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March 13, 2023, 8:00 PM
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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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Board of Governors …, CNBC, FDIC, Circle, Financial Times, The White House on YouTube, Bloomberg, Silicon Valley Business …, CRN, CNN, Stratechery, Wired, The Motley Fool, CoinDesk, Los Angeles Times, VICE, Above Avalon, Insider, The Atlantic, CryptoSlate, Wall Street Journal, Nextgov, PYMNTS.com, National Review, Axios, Fortune, The Hill, HotHardware, Bitcoinist.com, Crunchbase News, Inside Bitcoins, GeekWire, NFT Evening, New York Post, Bitcoin News, New York Times, Technical.ly, Decrypt, Coinspeaker, Tech Startups, Rate of Return, Cryptopolitan, Blockworks, and #OONO
LinkedIn:
Campbell Harvey and Janet Mui
Tweets:
@cz_binance, @potus, @bgarlinghouse, @coinbase, @potus, @jerallaire, @danielagabor, @federalreserve, @nicktimiraos, @jessicalessin, @elaifresh, @litcapital, @octal, @samro, @billackman, @neil_irwin, @bobeunlimited, @jasonfurman, @gavinsbaker, @jason, @scottjshapiro, @jimcramer, @federalreserve, @danprimack, @fedguy12, @gbildson, @burryarchive, @macroalf, @chrisjbakke, @jeuasommenulle, @modestproposal1, @trungtphan, @noahpinion, @zck, @tracyalloway, @thestalwart, @petercontibrown, @levie, @mcuban, @ivanthek, @texasvc, @stephanie_murr, @senwarren, @mbensass, @semil, @devahaz, @m_c_klein, @ian_fraser, @robinbrooksiif, @jasonlk, @salehamohsin, @whstancil, @stefeich, @cburniske, @charliebilello, @fedguy12, @gavinsbaker, @ingridlunden, @thebenbergman, @benedictevans, @danprimack, @salehamohsin, @wongmjane, @litcapital, @cburniske, @anthonyrandazzo, @bgarlinghouse, @sarthakgh, @atrupar, @m_c_klein, @davidsacks, @kgreifeld, @jonatanpallesen, @deanobeidallah, @firstadopter, @mcwm, @billackman, @wendyedelberg, @davidmwessel, @mattyglesias, and @donmoyn
| 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.
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Slate, Wall Street Journal, PYMNTS.com, Kotaku, Wall Street Journal, Vox, and dot.LA
Mastodon:
@lauren@mastodon …. Tweets:
@jason, @billackman, @jason, @davidsacks, @zck, @chimeracoder, @billackman, @andrewrsorkin, @rachelensignwsj, @molly0xfff, @silvermanjacob, @jason, @carlquintanilla, @repthomasmassie, @ashleymayer, @ashleymayer, @evanhill, @davidsacks, @buccocapital, @balajis, @thestalwart, @nic__carter, @jason, @noahpinion, @maxkennerly, @chrismohney, @davidsacks, @jspujji, @bigblackjacobin, @pwnallthethings, @davidsacks, @verashokina, @brooklynmarie, @dannypage, @davidsirota, @jathansadowski, @noahpinion, @nglaros, @ddayen, @jordanuhl, @nickcho, @jasondebolt, @gritgrowthcap, @thelincoln, @dcwoodruff, @mattbruenig, @adamjohnsonnyc, @nicoleperlroth, @chafkin, @logophobe, @paul_bowers, @nycsouthpaw, @mclendaniel, @antoniogm, @ryanlcooper, @pt, @carnage4life, @epicureandeal, @hblodget, @vittostack, @devahaz, @frances_coppola, @gumby4christ, and @rohunjauhar
| 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.
