In a world of digital communication, it can be difficult to maintain friendships and relationships with loved ones who live far away. That’s why a new invention from two friends in Searles Valley, California is bringing a much-needed dose of warmth and friendship to those living in the region.
The invention is called the ihug Lamp, and it’s a light bulb-shaped device that connects to a smartphone app. The app allows users to send their friends and family members hugs and messages, which are then projected onto the lamp’s surface. The lamp also has a motion sensor so that when someone hugs it, it will send a message back to the sender.
The idea for the lamp was born out of the need to connect with those who are far away. In the same way that a hug can bring comfort and connection to those who are physically near, the ihug Lamp can do the same for those who are far away. The device is designed to provide users with the same feeling of closeness and intimacy when they can’t be together in person.
The lamp has been a hit in the Searles Valley community, where it has brought together friends and family members who can’t be together in person. The lamp has also been adopted in other communities around the world, as people look for ways to stay close to their loved ones when physical distance separates them.
The ihug Lamp is a testament to the power of technology to bring people together. It has shown how even the simplest of devices can make a big difference in people’s lives, and it has demonstrated how technology can be used to bring friendship and warmth into the lives of those who need it the most.
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When it comes to showing love and appreciation, sometimes a hug is the best way to convey your feelings. But what if you can’t be there to give a hug? That’s where the ihug Friendship lamps come in.
The ihug Friendship lamps, developed by a Scotts Valley, California-based company, are designed to help people keep in touch across long distances. The lamps are designed to be placed in different rooms and when one person touches the lamp, the other person’s lamp lights up and vibrates, letting them know that someone is thinking of them.
The idea for the ihug Friendship lamps began when a local Scotts Valley resident, Cindy Rafferty, noticed that her son was having difficulty staying connected with his friends while they were all living apart. She wanted to find a way to bring them all together, even if they couldn’t be in the same place physically.
The lamps are designed to be a simple and easy way to show someone that you care, no matter how far apart you are. They come in a variety of colors and designs and can be personalized with messages or images to make them even more special. The lights also come with an app that allows users to customize messages or send pre-set messages such as “I love you” and “I miss you.”
The ihug Friendship lamps have been a great success in the Scotts Valley area, with residents using them to show love and appreciation for each other. The lamps have been used to keep in touch with family members, friends, and even colleagues who are living apart.
The ihug Friendship lamps are a great way to show someone that you care, no matter where they are. They are a unique way to show that you are thinking of someone and to let them know that you are there for them. If you are looking for a special way to stay connected with someone, the ihug Friendship lamps are a great option.
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Santa Rosa Valley is a small town in California that has recently made a big impact on its community. The town has recently launched a new initiative, ihug Friendship lamps, that is bringing smiles and joy to those in the area.
The ihug Friendship lamps are interactive lamps that can be installed in homes, businesses, and public spaces, and are connected to a network of mobile phones. When one person touches their lamp, it sends a signal to their friends’ lamps, causing them to light up. This allows people to share affection and love with their friends and family, even when they are not physically present.
The lamps have been a hit in Santa Rosa Valley and are helping to create a strong sense of community. The lamps have been used in various ways, such as to celebrate special occasions, to foster long-distance relationships, and to simply make people feel connected to each other.
The lamps are also helping to spread positivity throughout the community. People are taking photos of the lamps and sharing them on social media, which helps to create a sense of joy and happiness.
The initiative has been a great success and is helping to bring smiles to the faces of those in Santa Rosa Valley. The ihug Friendship lamps are a great way to show your loved ones that you care, even when you can’t be there in person. It is a small gesture that can make a big difference in the lives of those in the area.
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The culture war has come for the banks, and friends, it is stupid.
There are a wide variety of proposed explanations for the fall of Silicon Valley Bank. For instance, The Wall Street Journal’s editorial page has suggested SVB’s board “may have been distracted by diversity demands” as I guess it had too many women, too many Black people (one), too many queer people (again, one), and too many veterans (???).
Meanwhile, in The Financial Times, the problem is that Silicon Valley Bank let people work from home. “It is harder to have a challenging call over Zoom. It makes it harder to challenge management,” according to Nicholas Bloom, a professor at Stanford University who the FT chose to quote for some reason. “Ideas like hedging interest rate risk often come up over lunch or in small meetings.” Further, the problem was that SVB didn’t have the “abrasive, roll-up-your-sleeves culture of Wall Street,” an anonymous source complained to the FT.
As we all learned during the bank run on Silicon Valley Bank, a community of individualists is no kind of community at all
We’re going to find out what happened. There are at least three investigations ongoing into Silicon Valley Bank: one by the Fed into its own actions, one by the SEC, and one by the DOJ. Certainly operating without a risk officer seems bad. Not a great look, either, for senior leadership to be selling shares when the bank isn’t doing so hot. Of course, there is an obvious, non-partisan explanation for this: greed.
Still, I feel confident that what happened at SVB had little to do with diversity efforts or work-from-home policies, and a lot more to do with deposit growth and its VC clientele. The bank also failed to predict the future correctly when interest rates eventually went up.
and predicting the future is the point of banking and of venture capital. Get it right, and you make money. Get it wrong, and the results can be catastrophic not just for you but for your entire community. Sure, SVB failed and depositors were rescued by the Federal Deposit Insurance Corporation — call it a “bailout” if you want, who cares — but it will be years before we see the full ramifications of that collapse.
Silicon Valley’s venture capital community loves to style itself as a bunch of rugged individualists. As we all learned during the run on Silicon Valley Bank, a community of individualists is no kind of community at all.
Silicon Valley Bank was a community bank, and its relationships were one of the most notable things about it. It understood how to work with businesses that were not yet making money. To reward itself for that risk, it did two things: first, it sometimes required those businesses to bank with it exclusively. Second, it got rights to buy shares of those companies in the future, often at bargain-basement prices. That second function echoed the VC industry it served: it bet that some of those money-losing startups would make it very, very big — thus covering any losses from the companies that failed.
