Signature's and SVB's collapse was aided by GOP-led Dodd-Frank reforms that raised the “stress test” threshold from $50B to $250B, pushed for by SVB executives
Officials with Signature and Silicon Valley banks, which regulators seized in recent days, called for looser financial requirements for midsize banks.
Meta plans to wind down its work on NFTs “for now” to focus on other ways of supporting creators and will continue working on Meta Pay
- Meta is ditching its NFT efforts, for now, according to executive Stephane Kasriel. — Meta is ditching its pursuit of NFTs as the company looks …
Mark Zuckerberg says Meta plans to cut another 10,000 jobs and withdraw around 5,000 open roles, just four months after cutting 11,000 jobs
Meta plans to cut its workforce by another 10,000 people and withdraw around 5,000 open roles that it had yet to fill, company co-founder …
Google announces AI-powered features for Docs, Gmail, Sheets, Slides, and other Workspace apps, helping users generate text, summarize topics, and create images
Google has announced a suite of upcoming generative AI features for its various Workspace apps, including Google Docs, Gmail, Sheets, and Slides.
HSBC acquires Silicon Valley Bank's UK arm for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B in loans and ~£6.7B in deposits
Sale Facilitated by Government, Bank of England Tweets: Jeremy Hunt / @jeremy_hunt : This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC D...
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
Email: SVB's new CEO Tim Mayopoulos says SVB NA, a new, FDIC-run “bridge-bank” with deposits protected by the FDIC, is “open and conducting business as usual”
The former Fannie Mae exec says new deposits will be protected by the FDIC
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.
Source: US prosecutors are looking at Telegram group chats between employees at Jump, Jane Street, and Alameda in May 2022 over the collapse of TerraUSD
US prosecutors are scrutinizing chat-group conversations among prominent trading firms including Jump Trading Group and Jane Street Group …
Sources and documents: India plans to force smartphone makers to let users remove pre-loaded apps and will mandate screening OS updates via new security rules
India plans to force smartphone makers to allow removal of pre-installed apps and mandate screening of major operating system …
Apple announces Shop With a Specialist Over Video, a live video session available from 7am to 7pm PT on its website for US customers looking to buy an iPhone
Apple today announced that customers in the U.S. can now connect with an Apple Specialist over a live video session while shopping for an iPhone on the company's online store.
Sources: the US DOJ is investigating the May 2022 collapse of the TerraUSD stablecoin; the SEC filed a suit against Terraform Labs and Do Kwon last month
Alexander Osipovich / Wall Street Journal :
Sources: the FDIC is planning another SVB auction, after failing to find a suitor on March 12; at least one offer had been made, which was rejected by the FDIC
Auction comes after failed attempt to find suitor on Sunday — The Collapse of Silicon Valley Bank: What You Need to Know
Google launches an API for its PaLM language model, a new app called MakerSuite to help developers train PaLM, expands support for AI in Vertex AI, and more
James Vincent / The Verge :
Microsoft signs a 10-year deal with Boosteroid to distribute Call of Duty if the Activision deal is approved, the third such deal; Boosteroid has ~4M users
Agreement is part of push to convince regulators that the planned $75 billion acquisition won't harm the videogame industry
Experts say that, in the short term, the promise and perils of generative AI may be more modest than the fervor surrounding tools like ChatGPT makes them seem
Hype and fear collide in the tech industry's latest boom — If you listen to its boosters, artificial intelligence is poised …
Amazon reveals its consumer terminals to connect to Project Kuiper, expected to cost under $400, and now plans to launch the first satellites in H1 2024
Amazon has revealed a range of customer terminals that connect to its broadband satellite network, Project Kuiper.
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.
Binance suspends UK deposit and withdrawal services via bank transfers and card payments after its local banking partner Paysafe stopped providing support
Binance Holdings Ltd., the world's largest crypto exchange, is suspending deposit and withdrawal services via bank transfers …
Microsoft plans to make 3D avatars available to all Teams users in May 2023, after announcing the feature in 2021 and testing them privately in recent months
Microsoft originally announced the avatars feature in 2021 and has been testing it privately in recent months.
