CGTN Sci-Tech

How Silicon Valley Bank's collapse ripped through global tech

The collapse of Silicon Valley Bank (SVB) in the U.S. has shown that tech startups, no matter how far apart globally, are intertwined. Garry Tan, president of the startup accelerator Y Combinator, said the collapse has impacted over 1,000 startups in his portfolio. A payroll-related furlough will impact over 10,000 small businesses and startups that use SVB as their sole bank account. Also in today's newsletter, learn about China's first light source facility, a major science infrastructure project, and the heating up of competition in AI between Google and Microsoft.

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