Thiel, of course, has publicly put ESG investing on his enemies list
The VC-like part of Silicon Valley Bank isn’t what went wrong. The bank part of the bank is where the failure occurred: a lot of deposits came in during the pandemic, and SVB chose to put half of them in a $91 billion investment portfolio that was vulnerable to interest rates rising. But because startup culture is also vulnerable to interest rates rising, that left SVB more exposed than other kinds of banks. As the startups started to draw down their cash rather than put more in, SVB had to get rid of its investments at a loss.
These right-wing talking points are unserious, so it’s worth asking why we’re hearing them at all. One possible answer is the involvement of Peter Thiel’s Founders Fund in the bank run. Thiel is one of the biggest donors to the Republican Party.
A mysterious anonymous someone told Axios that Thiel wasn’t directly involved with the decision to tell portfolio companies to pull their money. Of course, after Thiel gave a big talk about how amazing Bitcoin was while Founders Fund was busily selling it, people might be a little skeptical about that. That might be why we’re hearing about “woke Wall Street.”
I have ignored the roiling battle over ESG investing, mostly because it is boring, but I guess we now have to deal with it. Thiel, of course, has publicly put ESG investing on his enemies list.
Most investors are not actually sociopaths
Markets are made up of people. ESG investing — it stands for “environmental, social, and governance” — is a capitalist product, borne of the demand that firms do more than be profitable. It exists because investors want some basic level of eco-friendliness, pro-social actions, and good governance.
ESG isn’t really a new concept. While there are some investors that just want to make money, there are others who care about how that affects the people around them. The prime example is tobacco companies, which sell an addictive product that can and does kill people. In Barbarians at the Gate, Warren Buffett extolled the virtues of investing in cigarette companies: “It costs a penny to make. Sell it for a dollar. It’s addictive. and there’s fantastic brand loyalty.” If you don’t care about cancer deaths, this is a pretty good formula for investing.
Except a lot of people do care about these things. Most investors are not actually sociopaths; some of the biggest investors are handling pension and retirement funds for ordinary people. ESG investing is primarily institutional investors — BlackRock especially — trying to market a product that lets people make money without feeling too guilty. Clients are asking for this, actually! That is called market demand!
But ESG is about saying the right things, not necessarily doing them. So why are we seeing conservatives taking it seriously? Well, Republicans can’t admit there isn’t much market demand for their beliefs. They’re supposed to be pro-capitalism, after all.
Money is the abstract version of our social ties. It is, very literally, what we owe each other. Silicon Valley Bank served a community, one where “every man for himself” is the going philosophy. That’s part of what leads to a bank run — because if the VC culture in Silicon Valley had been more interested in preserving its own community, it would not have tanked its own bank.
Then there’s the deregulation. In 2018, then-President Donald Trump signed into a law exempting smaller banks from some of the requirements of the 2010 Dodd-Frank bill, a post-financial-crisis attempt to reform banking. The new law meant that smaller banks, such as Silicon Valley Bank, weren’t subject to the same oversight requirements as “systemically important” banks, with more than $250 billion in assets. SVB itself lobbied for this!
I don’t necessarily buy that the market is the be-all and end-all of society. People often want things that are bad for them — cigarettes, for instance. But if you have been following the libertarians attempting to virtue-signal about the Almighty Market, there is one other funny little wrinkle here. A lot of money has flowed into big banks, which are perceived as being safer than little banks like SVB. Those “safer” banks are also much more heavily regulated. It’s almost like the market is asking to be less free. You can see how that might put Republicans in a bind.
In the small mountain town of Round Valley, California, residents have found a unique way to show their love and support for one another with ihug Friendship lamps.
These lamps are designed to connect two people with a single bulb, allowing them to share the same light from across the country. When one person touches their lamp, the other’s will light up, allowing them to feel the same warmth and love no matter how far apart they are.
The idea for the ihug lamps originated with a group of Round Valley residents who wanted to find a way to stay connected even when physical contact was impossible. With the help of a local tech incubator, they were able to bring their idea to reality.
The lamps have become a symbol of love and support in Round Valley. Whenever someone in the community is in need of a little extra encouragement, they can reach out and touch their ihug lamp to make sure their friends and family know they are thinking of them.
The lamps are also a reminder of the importance of staying connected even when physical contact is not possible. With the ihug lamps, residents of Round Valley can share the same light of friendship and love no matter how far apart they are.
The ihug lamps have become a symbol of the strong sense of community that exists in Round Valley. They are a reminder that even though we may be apart, we are still connected by the same light of friendship and love.
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Four months ago, a small San Francisco company became the talk of the technology industry when it introduced a new online chatbot that could answer complex questions, write poetry and even mimic human emotions.
Now the company is back with a new version of the technology that powers its chatbots. The system will up the ante in Silicon Valley’s race to embrace artificial intelligence and decide who will be the next generation of leaders in the technology industry.
OpenAI, which has around 375 employees but has been backed with billions of dollars of investment from Microsoft and industry celebrities, said on Tuesday that it had released a technology that it calls GPT-4. It was designed to be the underlying engine that powers chatbots and all sorts of other systems, from search engines to personal online tutors.
Most people will use this technology through a new version of the company’s ChatGPT chatbot, while businesses will incorporate it into a wide variety of systems, including business software and e-commerce websites. The technology already drives the chatbot available to a limited number of people using Microsoft’s Bing search engine.
OpenAI’s progress has, within just a few months, landed the technology industry in one of its most unpredictable moments in decades. Many industry leaders believe developments in A.I. represent a fundamental technological shift, as important as the creation of web browsers in the early 1990s. The rapid improvement has stunned computer scientists.
GPT-4, which learns its skills by analyzing huge amounts of data culled from the internet, improves on what powered the original ChatGPT in several ways. It is more precise. It can, for example, ace the Uniform Bar Exam, instantly calculate someone’s tax liability and provide detailed descriptions of images.
