| 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 … | Sinead O'Sullivan / Financial Times: |
Having perfected the art of using echo-chamber hype to move markets, VCs managed to hype their own rumors to collapse SVB, 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.| Iain Withers / Reuters: |
HSBC acquires Silicon Valley Bank's UK arm for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B in loans and ~£6.7B in deposits — HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound.| Michael Moritz / Financial Times: |
A eulogy for Silicon Valley Bank, a business partner to tech for 40 years that worked with startups when bigger banks wouldn't and paid a price for 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| Michael Flaherty / Axios: |
| The Verge: |
A Reddit user shows how Samsung's Space Zoom feature produces fake, generated images of the moon, highlighting how computational photography is changing photos — For years, Samsung “Space Zoom”-capable phones have been known for their ability to take incredibly detailed photos of the Moon.| Kate Clark / The Information: |
Sources: Y Combinator will not raise another Continuity Fund, which backs late-stage startups, and the two partners who led the fund plan to leave the company — Silicon Valley startup accelerator Y Combinator won't raise another continuity fund, which backs mature private tech companies, two people familiar with the matter said.| Sarah Perez / TechCrunch: |
WordPress.com owner Automattic acquires the WordPress plugin ActivityPub and hires its developer, to help blogs integrate with the Fediverse, including Mastodon — WordPress.com sites now have an easier way to integrate with the Fediverse, including Mastodon.| 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 … | Bloomberg: |
| MacKenzie Sigalos / CNBC: |
| 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.| STAT: |
Insurers are using unregulated predictive algorithms to pinpoint the precise moment when they can plausibly cut off payment for the treatment of older patients — An algorithm, not a doctor, predicted a rapid recovery for Frances Walter, an 85-year-old Wisconsin woman with a shattered left shoulder and an allergy to pain medicine.| CNBC: |
First Republic Bank's stock drops 61.83%, after falling 33% last week, despite claiming $70B+ in unused liquidity on March 12 and the Fed's new lending facility — - First Republic said Sunday it had received additional liquidity from the Federal Reserve and JPMorgan Chase.| Dina Bass / Bloomberg: |
After investing $1B in OpenAI in 2019, Microsoft found ways to string together tens of thousands of Nvidia A100 GPUs, costing several hundred million dollars — 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.| 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 …
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| Kellen / Droid Life: |