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March 13, 2023, 7:25 AM
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| U.S. Department of the Treasury: |
The US Treasury, Federal Reserve, and the FDIC say all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13 — WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
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| Iain Withers / Reuters: |
HSBC plans to acquire Silicon Valley Bank UK for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B loans and ~£6.7B deposits — HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound.
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| Sinead O'Sullivan / Financial Times: |
Having perfected the art of using hype to move markets, VCs managed to hype their own rumors to collapse SVB, accidentally slaying a much loved accomplice — Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy.
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| Bloomberg: |
SVB draws support from 500+ VCs, including General Catalyst and Sequoia, while 5,000+ founders and CEOs sign a Y Combinator petition asking US Congress to act — More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
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| MacKenzie Sigalos / CNBC: |
Sources: long before its collapse, SVB remained technologically stagnant, including failing to integrate Stripe's tech and biometric authentication on mobile — - SVB's problems extended beyond its risk profile and a challenging economy. — An ex-manager and several clients …
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@robertmclaws
| CNBC: |
New York shuts down Signature Bank as US regulators cite a “systemic risk exception” like for SVB, announcing all of Signature's depositors will be “made whole” — U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution …
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| Bloomberg: |
The closure of SVB, Silvergate, Silvergate Exchange Network, and Signature adds stress to a troubled crypto industry; fiat conversion costs may rise by 20%-40% — The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups.
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| MacKenzie Sigalos / CNBC: |
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| Financial Times: |
Sources: Tim Cook has pressed ahead with an MR headset debut in 2023, overruling Apple designers who wanted to wait until the tech catches up with their vision — New launch will be first steered entirely by CEO and under direction of operations team — When Tim Cook unveils Apple's new …
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| Antoine Gara / Financial Times: |
US private equity firm Silver Lake and Canada's largest pension fund plan to acquire Qualtrics for $12.5B, or $18.15 per share, as SAP divests its 71% stake — Buyout with Canada's largest pension fund is expected to be one of biggest this year — US private equity group Silver Lake …
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| Ezra Klein / New York Times: |
As AI explodes, humanity must accelerate its adaptation or reach a collective, enforceable decision to slow the development of these technologies — In 2018, Sundar Pichai, the chief executive of Google — and not one of the tech executives known for overstatement — said …
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@alex_panetta, @nytopinion, @aleighmp, @liron, and @ahmalcolm
| Fortesa Latifi / Teen Vogue: |
A YouTuber who went viral as a toddler says she resents her family for monetizing her childhood, as some influencer parents take their children off social media — “Nothing they do now is going to take back the years of work I had to put in.” — Search Claire's name online … | Simon Willison / Simon Willison's Weblog: |
A developer runs Meta's 13B LLaMA model, considered to be competitive with GPT-3, on his laptop, showing local language models are feasible on consumer hardware — The open release of the Stable Diffusion image generation model back in August 2022 was a key moment.
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