Silicon Valley Bank implodes, Apple launches a new music service, and ChatGPT goes enterprise
iOS VPN App
Happy Friday, folks. It’s Kyle again, Greg’s stand-in for Week in Review. (He’ll be back in a few weeks’ time, not to worry.) If you’re a WiR newbie, it’s the newsletter where we recap the past five days in tech news. I might be biased, but I’d say it’s the best way for the busy person to stay informed. We do our best to serve you, dear reader, over here at TC.
Before the news, a few plugs:
TechCrunch Early Stage is fast approaching — it’s on April 20 in Boston this year. If you haven’t been, expect an annual founder summit with sessions from top experts and opportunities to meet fellow entrepreneurs.
Looking farther down the line, there’s Disrupt, TechCrunch’s annual flagship conference, taking place September 19–21. Excitingly, it’ll feature new stages with industry-specific programming tracks across climate, mobility, fintech, AI and machine learning, enterprise, privacy and security, and hardware and robotics. Don’t miss it.
Now on to WiR.
Silicon Valley Bank implodes: Silicon Valley Bank Financial, the publicly traded holding firm of Silicon Valley Bank (SVB), is in crisis. Venture firms advised portfolio companies to move money out of SVB after the bank said it would book a $1.8 billion loss related to securities sales. Then, after halting trading and asking staff to work from home — reportedly as SVB sought a buyer — customers were struggling to wire funds out of the bank. And on Friday, SVB was shut down by regulators, which are now in charge of the bank’s deposits. There’s no doubt far more to come, so stay tuned — the entire TC edit team has been killing it with coverage.
Decentralize all the things: Meta is working on a decentralized text-based app, Ivan writes. As first reported by MoneyControl, the new app, code named P92, will let users log in through their Instagram credentials. Not coincidentally, the project is being overseen by Instagram head Adam Mosseri, according to Platformer, and is widely perceived as Meta’s attempt to build a Twitter alternative or Mastodon competitor.
Malware hiding in the woodwork: The U.S. government on Thursday announced that it seized a website used to sell malware designed to spy on computers and cell…