Nick Murray is a programmer in Silicon Valley. I live a daily life of two points and one line every day. He was just 25 and his hairline was already receding slightly.

He didn't know if the others were like this, but he felt that if it went on like this, in a few years, he might be like his uncle, and one day he would inherit a Mediterranean hairstyle.

As soon as he returned to his residence in San Francisco, he turned on his personal computer, took out the newly purchased CD from his backpack, and prepared to copy the songs into his personal computer, but as soon as he connected to the Internet, he found that there was an unread email in the newly registered Foxmail mailbox.

After seeing that it was sent from an account I didn't recognize, Nick clicked on the email after thinking about it for a while.

Just after looking at the beginning, his eyes shrank. When he read the whole email with excitement, he suddenly felt like he was wrapped in happiness.

Is this what it feels like to be swept up by God? The content of the email was very short, and the sender claimed to be a company of mp3 music online sites, and he liked to share his transcribed mp3 music on BBS, so he followed him.

The company was going to make an MP3 website, but because of the relationship between technology and future development, it hoped to invite him to join the founder team.

He has been working in Silicon Valley for three years, initially designing some simple mechanical integration instructions.

But with the continuous development of the network, he also slowly learned to design some network programs. The CD to MP3 format program on his computer was designed by himself.

Although it is still very rough, the sound quality that can be transcribed is barely audible. To this end, he also wrote a playback code to play the transcribed mp3.

Because he has been visiting BBS for a long time, he also shared this set of code on the forum. It's just that he never thought that such an act out of hobby would be valued by a start-up team.

This made him a little overwhelmed for a while. As a programmer ape in Silicon Valley, it would be false to say that he has no entrepreneurial dreams, but he was born in an ordinary family in the north, and he has no connections and no funds.

His technology is even less valuable in Silicon Valley. But what is now in front of him is undoubtedly a life-changing road.

Promised, he is likely to soar from now on, or he may become heavily in debt due to entrepreneurial failure. can not agree, but today's blue-collar job allows him to see the head at a glance.

How to choose is the reason for his current hesitation. However, before he could make a decision, the founder of the company on the other side of the computer, as if he knew his thoughts, sent another email.

After only a quick glance at the content of the email, Nick's hesitation just now was instantly confirmed.

It's just because of the content of the email that he really can't refuse. The position of technical director, five percent of the original shares, and a salary of three thousand dollars per month.

Either of them was much more than he expected. ……

"Now that our website architecture and basic technology have been basically perfected, we will check for bugs again, and our MP3 website will be ready to go online." In a small office in San Francisco, bearded Michael Robertson held his backgammon laptop and waved vigorously at the only five employees.

There was unstoppable passion on his face. He was originally just a college graduate from a public university. With the mentality of giving it a try, he took a very immature entrepreneurial plan of his own and found a venture capital company that invested in websites everywhere.

After some deception, he successfully got an investment of 500,000 US dollars from this venture capital.

Originally, I just had the mentality of giving it a try, but now this project, which seemed ridiculous from the beginning, is about to succeed.

"Mike, are you sure the URL is called mp3." Nick checked the backend of the website again, making the final preparations for the upcoming launch, looked at the big mp3 word on the website, and couldn't help but ask his CEO again.

He has been in the company for a week, and the job is easier than he imagined. If it weren't for the fact that there was a powerful venture capital behind the company, he would really worry about whether this would be a farce.

The main thing is that it's all too rough. As an online music website, who can believe that it doesn't have any music copyrights!

If it weren't for the fact that before joining the company, someone with legal affairs gave him the theme of openness, freedom and sharing of the Internet.

He really didn't dare to join the company, after all, offending the riaa was not a trivial matter.

"Yes! That's it, don't you think it's a cool name! ”

"Well, you're the boss, you have the final say. So ......"

"I officially announce that the first mp3 online music website is officially launched." On August 8, 1995, a website called MP3 focusing on online music sharing was officially launched.

