Monday, March 13, 2023

13: News Bulletin

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
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
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
SVB draws support from 500+ VCs, including General Catalyst and Sequoia, while 5,000+ founders and CEOs sign a Y Combinator petition asking US Congress to act
Sources: long before its collapse, SVB remained technologically stagnant, including failing to integrate Stripe's tech and biometric authentication on mobile

CNN wins its first Oscar for Navalny, in the documentary feature film category, about Russian dissident Alexei Navalny and commissioned by CNN Films and HBO Max
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”
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%
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
As AI explodes, humanity must accelerate its adaptation or reach a collective, enforceable decision to slow the development of these technologies

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
Netflix wins six Oscars, including the Best International Feature Film for All Quiet on the Western Front and the Best Animated Feature Film for Pinocchio
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
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 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

Twitter is in decline and less stable under Elon Musk, echoing LiveJournal and Tumblr falling apart under new ownership that didn't understand their communities
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others
An interview with Gowalla co-founder and CEO Josh Williams as he re-launches his location-based social networking app at SXSW, 14 years after its debut

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