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The Latest Breaking News from Silicon Valley

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

How Credit Suisse redefined the IPO market during the Dot-Com boom—then lost its grip and spiraled into scandal

In the glory days of Credit Suisse, investment banker Frank Quattrone helped put Silicon Valley on the map.

Fortune

Brian Merchant: Silicon Valley elites are afraid. History says they should be

It’s become a common refrain among a certain set of Silicon Valley elite: They’ve been treated so unfairly. Case in point: Even after their bank of choice collapsed spectacularly — in no small part of their own doing — and the federal government moved with dispatch to guarantee all its…

Los Angeles Times

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Failing banks and mass layoffs: Is the 15-year tech boom finally over? What went wrong?

The 15-year tech boom has ended with rounds of mass layoffs and a recent series of high-profile bank collapses. So what went wrong and will Silicon Valley ever be the same?

ABC News

Mark Cuban Breaks ‘No Silicon Valley’ Rule, Backs Illumix In $18M VC Round

Mark Cuban has never been a big San Francisco fan, but has invested in a female run company bridging reality and the digital world

Zenger

Jack Dorsey's Hindenburg moment

The notorious short-seller has turned its sights on one of Silicon Valley's most celebrated founders.

Fortune

UK tech sector could face a ‘unicorn winter’ amid spiralling economic conditions

The UK could be facing a ‘unicorn winter’ unless the government outlines greater support for startups, research from Tech Nation has warned. The industry champion’s final study before its closure on 31 March highlighted the future potential of the UK tech industry, which it believes could reach a staggering $4…

IT Pro

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Mark Cuban just broke one of his own investment rules

Cuban previously said he consciously tried to keep his investments away from the Bay Area.

Fortune

11 unsung heroes of Silicon Valley’s banking crisis

They helped restore faith in the private markets—even when everything looked like everything might fall apart.

Fortune

Federal Reserve raises key rate by quarter-point despite banking industry turmoil

Fed Chairman Jerome Powell seeks to reassure Americans that their money was safe after the failure of Silicon Valley Bank, Signature Bank as the Fed continues to fight inflation.

Chicago Sun-Times

California bill would force Big Tech to pay for news content

In the latest attempt by legislators to rein in Silicon Valley, a measure has been introduced in California that would force tech companies such as Facebook and Google to pay publishers for news content from which their platforms profit.

Los Angeles Times

How a poker game launched Silicon Valley Bank’s four-decade ride of the tech wave — and a bad gamble 42 years later ended it all

In the early Eighties, when “High Tech” was still written with quotation marks and the region was starting to become known as The Silicon Valley, tennis buddies Bob Medearis and Bill Biggerstaff took their idea for a new bank to a poker game in Pajaro Dunes.

Tribune News Service

The SVB collapse 'contagion effect' will make it harder for startups, and more banks may fall

The SVB collapse didn't just leave the banking sector in disarray; technology startups are bracing for a harder time, and there are fears the global economy is at risk of recession.

ABC News

How is the global banking crisis impacting the US and what is being done to solve it?

Collapse of Silicon Valley Bank sparks collapse of confidence in markets

The Independent UK

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Axios

Tech industry builds in the ruins again

Silicon Valley's platform leaps always seem to happen in times of economic turmoil.

Los Angeles Times

Doyle McManus: Silicon Valley Bank's collapse may be a blessing in disguise

In the brief but spectacular collapse of Silicon Valley Bank, we may just have witnessed the best banking crisis ever.

Salon

The ChatGPT grift

Silicon Valley is agog over the capabilities of ChatGPT. They shouldn't be

The Guardian - UK

The SVB debacle has exposed the hypocrisy of Silicon Valley

US tech innovators have a culture of regarding government as an innovation-blocking nuisance. But when Silicon Valley Bank collapsed, investors screamed for state protection

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The Conversation

The collapse of major US banks leads to bills calling for more regulation

When Silicon Valley and Signature banks failed in early March 2023, government regulators rushed in to guarantee deposits and protect bank customers. Under current banking regulations, though, there was no obligation for the government to step in.

Tribune News Service

Will the collapse of two US banks be followed by more? These banking veterans say no, for now

The sudden collapse of two U.S. banks last week left many people wondering about the safety of their own deposits, the health of the banking system and consequences down the road.

Daily Mirror

Man defends offering $100,000 to woman sitting next to him on plane in 'creepy' request

Silicon Valley veteran Steve Kirsch, a known anti-vaxxer, offered a woman $100,000 (£82,700) to get her to remove her face mask while on a plane, sending social media users in frenzy

Tribune News Service

Tesla turns Twitter into $44 billion communications apparatus

Before Elon Musk was cutting deep at Twitter, inspiring legions of Silicon Valley bosses to take more unsparing approaches to running their companies, the chief executive officer of Tesla swung the axe on the car company’s small public relations team.

IT Pro

"It's still not great": Industry divided on government's SMB tax relief package

The UK government's changes to R&D tax relief credits have been met with a mixed reception following the Spring Statement on Wednesday. Delivering the statement in the House of Commons, Chancellor Jeremy Hunt revealed the government's plans to roll out an ‘enhanced’ tax relief package for SMBs across the country.…

The Guardian - US

Silicon Valley Bank said it was too small to need regulation. Now it’s ‘too big to fail’

Student debts and underwater mortgages are private burdens, but corporate losses are matters of urgent public interest

Bangkok Post

The fall of SVB: Another predictable bank failure

The run on Silicon Valley Bank (SVB) -- on which nearly half of all venture-backed tech start-ups in the United States depend -- is in part a rerun of a familiar story, but it's more than that. Once again, economic policy and financial regulation have proven inadequate.

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