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 (AI) — 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 (SVB) 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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.