KATE THOMPSON DAVY: Blood on the bourse floor amid tech’s big bank collapse

Sadly for start-ups particularly, the effect of the shuttering of Silicon Valley Bank washed through techlandia like a tidal wave

Between huge, ongoing job losses, the relentless drama at Twitter HQ, a parade of cryptocurrency woes and regulation crackdowns in Europe and the US, it has been a dark season for the tech sphere. The one bright light in the gloom has been the excitement around, and potential of, generative artificial intelligence — advances in AI capabilities so captivating that it was going to take a miracle or a tragedy to loosen its chokehold on tech headlines.

Sadly for start-ups particular it was the latter this last week, as the effect of the collapse of Silicon Valley Bank washed through techlandia like a tidal wave. News of a loss on the sale of a bunch of securities broke on Wednesday last week that seemed to fuel panic and a stock price slump, prompting a run on the bank, and within 48 hours SVB Financial Group had collapsed...

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