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The Latest Breaking News from Silicon Valley

The ChatGPT grift

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

Salon

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

The Guardian - UK

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.

The Conversation

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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.

Tribune News Service

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

Daily Mirror

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.

Tribune News Service

"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.…

IT Pro

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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

The Guardian - US

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.

Bangkok Post

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

Tribune News Service

Collapse & chaos: SVB, Signature Bank failures spark global panic

Is America facing a banking crisis? As regulators try to stem the fallout from the collapse of Silicon Valley and Signature Banks, we look at the risks for the rest of the system. Kate Moody speaks to economist Nicolas Veron from the Peterson Institute for International Economics and the European…

France 24

Silicon Valley Bank flagged risks from remote work on performance in its latest annual report

Remote work “reduced productivity and/or significant disruptions in our business operations," SVB said in its 2023 annual report published last month.

Fortune

Silicon Valley Bank: what really happened and what it means for London

Silicon Valley Bank almost collapsed this week until leading figures in the US and UK stepped in — but what is the bank and why did it create such panic? Rohan Silva reports

Evening Standard

The global banking system is on edge

So goes Silicon Valley, so goes the world.

Axios

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Asharq Al-Awsat

SVB Collapse Dominates Discussions at Financial Sector Conference in Saudi Arabia

The collapse of the California-based Silicon Valley Bank (SVB) dominated most sessions and workshops of the Financial Sector Conference in Riyadh. The repercussions of SVB’s recent bankruptcy caused shock and confusion worldwide, especially for economies that fear that the crisis will spillover to their financial institutions. Saudi Minister of Finance…

The Guardian - AU

‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse

The speed at which Silicon Valley Bank collapsed has left experts questioning whether social media has opened up entirely new risks in the world of finance

Fortune

The real victims of SVB aren't the tech elite: Hardworking business owners share their horror stories of the bank's collapse

The Silicon Valley Bank bailout was not about solving a “1% problem.”

The Independent UK

Bank runs used to be slow. The digital era sped them up

What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed

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Daily Mirror

Millionaire makes 'creepy' $100,000 offer to woman sitting next to him on plane

Silicon Valley entrepreneur Steve Kirsch, who has been accused of spreading Covid misinformation online, boasted about the strange offer he made to a female passenger sitting near him

Tribune News Service

‘A huge disruption’: Startups worldwide gird for life after SVB

Quang Hoang, the co-founder of a startup called Birdly Inc., spent his Monday refreshing the website of Silicon Valley Bank every hour. His San Francisco-based mentoring startup had about $10 million deposited with the now-failed financial institution, patronized by a large portion of the country’s most promising tech companies. But…

The Guardian - US

Be serious, conservatives. ‘Wokeness’ didn’t cause Silicon Valley Bank’s demise

The right is claiming that political correctness – not capitalism – caused this financial catastrophe. Really?

The Guardian - US

Wineries to affordable housing: SVB fall knocks out more than startups

Demise of Silicon Valley Bank has rattled not just businesses and investors but the ecosystem that grew up around it

WEKU

For 40 years, Silicon Valley Bank was a tech industry icon. It collapsed in just days

Silicon Valley Bank was not a household name. For four decades, SVB successfully competed with big name financial institutions only to come crumbling down in a matter of days.

Tribune News Service

Editorial: Silicon Valley Bank and Signature Bank collapses show regulation is needed

After Friday’s collapse of Silicon Valley Bank, big bankers are again looking to Washington with outstretched hands. We should be skeptical.

The Independent UK

Washington reacts on the fly to Silicon Valley Bank failure

After a frenetic weekend of round-the-clock briefings, U.S. policymakers took the audacious step of guaranteeing all the deposits of the failed Silicon Valley Bank — even those exceeding the Federal Deposit Insurance Corporation's $250,000 limit

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