Page 8 - Silicon Valley

SBV with Massachusetts branches seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment. Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as a whole, with major banks holding sufficient capital to avoid a similar situation. The financial health of Silicon Valley Bank was increasingly in question this week after the bank announced plans to raise up to USD 1.75 billion in order to strengthen its capital position amid concerns about higher interest rates and the economy.

Asia witnesses limited contagion risk from Silicon Valley Bank's woes

While bank shares in Asia and the US are trading at almost similar accounting book value-based valuations, the former is expected to boost earnings by 29% over the next 12 months

SVB crisis sends jitters through startup world: Here's what we know

Santa Clara-based SVB Financial Group announced that it sold $21 billion of securities from its portfolio. SVB Financial Group also said it was holding a $2.25 billion share sale to shore up finances

Why is everyone talking about SVB? Here's all that you need to know

Events snowballed after Silicon Valley Bank announced a share sale to shore up its finances, following a significant loss on its portfolio

Silicon Valley veteran Dan Rosensweig joins upGrad's board of directors

Rosensweig also serves on the board of Adobe and is a senior advisor to TPG Growth Ventures & Kleiner Perkins

Commerce Department to open process to avail aid for chip manufacturing

The Commerce Department is opening the application process for computer chip manufacturers to access USD 39 billion in government support to build new factories and expand production. The funding is part of the CHIPS and Science Act, which President Joe Biden signed into law last August. Grants, loans and loan guarantees are meant to revive domestic production of computer chips. The effort is designed to sharpen the US edge in military technology and manufacturing while minimising the kinds of supply disruptions that occurred in 2021, after the start of the coronavirus pandemic, when a shortage of chips shut down factory assembly lines and fuelled inflation. This is fundamentally a national security initiative, Commerce Secretary Gina Raimondo said as the application process began Tuesday. We are not writing blank checks to any company that asks. The money is meant to support private investment in new factories and can be clawed back if companies use it on stock buybacks instead. .

YouTube: From chaos to command

YouTube is now a mature product and a money machine but is no longer considered the hotbed of innovation

India ahead of America's Silicon Valley in the field of IT: Anurag Thakur

India is ahead of America's Silicon Valley in the field of IT, exemplified among other things by the fact the Covid vaccination certificate here is available digitally while the rest of the countries still have it on paper, Union minister Anurag Thakur has said. The country today is moving towards becoming a digital economy with "chaiwala to fadiwala (roadside vendors)" all doing their businesses with the help of Internet, he said. Digital transactions worth Rs 12.62 lakh crore have been recorded in the country since the BJP came to power in 2014, he said during a meeting of party functionaries at Una last night, according to a release issued on Sunday. Thakur said nine years ago when the Congress government was in power at the Center, inflation was 12 percent and "corruption" was rampant. Today when countries like the United States are struggling with an inflation rate of 8.3 percent, and India's inflation rate is 5.7 percent, he said. Under the leadership of Prime Minister Narend

Randi Zuckerberg bats for more women to participate in Web3, crypto

Zuckerberg also toured several startup and venture capital offices and met many investors and founders in Bengaluru

Meta CEO Mark Zuckerberg should focus on US midterms, not the Metaverse

Meta CEO Zuckerberg could start by doing what thousands of managers before him have done, and reconsider his tasks

Automation Anywhere raises $200 mn from Silicon Valley Bank, others

The firm's cloud customers have run an estimated 50 million automations in 2022, with leading firms deploying thousands of bots across their organisations

Bengaluru rains: How bad infra took Indian Silicon Valley under the weather

The flood on August 30, which brought parts of Bengaluru to its knees, led to a loss of about Rs 225 crore in a single day

The young kings of Silicon Valley are dismounting their unicorns

They rode unicorns to fame and fortune. In a rocky market, it got a little less fun

Fintech platform Robinhood fires 713 employees, CEO says 'it's on me'

Silicon Valley-based online trading app Robinhood has sacked 23% of its workforce, just three months after the fintech platform reduced its headcount by 9 per cent amid the global economic turmoil.

Elon Musk says new Tesla plants are 'money furnaces' losing billions

"Both Berlin and Austin factories are gigantic money furnaces right now," the chief executive officer said in a video interview with Tesla Owners of Silicon Valley posted online Wednesday

Sequoia India grapples with fallout from several governance issues

The Silicon Valley firm has invested $5.5 billion in India and, since 2017

Google hit with UK probe into suspected competition breaches: Report

The Competition and Markets Authority will probe suspected breaches of competition law in Google's rules over in-app payments in its mobile store in the UK

Sheryl Sandberg's advertising empire leaves a complicated legacy

Sandberg was one of the people who made Google's ad business so enormous that it became an essential part of every advertiser's budget

Our competition is with the Silicon Valley: Karnataka CM Basavaraj Bommai

Silicon Valley in the US continues its reign as the world's pre-eminent startup ecosystem, according to experts

Be part of India's growth story: Nirmala Sitharaman at Silicon Valley

Finance Minister Nirmala Sitharaman at the Silicon Valley invited investors to be part of the country's growth story