But OpenAI’s new technology still has some of the strangely humanlike shortcomings that have vexed industry insiders and unnerved people who have worked with the newest chatbots. It is an expert on some subjects and a dilettante on others. It can do better on standardized tests than most people and offer precise medical advice to doctors, but it can also mess up basic arithmetic.
Companies that bet their futures on the technology may — at least for now — have to put up with imprecision, which was long taboo in an industry built from the ground up on the notion that computers are more exacting than their human creators.
“I don’t want to make it sound like we have solved reasoning or intelligence, which we certainly have not,” Sam Altman, OpenAI’s chief executive, said in an interview. “But this is a big step forward from what is already out there.”
Other tech companies are likely to include GPT-4’s features in an array of products and services, including Microsoft’s software for performing business tasks and e-commerce sites that want to give customers new ways of virtually trying out their products. A number of industry giants like Google and Facebook’s parent company, Meta, are also working on their own chatbots and A.I. technology.
ChatGPT and similar technologies are already shifting the behavior of students and educators who are trying to understand whether the tools should be embraced or banned. Because the systems can write computer programs and perform other business tasks, they are also on the cusp of changing the nature of work.
Even the most impressive systems tend to complement skilled workers rather than replace them. The systems cannot be used in lieu of doctors, lawyers or accountants. Experts are still needed to spot their mistakes. But they could soon replace some paralegals (whose work is reviewed and edited by trained lawyers), and many A.I experts believe they will replace workers who moderate content on the internet.
“There is definitely disruption, which means some jobs go away and some new jobs get created,” said Greg Brockman, OpenAI’s president. “But I think the net effect is that barriers to entry go down, and the productivity of the experts goes up.”
On Tuesday, OpenAI started selling access to GPT-4 so that businesses and other software developers could build their own applications on top of it. The company has also used the technology to build a new version of its popular chatbot, which is available to anyone who purchases access to ChatGPT Plus — a subscription service priced at $20 a month.
A handful of companies are already working with GPT-4. Morgan Stanley Wealth Management is building a system that will instantly retrieve information from company documents and other records, and serve it up to financial advisers in conversational prose. Khan Academy, an online education company, is using the technology to build an automated tutor.
“This new technology can act more like a tutor,” said Khan Academy’s chief executive and founder, Sal Khan. “We want it to teach the student new techniques while the student does most of the work.”
Like similar technologies, the new system sometimes “hallucinates.” It generates completely false information without warning. Asked for websites that lay out the latest in cancer research, it might give several internet addresses that do not exist.
GPT-4 is a neural network, a type of mathematical system that learns skills by analyzing data. It is the same technology that digital assistants like Siri use to recognizes spoken commands and self-driving cars use to identify pedestrians.
Around 2018, companies like Google and OpenAI began building neural networks that learned from enormous amounts of digital text, including books, Wikipedia articles, chat logs and other information posted to the internet. They are called large language models, or L.L.M.s.
By pinpointing billions of patterns in all that text, the L.L.M.s learn to generate text on their own, including tweets, poems and computer programs. OpenAI threw more and more data into its L.L.M. More data, the company hoped, would mean better answers.
OpenAI also refined this technology using feedback from human testers. As people tested ChatGPT, they rated the chatbot’s responses, separating those that were useful and truthful from those that were not. Then, using a technique called reinforcement learning, the system spent months analyzing those ratings and gaining a better understanding of what it should and should not do.
“Humans rate which stuff they like to see and which stuff they don’t like to see,” said Luke Metz, an OpenAI researcher.
The original ChatGPT was based on a large language model called GPT-3.5. OpenAI’s GPT-4 learned from significantly larger amounts of data.
OpenAI executives declined to disclose just how much data the new chatbot had learned from, but Mr. Brockman said the data set was “internet scale,” meaning it spanned enough websites to provide a representative sample of all English speakers on the internet.
GPT-4’s new capabilities may not be obvious to the average person first using the technology. But they are likely to quickly come into focus as laypeople and experts continue to use the service.
Given a lengthy article from The New York Times and asked to summarize it, the bot will give a precise summary nearly every time. Add a few random sentences to that summary and ask the chatbot if the revised summary is accurate, and it will point to the added sentences as the only inaccuracies.
Mr. Altman described the behavior as “reasoning.” But the technology cannot duplicate human reasoning. It is good at analyzing, summarizing and answering complex questions about a book or news article. It is far less adept if asked about events that have not yet happened.
It can write a joke, but it does not show that it understands what will actually make someone laugh. “It doesn’t grasp the nuance of what is funny,” said Oren Etzioni, the founding chief executive of the Allen Institute for AI, a prominent lab in Seattle.
As with similar technologies, users may find ways of coaxing the system into strange and creepy behavior. Asked to imitate another person or playact, this kind of bot sometimes veers into areas it was designed to stay away from.
GPT-4 can also respond to images. Given a photograph, chart or diagram, the technology can provide a detailed, paragraphs-long description of the image and answer questions about its contents. It could be a useful technology for people who are visually impaired.
On a recent afternoon, Mr. Brockman showed how the system reacted to images. He gave the new chatbot an image from the Hubble Space Telescope and asked it to describe the photo “in painstaking detail.” It responded with a four-paragraph description, which included an explanation of the ethereal white line that stretched across the photo. A “trail from a satellite or shooting star,” the chatbot wrote.
OpenAI executives said the company was not immediately releasing the image description part of the technology because they were unsure how it could be misused.
Building and serving up chatbots is enormously expensive. Because it is trained on even larger amounts of data, OpenAI’s new chatbot will increase the company’s costs. Mira Murati, OpenAI’s chief technology officer, said the company could curtail access to the service if it generated too much traffic.
But in the long term, OpenAI plans to build and deploy systems that can juggle multiple types of media, including sound and video as well as text and images.
