Techmeme
March 13, 2023, 5:25 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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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.
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 …
Bloomberg:
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 …
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.
Austin Weinstein / Bloomberg:
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 …
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.
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 …
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 …
Bloomberg:
State media: China appoints Zhang Xin to lead its state-backed chip investment fund, known as the Big Fund, seeking to counter US-led sanctions on its industry  —  China has assigned a new chief for a high-profile, state-backed chip investment fund amid a renewed push to pour resources …
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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Marie Woolf / Globe and Mail:

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