This time is two years earlier than the previous life. And it just so happened that on this day, Netscape, the first share of the Internet, created the first Internet myth.

It was officially listed on the NASDAQ at an issue price of $24 per share, but it rose to $75 on the first day, almost a record at the time

"First Day Profit". It also left a magical record of 1 minute more than GM's 43 years. This speed, whether for Wall Street or the Internet, is a shot in the arm.

The most direct manifestation of the market is that all online Internet companies have ushered in the attention of the financial circle.

And Yahoo, which has gone to the second round, has undoubtedly become the most sought-after one, after all, compared to the small shrimp that has just appeared on mp3 websites.

Yahoo, which has already undergone two rounds of investment and has impressive data, is undoubtedly the safest choice for Wall Street.

So when Chu Qing had just gotten up on the morning of August 9, Shen Lanpeng pinched a little bit, and made a call from the United States.

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"More than a dozen investment banks, including Goldman Sachs and Morgan Stanley, are ready to join Yahoo's second round." After Shen Lanpeng introduced the madness of Netscape yesterday, the whole person looked very excited.

"This is a good thing, with them entering the game, the time for listing should be advanced." After listening to Netscape's listing performance, Chu Qing was not too surprised.

After all, in these Internet companies, Netscape, as a browser, is at least profitable. Before going public, they sold more than $60 million in browsers alone, and their market share was well-deservedly the first, with 70 percent, directly surpassing Microsoft.

It is not surprising that such an Internet company with obvious potential will break down when it goes public. Even in traditional enterprises, it is worth investing in such data, let alone in an emerging industry such as the Internet.

That's a benchmark.

"It's just that the two of them have entered the bureau and want more shares, and according to the current discussion of the board of directors, we are likely not to be able to keep many shares. There may only be nine percent of the shares left before going public. Now that Netscape has learned from the past, Shen Lanpeng also knows the general market of Internet stocks.

Rather than careless at first, he is now very worried that the deep sea will be diluted again in the second round.

As far as Yahoo's performance is concerned, it will definitely not be worse than Netscape after it goes public. After all, Yahoo now has the most daily visits of any website.

has already left the second place AOL by a big cut.

"It's okay, we've already made this investment, there's no need to continue to invest money in it." Chu Qing knew very well what Shen Lanpeng meant, of course he was in such a hurry to call, of course, to ask for money to stabilize Shenhai's stake in Yahoo.

"But ......!" Shen Lanpeng is really anxious, the diluted 6% of the shares are worth at least hundreds of millions after listing, but as long as tens of millions are invested, this part of the shares can be kept, and it is likely to become Yahoo's first investment institution.

When Yahoo is listed, Shenhai will be able to become famous in the United States. But the boss's decision really made him incomprehensible.

"That's it, in addition, you and Yang Zhiyuan are angry, we may cash out some before the listing, and we will gradually withdraw after the listing ban is lifted. Let him be mentally prepared first. Chu Qing didn't say much to Shen Lanpeng, after all, when he was asked to take charge of the investment business in the United States, Chu Qing told him in detail about his investment strategy.

No one knows better than him how profitable investing in Yahoo can ultimately be. Again, in Chu Qing's eyes, if it was just to make money, he had thousands of ways.

But at the beginning, when he invested in the Internet, he didn't plan to hold it for a long time. Whether it's Yahoo or other websites that have already invested, it's just a trick of chess that he is holding the grass and beating the rabbit.

If he really becomes a major shareholder of Yahoo, if he wants to withdraw from Yahoo at that time, it will not only take a long time, but also be very troublesome.

It's actually good to use 3-4 years to gradually sell Yahoo shares in your hands before the stock market crash comes.

Not only will it not attract the attention of the outside world, but it will also allow you to get out of the way. Moreover, with the foreign exchange reserves in Chu Qing's hands now, he can't take out much money at all to use for additional investment.