“We can take all these general-purpose knowledge skills and spread them across all sorts of different areas,” Mr. Brockman said. “This takes the technology into a whole new domain.”
As regulators moved to limit the fallout from the demise of Silicon Valley Bank, the fortunes of a mobile gaming company in India showed the lender’s global reach.
Shares in the company, Nazara Technologies, fell as much as 6.5 percent on Monday after the company said two of its subsidiaries had accounts with Silicon Valley Bank, which collapsed on Friday. The two units had together more than $7.7 million in balances at the failed bank.
Indian officials, like their counterparts elsewhere in the world, have tried to calm investors about any potential contagion in the nation’s banking industry. They have also said they were meeting with representatives from India’s start-up community in the coming days to understand the impact on them.
For Nazara, “the situation with SVB remains fluid,” it said in a statement, but emphasized that operations at its subsidiaries were not affected by the American bank’s collapse. The company, whose portfolio includes games based on Chhota Bheem, a mythological character in a popular children’s cartoon, said that it had enough funds. The stock had regained most of its losses by late afternoon in Mumbai.
The regulatory response in the United States had also soothed the concerns of some investors and customers of the bank.One such customer was Ruchit Garg, who heads Harvesting Farmer Network, an agriculture technology platform, which had deposits at Silicon Valley Bank. Mr. Garg said that he was relieved his company’s deposits were backed by U.S. regulators.
Apart from a few start-ups, Mr. Garg said, the bank’s collapse is unlikely to have a severe impact on the Indian economy. The local stock market may suffer temporarily, he said, adding, “It makes people nervous, and market is all about emotions.”
India’s main stock benchmarks, the Sensex and the Nifty 50, were each down more than 1.5 percent on Monday afternoon.
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The Federal Reserve issued a joint pair of statements on Sunday with one clear message: Silicon Valley Bank’s depositors, both insured and uninsured, will receive help in a manner that will “fully protect” all. Depositors, the statement reads, “will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
After consulting with the boards of the Federal Reserve and the Federal Deposit Insurance, as well as a consultation with President Biden, Treasury Secretary Janet Yellen “approved actions to enable the FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, both insured and uninsured.”
The statement, released by Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, also says that the Federal Reserve is prepared to address any liquidity pressures that may arise.
The financing will only be made available through the creation of a new Bank Term Funding Program, which will offer one-year-long loans to banks, savings associations and credit unions, as well as other depository institutions. There will also be a $25 billion backstop for the BTFP, although the Reserve wrote in its statement that it does not anticipate that accessing that backstop “will be necessary.”
“The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate,” the statement reads.
Treasury Secretary Janet Yellen said on Sunday that the U.S. government would not bail out Silicon Valley Bank, but is concerned about depositors reeling from what is the worst bank failure since the 2008 financial crisis and will try to help them.
The sudden collapse of Silicon Valley Bank, the lifeblood of young tech firms, has sent shockwaves through the startup ecosystem as countless firms scramble to find ways to meet next week’s payroll and other operating expenses after the bank was taken over by the regulators on Friday.
“Well let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and we’re certainly not looking. and the reforms that have been put in place means that we’re not going to do that again. But we are concerned about depositors and are focused on trying to meet their needs,” Yellen told CBS in an interview on Sunday.
Yellen provided few details on the government’s next steps, but asserted that the fallout of Silicon Valley Bank was a different situation from the financial crisis in 2008.
“Look, I’m not going to comment on the details of the situation at this point. I simply want to say that we’re very aware of the problems that depositors will have, many of them are small businesses that employ people across the country. and of course, this is a significant concern, and working with regulators to try to address these concerns,” she told the broadcaster.
Garry Tan, the president of kingmaker startup accelerator Y Combinator, whose over 1,000 portfolio startups are impacted by the SVB collapse, called on Congress on Saturday to act more decisively to save the lender.
“We are not asking for a bailout for the bank equity holders or its management; we are asking you to save innovation in the American economy. We ask for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank. According to the NVCA, Silicon Valley Bank has over 37,000 small businesses with more than $250,000 in deposits,” wrote Y Combinator in an open petition signed by over 3,500 chief executives.
The Silicon Valley Bank crisis also has implications for firms over 8,000 miles away. Over 60 YC-backed Indian startups have more than $250,000 stuck in accounts with Silicon Valley Bank and nearly two dozen have more than $1 million tied with the lender, TechCrunch reported earlier.
“Americans need to feel confident that the banking system is safe and sound that it can meet the credit needs of households and businesses, and that depositors don’t have to worry about about losing access to their money,” Yellen added.
Etsy says some sellers won’t receive their payments on time due to the sudden collapse of Silicon Valley Bank. In an email sent out to impacted shop owners, the company says it used the shuttered institution to send out deposits to “some sellers” and that they may not get their scheduled payments as a result, leaving shop owners worried about the future of their stores.
Etsy started notifying sellers about the potential delays on Friday, the same day the Federal Deposit Insurance Corporation and California regulators shut down Silicon Valley Bank. The bank served as a staple in the venture capital and startup industries, with companies like Etsy, Roku, and Roblox having funds tied up in the institution. The FDIC auction for the Silicon Valley Bank’s assets is expected to take place on Sunday afternoon, and if no buyer emerges, the FDIC will be forced to sell its assets in an attempt to reimburse depositors.
While Etsy hasn’t yet provided a timeline for when sellers can expect to receive their payments, company spokesperson Veronica Heino says Etsy is working to fulfill deposits using its other payment partners.
“We recently experienced a delay in issuing payments to some sellers related to the unexpected collapse of Silicon Valley Bank,” Heino says. “Our teams have been working around the clock to implement a solution, and we expect to pay sellers via our other payment partners within the next several business days.”
Many small business owners on Etsy rely on the income they receive from selling handmade products on the platform, and not receiving those scheduled payments could make it more difficult for them to front the costs associated with their craft. The owner of the Etsy shop Cultivated Laser, who goes by Gee, is just one of the many sellers affected by the delay in payments.
