Commentary
On Mar. 9, Silicon Valley Bank (SVB) lost 60 percent of its value. It showed an aftertax loss of $1.8 billion. Silicon Valley is unique in that, since its inception, its primary target market has been the startup community in the Bay Area. As it expanded across the country, it targeted the startup market.
If you haven’t noticed, the startup market has taken a nosedive last year. Startup firms laid off thousands of people. Big Tech has also laid off thousands of people. The U.S. economy under President Joe Biden hasn’t been very good to it. Combine that with a rapid ramp up in the cost of borrowing by the Federal Reserve with no end in sight and the startup market is bleeding….