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 …
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.
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 …
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.
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.
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 …
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
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.
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.
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.
Sources: JPMorgan, PNC, Apollo, and Morgan Stanley are in talks to acquire SVB Financial Group, excluding SVB; interest in SVB cooled after the US backstop
Michael Flaherty / Axios :
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.
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 … Tweets: @slouisepetersen , @amandadeibert , @fortesalatifi , @erinmayequade , and @tiff...
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
Simon Willison / Simon Willison's Weblog :
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.
Sources: long before its collapse, SVB remained technologically stagnant, including failing to integrate Stripe's tech and biometric authentication on mobile
MacKenzie Sigalos / CNBC :
As AI explodes, humanity must accelerate its adaptation or reach a collective, enforceable decision to slow the development of these technologies
The hype cycle around artificial intelligence … Tweets: Andrew Leigh / @aleighmp : “In a 2022 survey, AI experts were asked, ‘What probability do you put on human inability to control future advanced ...
US private equity firm Silver Lake and Canada's largest pension fund plan to acquire Qualtrics for $12.5B, or $18.15 per share, as SAP divests its 71% stake
Antoine Gara / Financial Times :
First Republic Bank's stock drops 60%+, after declining 33% last week, despite the Fed's new lending facility and saying Sunday it had $70B+ in unused liquidity
Q&A with Meredith Broussard, a leading researcher of algorithmic bias, on her book More than a Glitch, which looks at the harms of applying AI to social issues
Tate Ryan-Mosley / MIT Technology Review : Tweets: @seoscottsdale Tweets: Adam / @seoscottsdale : Meet the AI expert who says we should stop using AI so much Meredith Broussard argues that the applic...
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
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
Meta plans to block Canadians' ability to view or share written and broadcast news on Facebook and Instagram if the country passes its proposed Online News Act
A look at Bring a Trailer, a classic car blog from 2007 that became a marketplace, facilitated $1.37B in 2022 sales, and held its 100,000th auction on March 7
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others
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