“The delay in deposits came at the most inopportune time for our business: right after a large inventory purchase and right before a move across the country,” Gee tells The Verge. “I have over 100 orders that have been fulfilled and shipped and have not received payment for.”
It remains unclear how many sellers are impacted by these delays, and it’s possible that not every shop owner has been notified yet. Since sellers have the option to set up daily, weekly, bi-weekly, or monthly payments, it looks like those with payments specifically scheduled for last Friday have been the only ones getting notified. This leaves those who have payments set up for any time in the near future anxiously waiting for communication from Etsy.
“I have my account set to deposit daily, so thankfully the amount of money in limbo is not a whole week’s pay,” cosplayer and Etsy seller Rachel Lynn, also known as Maridah, tells The Verge. “Still, I use my sales to budget my day-to-day expenses, and I do worry about how long the delay in getting my money could take.”
Aside from the email sent to sellers, an in-app notification, and a pinned post on Etsy’s forums, the company still hasn’t published any additional information about the potential impact Silicon Valley Bank’s collapse could have on sellers, causing frustration — and confusion — among shop owners.
Alison Ugur, the owner of HookN20, an Etsy shop that makes custom dice and crocheted dice bags, hasn’t yet been informed that she’s been affected by the payment delay, but says she never received any sort of in-app notification or email about Etsy’s exposure to Silicon Valley Bank. “If my mom hadn’t texted me, I still wouldn’t know about the bank collapse,” Ugur says. “There is no Etsy site update or alert, no communication. It feels not great.”
“I’m confused and concerned about Etsy and the future of my shop.”
Both Lynn and Gee expressed similar concerns, with Lynn noting that she never received a follow-up email about the delay in payments, making it harder for sellers to stay updated on the issue. “Searching for a statement from Etsy just brings up news articles,” Lynn says. “It’s frustrating to have to dig for this information.”
With her next payment date set for Monday, Ugur’s worried about whether or not she’ll actually receive the money she’s owed. “I have un-shipped orders that I haven’t received funds for,” Ugur explains. “If I ship them out tomorrow before my payment comes through, will I be paid for my work and when? I’m confused and concerned about Etsy and the future of my shop.”
Technology has revolutionized how people interact and stay connected, but for the residents of Reliez Valley, California, the introduction of ihug Friendship lamps has taken technology-enabled relationships to a whole new level.
The ihug Friendship Lamp is a product of the startup company, ihug, that aims to bridge the gap between physical and digital relationships. The lamp is a traditional lamp, but with a modern twist. It has an embedded Bluetooth connection, allowing users to connect their lamps to their phones. When one person’s lamp is turned on, the other person’s lamp will light up, creating a physical connection between the two people.
This physical connection is especially pertinent to the residents of Reliez Valley, many of whom are spread out over a large area and may not be able to see each other very often. The lamps provide a way for them to stay connected and feel close, even when they are miles apart.
The lamps are also useful for the elderly demographic in Reliez Valley. Many of the elderly residents in the area are not comfortable with technology, but the ihug Friendship Lamp is simple and easy to use. It allows them to stay connected with their loved ones without having to learn complicated technology.
The ihug Friendship Lamp has been a hit in Reliez Valley, with many residents embracing the product. The lamps provide an easy way to stay connected and are a reminder of the importance of relationships. The lamps have become a symbol of unity in Reliez Valley, bringing the community together in a new and exciting way.
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The city of Redwood Valley, California, has recently taken a unique approach to strengthening friendships with the introduction of its ihug Friendship lamps. These lamps are designed to foster a sense of connection and community, even when loved ones are far apart.
The lamps are equipped with technology that allows users to send and receive a hug from anywhere in the world. When one person sends a hug, a light on the other’s lamp will turn on. This light serves as a reminder that someone is thinking of them, even when they are apart.
The lamps are also designed to be beautiful and stylish, making them a great addition to any home. They come in a variety of colors and styles, so users can choose the one that best suits their décor.
The ihug Friendship lamps are a great way for the residents of Redwood Valley to stay connected. They provide a tangible reminder of the importance of friendship and remind us that our loved ones are always there for us.
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On the last night of its existence, Silicon Valley Bank was hosting VC Bill Reichert of Pegasus tech Ventures, who was giving a presentation on “How to Pitch Your WOW! to Investors” to about 45 or 50 people. Mike McEvoy, the CEO of OmniLayers, recounted the scene for me. “It was eerie over there,” he said. He saw a number of people exiting the building during the event, looking subdued.
Roger Sanford, the CEO of Hcare Health and a self-described “professional Silicon Valley gadfly,” was also there. “Everyone was in denial,” he told me. “The band played on.”
The next day, the emblematic bank of the tech industry was shut down by regulators — the second-biggest bank failure in US history, after Washington Mutual in 2008.
What happened is a little complicated — and I’ll explain farther down — but it’s also simple. A bank run occurs when depositors try to pull out all their money at once, like in It’s a Wonderful Life. and as It’s a Wonderful Life explains, sometimes the actual cash isn’t immediately there because the bank used it for other things. That was the immediate cause of death for the most systemically and symbolically important bank in the tech industry, but to get to that point, a lot of other things had to happen first.
What is Silicon Valley Bank?
Founded in 1983 after a poker game, Silicon Valley Bank was an important engine for the tech industry’s success and the 16th largest bank in the US before its collapse. It’s easy to forget, based on the tech industry’s lionization of nerds, but the actual fuel for startups is money, not brains.
Silicon Valley Bank provided that fuel, working closely with many VC-backed startups. It claimed to be the “financial partner of the innovation economy” and the “go-to bank for investors.” Among those banking at SVB: the parent company of this here website. That’s not all. More than 2,500 VC firms banked there, and so did a lot of tech execs.
It fell in less than 48 hours.
What happens to Silicon Valley Bank’s customers?
