It has great performance allowing customers to bet and enjoy the action simply. This action successfully means the $250,000 FDIC limit is meaningless: all deposits in any bank are presumably insured by the complete faith and credit of the United States. That is an environment that is fatal to quixotic paeans about “rainforests” and treating “community as extra essential than the ‘winning’ of any particular person transaction.” When the stakes are so excessive, and the perceived alternative space more and more narrowed, every resolution becomes a Prisoner’s Dilemma – and, in retrospect, what occurred to Silicon Valley Bank becomes inevitable. This, maybe, is the inevitable outcome of tech having set disruption as its objective perform: the last word casualty stands out as the Silicon Valley that once was, not simply its bank. There are specific complexities about what happened to Silicon Valley Bank final week; three good overviews have been written by Marc Rubinstein, Matt Levine, and Noah Smith. Today, though, is a distinct story: whereas AWS and Azure (and GCP) are still growing strongly, that development is far more centered in the sort of businesses which are heavily impacted by recessions; moreover, all of these firms that grew up on cloud computing are way more exposed as nicely.