Sources: multiple women accuse London-based TikTok executive Steve Ware of sexual harassment and say TikTok mishandled the allegations, a pattern at the company
Woman's employment contract terminated after internal probe into complaint about advances made by senior manager
A Pixel 7a developer unit allegedly leaks to a Vietnamese blog, featuring a 90Hz 6.1" display, 8GB of RAM, and two 12MP cameras with wide and ultra-wide lenses
Kellen / Droid Life :
UK bank NatWest places a £1,000 daily and £5,000 monthly limit on transfers to crypto exchanges, citing scams, after similar moves by Lloyds and HSBC
William Shaw / Bloomberg :
A Reddit user shows how Samsung's Space Zoom feature produces fake, generated images of the moon, highlighting how computational photography is changing photos
Y Combinator scales back its late stage team, laying off 17 employees, or ~20% of YC staff, calling late stage investing a “distraction from our core mission”
Natasha Mascarenhas / TechCrunch :
An in-depth look at tech's terrible 2022 in numbers: VC investment and IPOs falling globally, an 85% drop in new unicorns, layoffs impacting 280,000+, and more
Reduced investment and large-scale layoffs have created dark times for tech globally. — In March 2022, the future of Muni, a Colombian e-commerce startup, looked bright.
A California appeals court reverses a 2021 lower court ruling that deemed Prop 22 illegal, preserving the independent contractor model of Uber, Lyft, and others
Preetika Rana / Wall Street Journal :
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”
Sources: China begins impeding South China Sea subsea internet cable projects due to spying fears, imposing strict permit requirements and delaying approvals
Financial Times :
Blackstone plans to acquire event management software maker Cvent for $4.6B, or $8.50 per share; Cvent went public via SPAC at a $5.3B valuation in July 2021
A look at the shift to the ATSC 3.0 TV broadcast standard, still not available in many major markets since its 2017 launch, as free streaming TV channels surge
and now, broadcasters are eager to get the rest of us hooked. https://www.theverge.com/... via @Verge See also Mediagazer
Trend Micro: the Emotet botnet, back after a four-month hiatus, is using binary padding and other new security evasion tricks to get users to download malware
Dan Goodin / Ars Technica :
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%+
Vishal Chawla / The Block :
Tel Aviv-based cloud security startup Mitiga raised a $45M Series A extension led by ClearSky Security at a $100M+ valuation, taking its total funding to $77M
Kyle Wiggers / TechCrunch :
A look at Eightfold AI, which uses AI to help companies find, recruit, and retain workers, and the startup's challenges, like a slowing economy and new AI rules
Steve Lohr / New York Times : Tweets: @kevinokeefe , @stevelohr , and @stevelohr Tweets: Kevin O'Keefe / @kevinokeefe : U.S. and EU laws may clamp down on the use of AI by employers for decisions lik...
GitLab reports Q4 revenue up 58% YoY to $122.9M, a $46.3M operating loss, up from $40.6M YoY, and a weak revenue forecast for fiscal year 2024; GTLB drops 35%+
Jordan Novet / CNBC :
Sources: the UK plans to launch a 10-year Plan for Quantum program to invest £2.5B in quantum computing, more than doubling the funding available to researchers
Financial Times :
Insurers are using unregulated predictive algorithms to pinpoint the precise moment when they can plausibly cut off payment for the treatment of older patients
STAT : Tweets: @marshacollier and @maartenvsmeden Tweets: Marsha Collier / @marshacollier : How Medicare Advantage Plans Use #AI To Cut Off Care For Seniors Insurers are using unregulated predictive ...
Filing and sources: TuSimple co-founder Xiaodi Hou left the company's board last week after a “whistleblower” shared he was asking staff to join his new venture
Rebecca Bellan / TechCrunch :
Sources: Chinese autonomous driving startup WeRide filed confidentially for a US IPO and is looking to raise $500M; WeRide was valued at ~$4.4B in March 2022
Bloomberg :
WordPress.com owner Automattic acquires the WordPress plugin ActivityPub and hires its developer, to help blogs integrate with the Fediverse, including Mastodon
First Republic Bank's stock drops 61.83%, after falling 33% last week, despite claiming $70B+ in unused liquidity on March 12 and the Fed's new lending facility
Discord reverts some privacy policy changes made when announcing new AI features, like revoking promises not to collect data from screen recordings and chats
for now Hayley Williams / GameSpot : Discord Reverses Privacy Policy Changes After AI Backlash
A Utah jury finds that Dish Network must pay $469M for infringing two streaming video filtering patents held by parental-control tech maker ClearPlay
Blake Brittain / Reuters : See also Mediagazer
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