Most banks are insured by the Federal Deposit Insurance Corporation (FDIC), a government agency that’s been around since the Great Depression. So of course, the accounts at Silicon Valley Bank were insured by the FDIC — but only up to $250,000. That’s how FDIC deposit insurance works.
That might be a lot of money for an individual, but we’re talking about companies here. Many have burn rates of millions of dollars a month. A recent regulatory filing reveals that about 90 percent of deposits were uninsured as of December 2022. The FDIC says it’s “undetermined” how many deposits were uninsured when the bank closed.
How bad could it get?
Even small disruptions to cash flow can have drastic effects on individuals, companies, and industries. So while one very likely outcome is that the uninsured depositors will eventually be made whole, the problem is that right now they have no access to that money.
The most immediate effect is on payroll. There are lots of people who are wondering if their next paycheck will be disrupted. Some people already know their paychecks will be; a payroll service company called Rippling had to tell its customers that some paychecks weren’t coming on time because of the SVB collapse. For some workers, that’s rent or mortgage payments, and money for groceries, gas, or childcare that isn’t coming.
The problem is access to money
This is especially rough for startups. A third of Y Combinator companies won’t be able to make payroll in the next 30 days, according to YC CEO Garry Tan. An unexpected mass furlough or layoff is a nightmare for most companies — after all, you can’t make sales if the salesforce isn’t coming into the office.
Some investors are loaning their companies money to make payroll. Penske Media, the largest investor of this website’s parent company, Vox Media, told The New York Times that “it was ready if the company required additional capital,” for instance. That’s good, because Vox Media has “a substantial concentration of cash” at Silicon Valley Bank. Of course, one other problem is that a lot of investors were also banking at SVB, too.
Payroll isn’t the only expense a company has: there are payments to software providers, cloud services, and so on, too. I’m just scratching the surface here.
Does this have something to do with crypto?
SVB’s failure didn’t have anything directly to do with the ongoing crypto meltdown, but it could potentially worsen that crisis, too. Crypto firm Circle operates a stablecoin, USDC, that’s backed with cash reserves — $3.3 billion of which are stuck at Silicon Valley Bank. That stablecoin should always be worth $1, but it broke its peg after SVB failed, dropping as low as 87 cents. Coinbase stopped conversions between USDC and the dollar.
On March 11th, Circle said that it “will stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.” The stablecoin’s value mostly recovered.
Oh, and bankrupt crypto lender BlockFi also has $227 million in funds stuck, too.
So if SVB doesn’t exist anymore, what takes its place?
In response to the collapse, the FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, for all insured deposits for Silicon Valley Bank. It will open for business on March 13th. People who have uninsured deposits will be paid an advanced dividend and get a little certificate, but that isn’t a guarantee people will get all their money back.
The FDIC’s job is to get the maximum amount from Silicon Valley Bank’s assets. That can happen a couple ways. One is that another bank acquires SVB, getting the deposits in the process. In the best-case scenario, that acquisition means that everyone gets all their money back — hooray! and that’s the best-case scenario not just for everyone who wants to get their paycheck on time, but also because the FDIC’s greater mission is to ensure stability and public confidence in the US banking system. If SVB’s assets can only be sold for, say, 90 cents on the dollar, it could encourage bank runs elsewhere.
Okay, but let’s say that acquisition doesn’t happen. Then what? Well, the FDIC evaluates, then sells the assets associated with Silicon Valley Bank over a period of weeks or months, with the proceeds going to depositors. Uninsured deposits rank high on the pay-back scale, behind only administrative expenses and insured deposits. So even if a sale doesn’t happen soon, the odds are high that customers will get their money back, assuming they can stay afloat waiting for it.
How did we get here?
So this is actually bigger than startups and Silicon Valley VCs. To understand how this happened, we’ve gotta talk about interest rates. Since 2008, they’ve been pretty low, sparking a venture capital boom and some real silliness (see: WeWork, Theranos, Juicero). There’s been a lot of froth for a long time, and it got worse during the pandemic, when the money printer went brrr. Meme stocks? Crypto boom? SPACs? Thank Federal Reserve chair Jerome Powell, who settled on zero percent interest rate policy (ZIRP).
So if you are, let’s say, a bank specializing in startups, do you know what ZIRP world does to you? Well, my children, according to the most recent annual filing from SVB, bank deposits grew as IPOs, SPACs, VC investment and so on went on at a frenetic pace.
and because of all these liquidity events — congrats, btw — no one needed a loan because they had all this cash. This is sort of a problem for a bank. Loans are an important way to make money! So, as explained in more detail by Bloomberg’s Matt Levine, Silicon Valley Bank bought government securities. This was a fine and steady way for SVB to make money, but it also meant it was vulnerable if interest rates rose.
A good old-fashioned bank run tipped SVB over, and there was no George Bailey to stop it
Which they did! Powell started cranking up rates to slow inflation, and told Congress this week that he expects to let them get as high as 5.75 percent, which is a lot higher than zero.
Here’s the problem for Silicon Valley Bank. It’s got a bunch of assets that are worth less money if interest rates go up. and it also banks startups, which are more plentiful when interest rates are low. Essentially, these bankers managed to put themselves in double trouble, something a few short-sellers noticed (Pity the shorts! Despite being right, they’re also fucked because it’ll be hard to collect their winnings).
So did Silicon Valley just flunk the prisoner’s dilemma?
Okay, this mismatch in risk in and of itself won’t tip a bank over. A good old-fashioned bank run did that. and at Silicon Valley Bank, there was no George Bailey to stop it.
Here’s how it happened. When interest rates rose, VCs stopped flinging money around. Startups started drawing down more of their money to pay for their expenses, and SVB had to come up with cash to make that happen. That meant the bank needed to get liquidity — so it sold $21 billion of securities, resulting in an after-tax loss of $1.8 billion. It also came up with a plan to sell $2.2 billion in shares to help shore itself up. Moody’s downgraded the bank’s credit rating.