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Bank of England, BBC, TechCrunch, HSBC, The Guardian, Financial Times, The i Paper, The Guardian, SiliconANGLE, PYMNTS.com, Wired UK, Cointelegraph, France 24, Bloomberg, BetaKit, PitchBook, Reuters, LinkedIn, UKTN, The Economic Times, gHacks Technology News, crypto.news, Cryptopolitan, Crowdfund Insider, and The Register
LinkedIn:
Caroline Hepker and Rishi Sunak
Tweets:
@jeremy_hunt, @cetier1, @hmtreasury, @jamestitcomb, @wublockchain, @danielkorski, @justin_cash_1, @samgyimah, @loomdart, @daniburgz, @bondhack, @benedictcooney, @richardgrahamuk, @georgewparker, @checkwarner, @michelledonelan, @mjrobbins, @ibrahimsaninet, @douglas4moray, @bandrew, @georgewparker, @nigel_farage, @suzanneashman, @lisaabramowicz1, @thetranscript_, @jespow, @mayazi, @jamestitcomb, @edconwaysky, and @drsdeg
| 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
More:
Monomythical and Bloomberg
Tweets:
@modestproposal1, @johnthornhillft, @jpm25, @pkafka, @semil, @stianwestlake, @macconwell, @flying_mom, @samirkaji, @rachaelrad, @dsquareddigest, and @dee_bosa
| Michael Flaherty / Axios: |
More:
SVB Financial Group, TechCrunch, Crunchbase News, and New York Times
Tweets:
@sunnyright, @deitaone, and @cgasparino
| Adam Morgan McCarthy / The Block: |
Meta says it is winding down its work on NFTs “for now” to focus on other ways of supporting creators, people, and businesses — - Meta is ditching its NFT efforts, for now, according to executive Stephane Kasriel. — Meta is ditching its pursuit of NFTs as the company looks to prioritize …
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Decrypt, The Information, CoinDesk, The Verge, TechCrunch, Reuters, Benzinga, BuzzFeed News, Neowin, Fortune, SiliconANGLE, Tubefilter, Cointelegraph, NFTgators, and Emage 兆.耳
Mastodon:
@maria@thelife.boats. Tweets:
@skasriel, @dave_krugman, @skasriel, @farokh, @mgsiegler, @pixiekate13, @pixiekate13, @wongmjane, @tomwarren, @joshconstine, @nkumar23, @skasriel, @jacquescolimon, @rjcc, @bertugoymak, @bayc2745, @chrismessina, @tomaxwell, @samfbiddle, @skasriel, @skasriel, @aeyakovenko, @tante, @sergitosergito, @lakoz_, @merts_eth, @jebus911, @nickstatt, @ryy_wills, and @tier10k
| 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.| 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.
More:
r/Android on Reddit, Laptop Mag, PhoneArena, Jagged Lines, The Register, Redmond Pie, PetaPixel, and SlashGear
Tweets:
@halidecamera, @fchollet, @raphaelmilliere, @sdw, @chrislintott, @somegadgetguy, @adrianhon, @halidecamera, @adrianhon, and @uwukko
| 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.
Tweets:
@dimensionmedia
| 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.
More:
Cloud Computing Services, Microsoft, The Verge, 9to5Google, TechSpot, WinBuzzer, Insider, and BGR
Tweets:
@dinabass, @dinabass, @rustybrick, @dinabass, @brianroemmele, and @aparanjape
| 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.
Tweets:
@statnews, @michaelhoffman, @statnews, and @dancow
| 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.
More:
Cointelegraph, Decrypt, CoinDesk, Bloomberg, Gizmodo, NewsBTC, Cryptopolitan, crypto.news, and SecurityWeek
| Preetika Rana / Wall Street Journal: |
A California appeals court reverses a lower court ruling that found Prop 22 illegal, preserving the independent contractor model of companies like Uber and Lyft — Ruling upholds Proposition 22, which preserves gig-economy business model — Uber Technologies Inc., UBER -0.93%decrease … | 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.
More:
San Francisco Business Journal, CNN, The Atlantic, PYMNTS.com, Financial Times, VICE, and Payments Dive. LinkedIn:
Andrea Lisi
| Bloomberg: |
The end of SVB, Silvergate, the Silvergate Exchange Network, and Signature adds more stress to the crypto industry; fiat conversion costs may rise by 20% to 40% — The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups.
More:
CoinDesk, Bloomberg, Decrypt, PYMNTS.com, CryptoPotato, Financial Times, and Coinspeaker
Tweets:
@coinbase, @twobitidiot, @tracyalloway, @timccopeland, @hsakatrades, and @mayazi
| MacKenzie Sigalos / CNBC: |
More:
Wall Street Journal, PYMNTS.com, Fortune, Quartz, Crypto Briefing, and Grit Capital
Tweets:
@jacqmelinek and @ragingventures
| CNBC: |
More:
Reuters, Department of Financial …, The Hill, Silicon Valley Business …, Gizmodo, CoinDesk, Bloomberg, Vox, CBS News, Observer, New York Times, Apricitas Economics, ZyCrypto, Neowin, Bitcoin News, Bitcoinist.com, Dallas Innovates, The Block, MarketWatch, CoinGape, Inside Bitcoins, Coinspeaker, Cointelegraph, PYMNTS.com, Watcher Guru, and Decrypt
Tweets:
@hfangca, @jchervinsky, @josephzeballos, @twobitidiot, @thestalwart, @okcoin, @fdicgov, and @davidkurten
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