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The Latest Breaking News from Silicon Valley

Michael Hiltzik: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours

All banking crises throughout history have shared a common element: Short-term depositors try to withdraw their money from institutions locked into long-term assets.

Los Angeles Times

Startup founders are reeling as their Silicon Valley Bank funds are in limbo: ‘Our heads are spinning’

Founders who spoke with Fortune are frantically trying to untangle when they’ll get any money back—and how long they can make payroll.

Fortune

A Silicon Valley lender collapsed after a run on the bank. Here's what to know

Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.

WEKU

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US regulator closes failed bank and seizes its assets

A US regulator has shut Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation as the receiver.

The New Daily

Silicon Valley Bank just sucked all the oxygen out of SXSW

Just as Silicon Valley entrepreneurs were landing in Austin for the annual South by Southwest celebration, the startup industry's primary bank collapsed.

Fortune

Markets in turmoil as US closes Silicon Valley Bank

SANTA CLARA (UNITED STATES) - US regulators shut down Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

Bangkok Post

Silicon Valley Bank seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis

The Independent UK

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U.S. government takes control of Silicon Valley Bank

This is the largest bank failure since Washington Mutual in 2008.

Axios

Silicon Valley Bank’s parent is reportedly struggling to pull off a fire sale after its stock blew up and it failed to raise capital

“It doesn’t smell good right now, and there’s a lot of panic,” a venture investor who spoke with dozens of SVB clients told Fortune Thursday.

Fortune

Silicon Valley's burning bank

The bank's failure would be the biggest since Washington Mutual.

Axios

Silicon Valley Bank shares halted as tech firms scramble to withdraw funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Evening Standard

Silicon Valley Bank fails in largest bank collapse since 2008 crisis

US regulators seize SVB’s assets after a run on the bank, as global institutions monitor situation closely

The Guardian - UK

What happened to Silicon Valley Bank?

Behind the remarkable reversal of fortune for the startup world's bank of choice.

Axios

VCs and startup founders are freaking out about Silicon Valley Bank

Startup founders are pulling cash from Silicon Valley Bank, even as some VCs say the panic is overblown and fueling the fire.

Fortune

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Caixin Global

Sequoia China Affiliate SCEP Applies for QFII Status

The unit seeks to access the mainland via Beijing’s Qualified Foreign Institutional Investor program

Businessweek

Silicon Valley’s Obsession With Killer Rogue AI Helps Bury Bad Behavior

Sam Bankman-Fried made effective altruism a punchline, but the do-gooding philosophy is part of a powerful tech subculture full of opportunism, money, messiah complexes—and alleged abuse.

Tribune News Service

With eye toward the future, Rep. Ro Khanna takes on the heartland from Silicon Valley

Ro Khanna was first elected as a whiz kid evangelist for Silicon Valley, the heart of his congressional district and home to Apple, Cisco and Intel’s headquarters. Today, though, the Californian's stumping for a different crowd.

Evening Standard

Coppélia at Sadler’s Wells review: Silicon Valley reboot of this classic ballet couldn’t be more timely

Scottish Ballet continues to punch above its weight with another hit

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Tribune News Service

‘Exactly what I needed’: Silicon Valley teachers move into affordable units

After a full day of working at Raymond J. Fisher Middle School, sixth-grade teacher Elizabeth Sharkey would make the hourlong drive from Los Gatos, California, to a small room she rented in the Santa Cruz Mountains.

Tribune News Service

LinkedIn cuts scores of Bay Area jobs in new round of tech layoffs

MOUNTAIN VIEW, California — LinkedIn has revealed plans to eliminate scores of Bay Area jobs in a fresh round of layoffs that intensify the current tough times for Silicon Valley tech and biotech companies.

Tribune News Service

Silicon Valley tech layoffs: Why so many jobs were slashed, and who’s hiring amid fierce competition?

A growing barrage of technology industry layoffs means slim pickings for job-seeking software engineers and other tech workers amid a fiercely competitive Bay Area job market that has tipped from bountiful to brutal.

The Conversation

We pitted ChatGPT against tools for detecting AI-written text, and the results are troubling

As the “chatbot wars” rage in Silicon Valley, the growing proliferation of artificial intelligence (AI) tools specifically designed to generate human-like text has left many baffled.

The Guardian - US

From cradle to compost: the disruptors who want to make death greener

Startups rush to gain foothold in a burgeoning industry as New York and California move to legalize human composting

Fortune

YouTube CEO Susan Wojcicki's exit costs Silicon Valley one of its most influential female executives

She famously rented her garage to Google cofounders Larry Page and Sergey Brin in 1998.

Axios

Silicon Valley sees generative AI and ChatGPT as its next platform

Tech insiders see the excitement over AI's new wave as a sign that the industry has moved into a new era.

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