Silicon Valley under fire: China jab, startup ethos, geopolitics and bank fears

silicon valley being exposed as greedy frauds by a chinese company whose main thing isn’t even AI…i used to pray for times like this

Thousands of Iranian tech workers in Silicon Valley call for urgent action in Iran https://t.co/0tcyDjyiMF https://t.co/YbDcV4UUBi

🚨Israel has turned Gaza into an experimentation lab for its weapons' "startups"; top venture capital funds in the Silicon Valley are pouring money into these companies that are "field-testing" their dystopian weapons on the Gazan population; profits & sales are soaring! https://t.co/Y3r2L5hXBm

Overheard in Silicon Valley: "The transition from the Jobs Way to the Musk Way in US startup culture is fascinating to watch. The founders are switching from artistic UI hippies to weightlifter hard executors."

optimism wins https://t.co/KBRmE7zey2

Here's an UPDATE on the Silicon Valley Bank Collapse: - $175 billion of customer deposits are now under the control of the FDIC. - The contagion has impacted the USDC stable coin price, as USDC kept $3.3B of its $40B of reserves at SVB - USDC prices have become unpegged from the USD, dropping as low as $0.88 at one point. - This is the second largest bank collapse in US history, based on assets - The FDIC has created a new bank, the National Bank of Santa Clara, which will now hold all the assets of SVB. - As of the end of 2022, 97.3% of deposits at SVB were NOT FDIC Insured - The primary losers in all of this will be tech companies and startups as well as venture capital firms. - Despite people like Tucker Carlson claiming SVB failed because of "wokeness", SVP actually failed because they over-invested in US Treasury bonds. When the FED raised rates, these investments dropped in value. When people started to pull their money suddenly, they couldn't handle the bank-run.

JUST IN: Palm Beach, Florida, is emerging as "Silicon Valley South" as wealthy Americans, tech companies, & Wall Street executives flock to the region. — Fox

🚨Global banking sector is in trouble. Bank stocks are crashing in the US, Europe and Asia all together as bond yields hit multi decade highs. In the US, the KBW bank index, which tracks the biggest US banks, is down 12% in the last 2 months. Goldman Sachs is down -22% Bank of America -17% Wells Fargo -9% JPMorgan -9% Citigroup -10% In Europe, the Euro Stoxx Banks index is down 6% in the last month On Oct 7 alone, the STOXX Europe Banks index fell 3.5%, with Deutsche Bank, UniCredit and Société Générale each down more than 4% In Asia: DBS, OCBC and UOB fell up to 9% this week. Banks hold huge amounts of government bonds, and when yields rise the value of those bonds falls. US banks held $326.7B in unrealized bond losses at the end of Q2, per FDIC The 10 year yield has since risen above 5%, and is now above 5.2%, so those losses are likely even bigger now. Investors fear a repeat of Silicon Valley Bank in 2023, when it was forced to sell bonds at a loss as depositors pulled their money out.

Alexandr Wang on what matters in an age of abundant intelligence: “The scarce resource isn’t going to be intelligence or agency. I really think it’s going to be vision and ambition.” “Do you have a clear view of what you want the world to look like in the future? What is the one way in which you wanna put your finger on the scale for how the future of the world will develop?” “AI will make that easier... But the flip side of that is then all of a sudden you can dream bigger.”

This is literally the scene from Silicon Valley where Pied Piper’s code spread through 30,000 smart fridges This show was way ahead of its time lmao https://t.co/v5x462yT1Y

An OpenAI employee snuck a listening device in the office. He’s been caught, fired and is facing charges. A storyline from “Silicon Valley” strikes again. https://t.co/sgsEgh1hdr

JUST IN: Wall Street analysts warn Anthropic's planned $2 trillion IPO is an "unprecedented test of investor gullibility," claiming the company lacks a viable business model.

Goldigging gals are flocking to Silicon Valley to land rich husbands in AI https://t.co/Zt2wQX6grm https://t.co/jMYWSOtXg6

Startup jobs are purely merit-based.