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March 13, 2023, 10:25 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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@cz_binance, @potus, @bgarlinghouse, @jerallaire, @potus, @coinbase, @samro, @nicktimiraos, @danielagabor, @vcbrags, @federalreserve, @neil_irwin, @litcapital, @bobeunlimited, @jeuasommenulle, @jimcramer, @octal, @burryarchive, @federalreserve, @jasonfurman, @zck, @chrisjbakke, @jason, @fedguy12, @danprimack, @elaifresh, @macroalf, @stephanie_murr, @thestalwart, @gavinsbaker, @jimcramer, @shortsightedcap, @anthonyrandazzo, @mekkaokerekebye, @jonatanpallesen, @tomfitton, @davidmwessel, @econguyrosie, @lpnational, @wendyedelberg, @isadwatson, @kaitlancollins, @kgreifeld, @stefeich, @atrupar, @peston, @thebenbergman, @robinbrooksiif, @salehamohsin, @atrupar, @senwarren, @whstancil, @firstadopter, @mcwm, @benedictevans, @tracyalloway, @jasonlk, @esaagar, @chiweethegod, @freezingfintake, @ivanthek, @donmoyn, @newtgingrich, @mattyglesias, @bgarlinghouse, @davidsacks, @petercontibrown, @thestalwart, @scottjshapiro, @sarthakgh, @joelpollak, @dylanleclair_, @davidsirota, @litcapital, @neoavatara, @fedguy12, @larryvc, @ramahluwalia, @jasonfurman, @trungtphan, @noahpinion, @levie, @modestproposal1, @david_dayen, @jstein_wapo, @mattyglesias, @dsquareddigest, @mgsiegler, @mcuban, @levie, @paulmitchell_ab, @martinsfp, @mbensass, @jacobtamme, @devahaz, @m_c_klein, @ian_fraser, @lizrhoffman, @ericnewcomer, @brendanpedersen, @vermontgmg, @eugenewei, @chrisalbon, @callumj, @tculpan, @amlivemon, @karaswisher, @m_c_klein, @repsarajacobs, @deanobeidallah, @axios, @garrytan, and @billackman
| 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 — After more than a decade of venture capitalists insisting they provide more than just cash to their portfolio companies, the moment to prove that finally arrived.
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| Michael Moritz / Financial Times: |
A eulogy for Silicon Valley Bank, a business partner to tech for 40 years, which offered services when established banks would not and was undone by its loyalty — Regardless of the reasons behind the bank's collapse, it leaves a huge hole for the start-up scene — The writer is a partner at Sequoia Capital
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| Ben Thompson / Stratechery: |
SVB bears responsibility for its demise, the outcome of disruption being tech's objective function, and the Silicon Valley myth could be the ultimate casualty — Banks are, at their core, facilitators: depositors lend their money to a bank, for which they are paid interest, and banks lend that money out, again for interest.
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Financial Times, Slate, Yes, I give a FIG, Los Angeles Times, Robert Reich, ReadOn, and Rounding the Earth Newsletter
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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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| MacKenzie Sigalos / CNBC: |
Signature closing means its real-time payment platform Signet can no longer serve crypto clients, a blow after SEN closed; BTC jumps ~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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@jacqmelinek, @amacker, and @laurawalkerkc
| 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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Bloomberg, Cointelegraph, Livemint, and CoinDesk
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| Vishal Chawla / The Block: |
Lending protocol Euler Finance lost $197M in a flash-loan attack, including $136M in stETH and $34M in USDC; Euler raised $32M in June 2022; EUL drops 45%+ — - Euler Finance was hit by a flash-loan attack that resulted in a loss of $197 million, according to security analysts.
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| Dina Bass / Bloomberg: |
After Microsoft invested $1B in OpenAI in 2019, the company scrambled to string together tens of thousands of Nvidia A100 GPUs, costing several hundred million — When Microsoft Corp. invested $1 billion in OpenAI in 2019, it agreed to build a massive, cutting-edge supercomputer for the artificial intelligence research startup.| 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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Macworld, Tom's Guide, Wareable, MacDailyNews, iMore, Digital Trends, Cult of Mac, and BigTechWire
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@andrewjscott and @jetscott
| 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 … Sponsor Posts
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IDrive:
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