March 13, 2023, 10:05 PM

Top News

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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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.
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
Iain Withers / Reuters:
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 …
Sources: Microsoft laid off one of its responsible AI teams that was tasked with assessing the risks associated with integrating OpenAI's tech into its products  —  As the company accelerates its push into AI products, the ethics and society team is gone  —  I.
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.
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 …
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.
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.
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.

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Kellen / Droid Life:

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Vishal Chawla / The Block:
Fortesa Latifi / Teen Vogue: