Welcome, Weekenders! In this newsletter:• The Big Read: Pickleball is the past—the tech elite is obsessed with padel. • Plus, an Americana-themed batch of Recommendations—our weekly pop culture picks: “The Americans,” “East of Eden,” “High Desert Daydream,” “Lonesome Dove,” USA vs. Belgium, and “The Twilight Zone.” The year’s midpoint is an apt moment for some studied reflection, and I’ve been thinking about how much has changed in the last six... Read more ›
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Silicon Valley Bank’s collapse is sending shockwaves through a key piece of the crypto industry’s financial plumbing. The price of stablecoin USDC tumbled at one point lower than 88 cents Saturday morning, below its theoretical $1 peg, after its issuer, Circle, disclosed it has billions in cash on deposit at failed Silicon Valley Bank. While Circle has money on deposit with several other banks, the revelation raised questions about its... Read more ›
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Hi, welcome to your Weekend!I do not envy news media executives, who have difficult jobs in the best of times. This week was not the best of times, as our CEO Jessica Lessin could tell you. While captaining a newsroom going full-throttle to cover the cataclysmic collapse of Silicon Valley Bank, Jessica was also scrambling to ensure that The Information (an SVB customer) could make payroll and cover the rent.... Read more ›
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The promise of Starlink is simple: You, city dweller, dream of holing up in a cabin, sailing the high seas or vagabonding across the country in an RV. But you’re still going to need an internet connection. Enter Starlink, the satellite internet provider operated by SpaceX that will beam high-speed internet down to you whether you’re living in the Australian Outback or just camping out of your Subaru Outback. But... Read more ›
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When Shuo Wang was 16, she got her first sales job and learned what she considers the biggest lesson in business. Despite not speaking English well, Wang sold scooters at flea markets in and around Washington, D.C., an offshoot of her mother’s business of selling motorcycles and scooters wholesale. Decades later, Wang attributes many of her sales skills to that first high school job and what it taught her: It’s... Read more ›
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Meredith Kopit Levien exists in a perpetual yo-yo motion. Most weeks, the CEO of The New York Times Co. spends three days in New York—“sometimes more if needed”—where a pied-à-terre gives her easy access to the company’s landmark Eighth Avenue headquarters. The rest of the time she spends in Washington, D.C., where her family lives and where she keeps a house “in the District.” (“I am offended by people who... Read more ›
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Silicon Valley Bank wasn't just a bank—it was a central artery in the venture capital circulatory system. VC firms recruiting new partners would tell them SVB could set them up with a mortgage in a day. The bank wined and dined the industry in Napa. It sponsored numerous events across the Valley. While other banks that routinely handled huge clients might barely give a startup founder the time of day,... Read more ›
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As the weekend approached, startup founders with money stuck in Silicon Valley Bank raced to sell secondary shares and enter financing deals to meet payroll and other needs, a sign of the desperate dash for funds set off by the abrupt collapse of the tech-centric bank. Many startup founders signed up for loans based on the future revenues of their companies, according to Nathan Latka, CEO of Founderpath, a startup... Read more ›
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Thousands of businesses and investors are panicking after federal regulators on Friday froze their assets at Silicon Valley Bank in what was the second-biggest bank failure in U.S. history. From publicly-traded firms like Roku to privately-held startups like Shield AI, many SVB customers are girding for problems or scrambling to ensure they can make payroll. One thing is certain: their pain will be significantly lessened if regulators find a buyer... Read more ›
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The sudden collapse of Silicon Valley Bank sowed panic at hundreds of startups and venture capital firms that banked there and now must seek new ways to pay employees and access funds from their investors and customers. Founders and VC firms, which also kept billions of dollars worth of assets with SVB, on Friday rushed to figure out whether they could get loans to cover payroll if their funds were... Read more ›
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Frank Luntz, the famed Republican pollster and communications guru, stood in awe listening to himself. “It sounds like I had a stroke,” Luntz called out from the back of a banquet room at the National Press Club on a blustery evening in downtown Washington. He and around 100 other attendees at the invitation-only gathering were hearing a deepfake version of his gravelly voice as it issued sweeping political proclamations. “Neither... Read more ›
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Welcome back to the Pro Weekly. We hope you’re enjoying The Information Pro. And here’s a reminder to respond to the new reader survey, for which you received an email yesterday. This week, we added 11 companies to the Cloud Database, bringing the total to 76. Collectively, those companies spend more than $13 billion annually on cloud computing services, most of that at Amazon Web Services, Microsoft Azure and Google... Read more ›
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Bankers have been evaluating a potential sale of Silicon Valley Bank, according to a person familiar with the matter, though it’s unclear whether a potential suitor would step forward at this point to buy a troubled institution whose shareholders and customers are fleeing. Shares of SVB were halted premarket after sliding 63% to $39.40 and didn’t begin trading with the rest of the stock market. As recently as Wednesday, the... Read more ›
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The panic over the status of Silicon Valley Bank intensified on Friday, as the stock of SVB’s parent fell another 66% in pre-trading hours. Meanwhile, anxieties spread to China overnight, prompting local venture capitalists and entrepreneurs to follow their U.S. counterparts and look for alternative banks for their U.S. dollar holdings. The fate of SVB is a huge concern in China, the world’s second-largest venture capital market after Silicon Valley,... Read more ›
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What a panic. You might have thought a new coronavirus had surfaced in Silicon Valley Bank’s Santa Clara, Calif., headquarters, as SVB investors (and, apparently, depositors) rushed for the exits. SVB’s shares fell 60% in regular trading and another 21% after hours. This doesn’t seem likely to end well. My best guess is that SVB will get acquired by a bigger bank that can calm everyone down.The pity is that... Read more ›
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Silicon Valley Bank on Thursday told at least four clients that wire transfers could be delayed, and the bank’s support phone lines were recently inaccessible. Other clients reported trouble logging in to the company’s website to view their account information and make transfers. One founder who reached an SVB customer support agent Thursday afternoon said they were informed that the bank’s “systems are down, wires are backed up, and there's... Read more ›
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Silicon Valley Bank’s stock was in freefall as I wrote this, down 60%, after it announced a $2.25 billion share sale, partially to counter “elevated cash burn” at the startups it banks. That news set off a wave of panic, with some VC firms like USV warning their portfolio companies to move their funds, we reported earlier today. CEO Greg Becker had told me last week that the bank was... Read more ›
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Another company is jumping on the artificial intelligence bandwagon: Discord, which is infusing AI into several platform features, including its mascot bot, Clyde. The messaging app commonly used by gamers announced Thursday it’s dipping its toes into OpenAI technology, transforming Clyde into a talkative chatbot that can answer user questions and hold extended conversations in real-time, similar to OpenAI’s ChatGPT. Read more ›
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Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to “stay calm” amid concerns around a capital crunch that wiped nearly $10 billion off the bank’s market valuation. On a call, Becker said that “calls started coming and started panic.” He added that the bank has “ample liquidity to support our clients with one exception: If everyone is telling each other SVB is in... Read more ›
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In a bid to avoid a U.S. ban, TikTok is embarking on a project to restructure its product and operations in the country. It plans to store local citizen data on local servers, create a domestic entity to house that data, comply with local legal and law enforcement requests for data, limit the flow of data across national borders—and spend billions of dollars to make all of this possible. In... Read more ›
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Elon Musk fanned a growing culture war in artificial intelligence by confirming last week that he plans to develop an “anti-woke” alternative to OpenAI’s ChatGPT, as The Information first reported. Musk and other critics have a point, said Greg Brockman, OpenAI’s co-founder and president. In an interview, he said the startup did not move quickly enough to give users greater ability to customize the behavior of the chatbot, which has... Read more ›
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09.07.2026 22:53
Last update: 22:45 EDT.
News rating updated: 05:40.
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