The bank the Bay built

It was the second-largest bank collapse in American history—and it went down at fibre optic speed

“Silicon Valley bank run” by DALL∙E 2

Silicon Valley Bank (SVB), the bank for Bay Area tech startups, took a punt on interest rates staying low. They bought long-term bonds and hoped to profit. But interest rate hikes crippled the bank's capital base and left them almost insolvent. The firm's customers, most of whom had more than the $250,000 guarantee l…