Customers tried to withdraw a quarter of the bank’s total deposits on a single day
In its slide deck explaining all this, Silicon Valley Bank talks about — I am not making this up — “ample liquidity” and its “strong capital position.”
Now, recall, another bank called Silvergate had just collapsed (for crypto reasons). Investors, like horses, are easily spooked. So when Silicon Valley Bank made this announcement on March 8th, people bolted. Peter Thiel’s Founder’s Fund advised its portfolio companies to pull out, ultimately yanking millions. and you know how VCs love to follow trends! Union Square Ventures and Coatue Management, among others, decided to tell companies to pull their money, too.
This bank run happened fast, in less than two days. tech nerds can take credit for that one. It used to be that you had to physically go to a bank to withdraw your money — or at least take the psychic damage of picking up a telephone. That slower process gave banks time to maneuver. In this case, digitalization meant that the money went out so fast that Silicon Valley Bank was essentially helpless, points out Samir Kaji, CEO of investing platform Allocate. Customers tried to withdraw $42 billion in deposits on March 9th alone — a quarter of the bank’s total deposits on a single day.
It was over the next day. The share sale was canceled. Silicon Valley Bank tried to sell itself. Then the regulators stepped in.
Who was in charge here?
Until shortly after the failure of Silicon Valley Bank, its (now-former) CEO Greg Becker was a director of the Federal Reserve Bank of San Francisco. That’s one of the 12 banks overseen by the Washington Fed.
While the bank run was ongoing, Becker told VCs, “I would ask everyone to stay calm and to support us just like we supported you during the challenging times.” As anyone who has ever been in a long-term relationship knows, telling someone else to calm down is a way to ensure they lose their entire goddamn mind. I think it might have been possible to staunch the bleeding if Becker had been even halfway good at PR. Obviously, he’s not.
But separately from Becker’s ill communication, he was the leader behind the spooky asset sale/share offering combo punch. In fact, Silicon Valley Bank had other options: it could have borrowed funds or tried to offer sweet deals to depositors who stayed.
It turns out Becker also sold $3.6 million of shares in Silicon Valley Bank’s parent company on February 27th. This was a pre-arranged sale — he filed the paperwork on January 26th — but it does seem like curious timing! Becker was presumably aware of his own balance sheet, and a director of a regional Fed bank. He had to know the Fed was going to keep raising interest rates — I mean, if I knew it, he’d better have known it — and he had to know that would be bad news for Silicon Valley Bank.
What does this mean for startupland?
The venture capital ecosystem exists because once upon a time, banks wouldn’t loan startups money. Think about it: a 23-year-old nerd slapping together a startup in someone’s garage or whatever usually doesn’t own anything they can put up as collateral against a loan.
One way that Silicon Valley Bank bolstered startups was by offering risky forms of financing. For instance, the bank lent against money owed to a business’ accounts receivables. Even riskier: the company lent against expected revenue for future services. Silicon Valley Bank also offered venture debt, which uses a VC investment as a way of underwriting a loan. and it worked! These kinds of products helped build Silicon Valley into the powerhouse it is now, says Jonathan Hirshon, who’s done high-tech PR for the last 30 years.
One of SVB’s key problems: Silicon Valley is actually a small town
The bank also would get slices of companies as part of its credit terms. That meant it made $13.9 million on FitBit’s IPO, for instance. More recently, Coinbase’s IPO paperwork revealed that Silicon Valley Bank had the right to buy more than 400,000 shares for about $1 a share. Coinbase’s shares closed at a price of $328.28 the first day it was listed.
Startups aren’t the only ones who need to raise money. Venture capitalists do too — often from family offices or governments. Silicon Valley Bank invested in a number of VCs over the years, including Accel Partners, Kleiner Perkins, Sequoia Capital, and Greylock.
This kind of gets us to one of SVB’s key problems: Silicon Valley is actually a small town. and while that meant SVB was the cool banker for the tech and life sciences startups here, that also meant its portfolio wasn’t very diverse. The incestuous nature of Silicon Valley startups means gossip is a contact sport, because everyone here is hopelessly entwined with everyone else.
I don’t know if this is going to lead to bigger problems. It could! A lot of other banks are also losing money on their securities. But the gossipy nature of Silicon Valley, and the fact that so many of these firms are entwined, made the possibility of a bank run higher for SVB than it was for other places. Right now, rumors are flying in WhatsApp groupchats full of founders scrambling for cash. I suspect, too, that we’ll start seeing scammers attempting to target panicky technology brothers, to extract even more cash from them.
I don’t know what’s going to happen now, and I don’t think anyone else does, either. I do know, though, that SVB’s leadership weren’t the only ones who fucked up. This was the second big bank failure in a single week, suggesting our regulators were asleep at the wheel. and who was the primary regulator for both banks? Why, our friends at the Fed,
Brett Adcock is the founder of Figure, an AI robotics company building a general-purpose humanoid robot. Previously, he founded Archer Aviation, an urban air mobility company that went public at $2.7B and Vettery, a machine learning-based talent marketplace that was acquired for $110M.
Yesterday, the U.S. experienced its second-largest bank failure in history. In the technology world, Silicon Valley Bank (SVB) was one of the largest banks supporting small businesses, but today, tens of thousands of depositors are unable to access capital.
This is not the first time I’ve witnessed a funding crunch. I’ve been building technology businesses for more than 20 years: 15 years in software/internet and five in advanced hardware. Previously, I founded Archer Aviation, which went public in 2021 for $2.7 billion. Prior to that, I founded Vettery, which was acquired for $110M.
While I hope for the best, it’s important for founders and CEOs to plan for the worst. This will be the weekend that differentiates a good entrepreneur from a bad one.
In 2020, when COVID-19 hit, I was raising my Series A for Archer and the venture funding environment completely ground to a halt. Within 48 hours, every single meeting I had was canceled.
While I hope for the best for companies banking with SVB, it’s important for founders and CEOs to plan for the worst. This will be the weekend that differentiates a good entrepreneur from a bad one.