With predators such as Goldman Sachs and Morgan Stanley entering the market, it is unrealistic for Shenhai to continue to follow.

If you want to follow this round, Shenhai will have to invest at least tens of millions of dollars to keep its current shares.

Investing in becoming a major shareholder is not Chu Qing's goal. Besides, he can't get that much foreign exchange now.

Now there is basically no money in the foreign account of BBK, and since discussing with Duan Yongping and Ke Shaoan that night, BBK's acquisition plan has begun.

After almost two months of negotiations, the process of acquiring British ARM is close to being negotiated. If the acquisition is really achieved, Chu Qing will need to sell some Yahoo shares to buy ARM.

Therefore, for the second round of investment this time, Chu Qing will not only not throw money into it, but will also sell one percent before going public to cash out.

Although Shen Lanpeng is very puzzled by the boss's investment philosophy, as a professional manager, he can still correct his identity.

As Chu Qing said, with the current situation, Chu Qing's investment of 500,000 US dollars last year has increased hundreds of times.

For the deep sea, it has long been profitable. The new round of valuation has reached a terrifying $1 billion.

Even if Chu Qing cashed out at this time, no one would feel that this deal was a loss. It also makes perfect sense to sell a little share back now.

It's just that he doesn't know that his boss would rather spend tens of millions of dollars to buy an inconspicuous chip design company than invest in Yahoo.

ARM's predecessor, A, was founded in Cambridge in 1978 by Chris Curry and Herman Hauser.

In 1991, Apple invested 1.5 million pounds, chip maker VLSI invested 250,000 pounds, and A itself invested 1.5 million pounds in intellectual property and 12 engineers.

The current ARM was created. The office is located in a humble barn, not far from Cambridge.

When Apple invested in Arm, the purpose was also to develop chips for ON handheld devices. It's just that it's been four years since its establishment, but the performance has been mediocre so far.

Just before Chu Qing proposed the acquisition, both Apple and VLSI had already planned to exit. The reason why Chu Qing thought of acquiring this company was also during his last trip to the United States, and he accidentally saw this news.

In the past two years, Apple's operation has fallen into difficulties, and its market share has fallen again and again, from 16% at its peak to less than 6%, and its stock has fallen below one dollar several times.

In order to reduce spending, Apple is ready to make some not very important investments, including the investment in Arm.

ARM's real popularity came after 2000. The rapid development of the mobile phone manufacturing industry has led to an explosion in ARM's processor shipments.

For a time, the world's major semiconductor manufacturers are looking for ARM to buy licenses. In the previous life, because ARM has been half-dead, even shareholders such as Apple have failed to sell their shares.

As a last resort, I had to save myself, gave up independent production, and instead focused on selling chips and licensing the design solutions to other companies, which allowed Arm to go through the most difficult period.

The main reason why Chu Qing acquired ARM was that he valued the technology in their hands.

The infrastructure of the chip, which is not mastered by the current step-by-step masters. Whether it is a chip developed with Huawei or a decoding chip for MEPG, the infrastructure is basically bought from other companies.

If you want to make a chip, what you lack is this, which is like the foundation of a house, without your own foundation, how high the house is built, and what it will be, it is all up to others to decide.

Only by mastering their own ground-based manufacturing rights can they grasp the real initiative in chip design and production.

In the previous life, Arm became Intel's only competitor by selling the infrastructure and usage licenses of the processors.

Before Chu Qing traveled back, more than 95 percent of the world's mobile phones and more than a quarter of electronic devices were using Arm's infrastructure.

In addition to traditional computing devices such as laptops, desktop computers, servers, etc., Intel, AMD is quite a lot.

But in the mobile market, it is basically the world of ARM. Therefore, compared with investing in ARM, not to mention selling some Yahoo shares in exchange for ARM before going public, Chu Qing is willing to sell all Yahoo shares to buy ARM.

After all, the Internet is just a stir-up for it. A high-quality enterprise like ARM, which has infrastructure technology, is the foundation of future development.