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March 13, 2023, 11:45 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.
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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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Bloomberg, Monomythical, and New York Times
| 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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| The Verge: |
A Reddit user shows how Samsung's “Space Zoom” feature produces fake, generated images of the moon, highlighting how photography and “real photos” are changing — For years, Samsung “Space Zoom”-capable phones have been known for their ability to take incredibly detailed photos of the Moon.
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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 and @amacker
| 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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| 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 … | 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.Sponsor Posts
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