting with a tiered approach, offering significant compensation increases for employees who opt into a "996" work schedule [8][9] Group 4 - The debate around the "996" work culture has intensified, with some investors suggesting that even more extreme work hours may be necessary for significant success [14] - There is a notable cultural divide, with American employees showing more acceptance of "996" compared to their European counterparts, who often resist such demands [14][18] - Critics argue that the push for longer hours can lead to burnout and high turnover rates, as seen in companies like Revolut, which faced challenges partly due to its intense work culture [16][18]

Core Viewpoint - The article discusses the resurgence of the "996" work culture in Silicon Valley, particularly within AI startups, contrasting it with previous trends emphasizing work-life balance. Group 1: Work Culture Shift - The "996" work system, which involves working from 9 AM to 9 PM six days a week, is becoming increasingly common in U.S. startups, especially in the AI sector, as founders believe that intense effort is necessary to succeed in the technology race [1][3] - The pandemic had previously shifted the focus towards employee well-being and work-life balance, but the urgency of the AI competition has led to a cultural shift back towards high commitment and execution [3][4] Group 2: Recruitment Practices - Many startup CEOs are now asking potential hires if they are willing to accept a "996" work schedule during the interview process, making it a de facto requirement for some positions [3][4] - Companies like Rilla explicitly state in job postings that candidates uninterested in working over 70 hours a week need not apply, reflecting a growing trend in the industry [4] Group 3: Employee Incentives - Some startups are adopting a "voluntary" approach to the "996" work culture, offering higher salaries and equity to those willing to work longer hours, creating a dual-track system [5] - For instance, Fella & Delilah offers a 25% salary increase and doubled equity for employees who accept the "996" work schedule, with about 10% of employees opting in [5] Group 4: Global Perspective - The debate over extended work hours is not limited to Silicon Valley; it is a global discussion, with some investors suggesting that to build a $10 billion company, one must work seven days a week [6] - Acceptance of the "996" culture is reportedly higher in the U.S. compared to Europe, where weekend work is often met with shock [6] Group 5: Legal and Ethical Concerns - There are concerns regarding the legality of the "996" work culture in the U.S., with many companies failing to comply with labor laws and not providing proper classification or overtime pay for employees [6]

Core Viewpoint - The article discusses the increasing adoption of the "996" work schedule (9 AM to 9 PM, six days a week) among AI startups in Silicon Valley, reflecting a shift in work culture influenced by the competitive landscape of the AI industry [1][6]. Group 1: Adoption of 996 Work Schedule - Many American AI startups are asking job candidates if they are willing to work under the 996 schedule, indicating a cultural shift towards longer working hours [4][6]. - Companies like Rilla have nearly 80 employees adhering to the 996 work schedule, showcasing its acceptance in the industry [9]. - The CEO of Sotira emphasizes that the first two years of a startup require a 996 work ethic, although she believes it is unfair to impose this on regular employees [12]. Group 2: Perspectives on Work Intensity - Some entrepreneurs argue that to build a company valued at $10 billion, one must work even harder than the 996 schedule, suggesting a culture of extreme dedication [13]. - Despite the push for longer hours, many employees still prefer a work-life balance, with less than 10% of employees willing to switch to a 996 schedule even with significant compensation [16][17]. - The article highlights a tension between the allure of high compensation and the personal toll of such demanding work schedules, with some employees acknowledging the potential rewards despite the challenges [21]. Group 3: Reactions and Criticism - The 996 work schedule has faced backlash, with individuals expressing concerns about the negative impact on personal lives and the potential for burnout [18][20]. - Critics point out that the intense work culture may lead to significant legal liabilities and risks for companies, as many young entrepreneurs may overlook these issues in their pursuit of success [19].