Tech and Gadgets in Budget

The financial world was rocked today as news broke that Silicon Valley Bank (#SVB), one of the largest US banks, had collapsed.   SVB, which was founded in 1983 and is based in Santa Clara, California, is an international bank that specializes in providing services to technology and life science companies. It has long been a major player in the Silicon Valley technology industry, but it has now become the latest victim of the current economic crisis. According to reports, the bank was hit hard by the pandemic-induced recession and dwindling investment opportunities. The bank's assets fell by more than $1.7 billion in 2020 as SVB's investments in technology startups proved to be too risky. This, coupled with increased loan defaults, led to the bank's collapse.  The impact of SVB's collapse is expected to be felt across the US and the world. The bank has a presence in more than 25 countries and employs more than 5,000 people worldwide. Its customers include some of the wo...