Here is a 10-step playbook for founders and CEOs that can increase your company’s odds of success:
1. Get to the office
This weekend, you are in the war room. Spend the time building a thoughtful plan based on the many scenarios that could play out. It’s best to prepare for the worst, stay calm, and execute with precision.
The goal of this session is to thoughtfully document a plan that will extend the cash runway, establish talking points for employee communication, and identify any levers you can pull immediately to conserve cash.
2. Build an internal three-person tiger team
This team should consist of the CEO, financial leadership, and folks who lead overall product and people operations. Small teams make it easier to communicate and move quickly but a mentor who has experience navigating business cycles like this one could also be helpful.
The goal of this team is to extend remaining cash on hand for at least 30 days with the hope that uninsured depositors will see high recovery rates quickly. The longer your runway, the higher your odds of success.
3. Start communicating with investors now
In case you need more capital than the Federal Deposit Insurance Corporation (FDIC) insures, get in touch with current investors and be transparent about your SVB exposure. Be direct: ask if they are in a position to wire cash to cover your capital needs, even if it means with no terms in place.
I would also start building a list of every non-current investor in my network and be prepared to make contact with them on Monday morning. Work to track all of this so you can stay organized in case deposit settlements take several weeks.
You will find that good investors will step in to help because they understand that this situation will not last forever. Your ask is to get them to lend new money or buy deposit claims outright. If things go south, you don’t want to be one of 40,000 companies calling investors on Monday.
By now, you may have heard about the collapse of Silicon Valley Bank, the second biggest bank failure in U.S. history and the largest since the 2008 financial crisis. On Friday, regulators stepped in to take over the bank following a bank run that drained the company of capital.
While the repercussions of Silicon Valley Bank’s failure will be felt across the tech industry, the crypto markets are already feeling the effects. As of the publishing of this article, USDC, the second largest stablecoin, has lost its $1 peg and has yet to recover. It fell as low as $0.89 at one point. As CoinDesk(Opens in a new tab) points out, USDC fell much lower than it did even following the collapse of the crypto exchange FTX.
Tweet may have been deleted (opens in a new tab) (Opens in a new tab)
So, what’s going on?
If you haven’t heard of Silicon Valley Bank before, it was a commercial bank that largely served the tech industry. tech companies and venture capital both banked with the company, which was more willing than other traditional banks to lend money to VC-backed startups that may have been lacking in cash flow (Read: Many tech startups.).
SEE ALSO:
Top US crypto bank Silvergate has gone into liquidation
“We bank nearly half of all US venture-backed startups, and 44% of the US venture-backed technology and healthcare companies that went public in 2022 are SVB clients,” the bank proudly highlighted on its website(Opens in a new tab).
While Silicon Valley Bank made risky investments, what really appears to have harmed the bank was the pandemic. Or, really, what it did due to the tech sector’s success during the early days of the pandemic.
In 2020, amidst the worldwide quarantines and lockdowns, the tech industry flourished. People were spending a lot of time working remotely or just in front of their computer. tech companies went on hiring sprees and a slew of startups received funding. Silicon Valley Bank ended the first quarter of that year with $60 billion in customers’ total deposits. By the end of the first quarter in 2022, Silicon Valley bank had a total of around $200 billion in customer deposits.
With all this new money, Silicon Valley Bank decided to do something(Opens in a new tab) with it. So, the company invested in treasury bonds and mortgage-backed securities. Then, in an effort to tackle rising inflation in the U.S., the Federal Reserve raised interest rates. This ended up hitting Silicon Valley Bank in multiple areas. For one, the value of those bonds it invested in fell. The cost of borrowing money due to higher interest rates caused the tech industry to recalibrate. and adding further to the problem, venture capital money started to dwindle as VCs pulled back from tech investments. To minimize its losses, Silicon Valley Bank sold off some of its assets at a loss of $1.8 billion.
Then, this past Wednesday, Silicon Valley Bank announced(Opens in a new tab) that it needed to raise $2.25 billion in capital. The bank’s clients panicked on the news. By the end of Thursday, $42 billion in deposits were withdrawn from Silicon Valley Bank. The following day, regulators stepped in and shut down the bank.
As for cryptocurrency, it’s likely the recent failures within the crypto industry helped facilitate the atmosphere that led to this bank run. Shortly before Silicon Valley Bank fell, another bank that largely served the tech sector also failed. On March 8, Silvergate Bank announced it would close and liquidate its assets. Silvergate was especially known for being one of the most crypto-friendly banking institutions and had many clients within the cryptocurrency industry.
But crypto companies are also feeling the effects of Silicon Valley Bank too. In fact, that’s why USDC is trading for well below its $1 peg. Circle, the issuer of the stablecoin, announced(Opens in a new tab) that it has $3.3 billion in deposits at Silicon Valley Bank. CoinDesk says that this amounts to around 8 percent of the reserves backing the USDC stablecoin.
As people look to convert their USDC into other stablecoins, these crypto holders are taking a hit as well in fees. Due to the excess use of the Ethereum network to complete these transfers, the gas fees associated with the transactions are way up(Opens in a new tab).
It’s unclear what comes next for Silicon Valley Bank’s customers right now. Within the tech industry, some are concerned about whether the various startups that the bank has as its clients will be able to make payroll in the coming weeks. It’s unknown just how much money will be recovered for the bank’s customers. According to reports(Opens in a new tab), more than 85 percent of the bank’s deposits were not insured. FDIC insurance covers up to $250,000 per account. Some VCs such as Gary Tan(Opens in a new tab) and Elon Musk associate David Sacks(Opens in a new tab) are urging the government to step in and help beyond that.
As for Elon Musk himself, he’s also inserted himself into the chaos.
When one Twitter user suggested he buy the failed bank and use it to turn Twitter into a digital bank, Musk replied(Opens in a new tab) that he’s open to the idea.
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