March 10, 2023, 7:30 AM

Top News

Financial Times:
Silicon Valley Bank launches a $2.25B share sale after losing ~$1.8B on its ~$21B of US Treasuries and mortgage-backed securities; SIVB drops 60%+ pre-market  —  Technology-focused lender suffered loss on $21bn portfolio of Treasuries and mortgage-backed securities
More: Wall Street Journal, SVB Financial Group, Reuters, The Information, TechCrunch, Pirate Wires, Reuters, Coinspeaker, Financial Times, TechCrunch, Financial Times, Coinspeaker, Reuters, Newcomer, Silicon Valley Business …, Fortune, The Great Reset Diary 2022, Quartz, Forbes, The Register, Washington Post, GeekWire, and BBC
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Erin Woo / The Information:
Some VC firms are encouraging their portfolio companies to pull funds out of Silicon Valley Bank while others are advising startups to keep no more than $250K  —  Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to “stay calm” …
Casey Newton / Platformer:
Meta is exploring a standalone decentralized social network for sharing text updates; the app, codenamed P92, will reportedly let users log in with Instagram  —  Is this the Twitter replacement we've been waiting for? … Twitter's decline is paving the way for other platforms to build next-generation replacements.
Filipe Espósito / 9to5Mac:
Kuo: Apple plans to unveil a redesigned HomePod with a built-in 7-inch display in H1 2024, enabling tighter integration with Apple's other hardware products  —  Apple this year introduced a new HomePod that looks exactly like the original model announced in 2017 and discontinued in 2021.
New York's AG sues KuCoin, alleging the Seychelles-based crypto exchange offers tokens, such as ETH, that meet the definition of a security, without registering  —  A press release said the lawsuit was part of ongoing “efforts to crack down on unregistered cryptocurrency platforms.”
Alex Hern / The Guardian:
Meta's Head of WhatsApp, Will Cathcart, says the service would refuse to comply with the UK's Online Safety Bill requirements to remove end-to-end encryption  —  Meta's head of chat app says it would not comply with the requirements set out in online safety bill
Researchers call for transparency on AI tools' carbon footprint; training GPT-3 took an estimated 1.287 GWh of electricity, or what ~120 US homes use in a year  —  Artificial intelligence has become the tech industry's shiny new toy, with expectations it'll revolutionize trillion-dollar industries from retail to medicine.
Arjun Kharpal / CNBC:
Bitcoin falls ~8% to ~$19,900, a near two-month low, and ether falls 8%+ to ~$1,400, after a selloff of US stocks, rising interest rates, and troubles at SVB  —  - Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.

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