, Columnist
Silicon Valley Is Where Banks Go to Die
It’s the biggest failure of a US bank in more than a decade — and an illustration of the power of the startup hive mind.
Nobody’s home.
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The wunderkinds of Silicon Valley have long operated with a hive mind. They wear monogrammed vests. They ride the e-scooters. They have a weird fascination with gold flakes. They even park their cash in the same place: Silicon Valley Bank, or SVB for short. SVB was the “it bank” for all the startup wizards — until it collapsed this morning.