Memo: SVB

I’m thinking the failure of Silicon Valley Bank has a lot to do with the dream of the driverless car not materializing, with lots of loans to startups premised on that dream coming true sometime in the near future.

But “the near future” has already come and gone, from a financial (i.e. mostly myopic) point of view. Suddenly, the hype has moved on to AI chat (imagine ChatGPT3 driving the way it talks — with reckless disregard for truth, more a pundit than a serious scholar).

Silicon Valley bet the bank on high risk gambles, and lost.