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March 13, 2023, 3:30 AM
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WeSmirchTop News
| U.S. Department of the Treasury: |
The US Treasury, Federal Reserve, and the FDIC: 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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| 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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| Rachel Louise Ensign / Wall Street Journal: |
First Republic Bank says it has shored up its finances with additional funding from the US Fed and JPMorgan Chase, giving the bank $70B in unused liquidity — Fresh funding gives the bank $70 billion in unused liquidity — First Republic Bank FRC -14.84%decrease; red down pointing triangle …
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Bloomberg, Insider, and The Information
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@josephruscio, @duncanriley, @ryankalt, @firstrepublic, and @samirkaji
| Iain Withers / Reuters: |
HSBC says it is acquiring Silicon Valley Bank UK for £1; as of March 10, SVB UK had loans of ~£5.5B and deposits of ~£6.7B — HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound. — “This acquisition makes excellent strategic sense …
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| Bloomberg: |
Founders fear that the collapse of SVB, which had branches in the UK, Canada, China, Germany, India, Israel, and more, could wipe out startups around the world — The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world.
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| 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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@davidgerard@circumstances.run and @heidilifeldman@mastodon …
| MacKenzie Sigalos / CNBC: |
Signature's closure means real-time payment platform Signet is no longer serving crypto clients, following Silvergate's SEN; BTC is up ~7% and USDC regains peg — - Silvergate and Signature were the two main banks for crypto companies, while Silicon Valley Bank had a lot of crypto startups and VCs as customers.
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| Frank Chaparro / The Block: |
| Bloomberg: |
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| New York Times: |
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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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@andrewjscott, @jetscott, @leakerapple, @markgurman, and @binocularity
| 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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GOOD INTERNET, Simon Willison: TIL, and Advantageous Insights
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| Mark Gurman / Bloomberg: |
A look at the unprecedented level of executive turnover at Apple, which lost 11 key people, most just below Senior Vice President, since the second half of 2022 — Apple is facing an unprecedented wave of executive departures. Also: The company will shake up its sales operations with a focus on India … | Tate Ryan-Mosley / MIT Technology Review: |
Q&A with Meredith Broussard, a leading researcher of algorithmic bias, on her book More than a Glitch, which looks at the harms of applying AI to social issues — Meredith Broussard argues that the application of AI to deep-rooted social problems is already producing disastrous results.
Tweets:
@seoscottsdale
| John Sakellariadis / Politico: |
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others — Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants …
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Investor's Business Daily, WebProNews, and Slashdot
| Rob Wile / NBC News: |
Etsy warns sellers that SVB's collapse is causing payment processing delays and hopes to pay them via its other partners “within the next several business days” — Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments … | Sarah Perez / TechCrunch: |
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Reuters and Michael Kuenne
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@carnage4life, @repswalwell, @frances_coppola, @ericjackson, @noahpinion, and @alistairmbarr
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