Therese Poletti’s Tech Tales
The demise of its clubby homegrown bank, yet more layoffs at Meta and talk of ‘efficiency.’ This week felt like a turning point in tech.
If it was not obvious by 2022’s sharply lower financial results for most tech companies, the shocking collapse last week of Silicon Valley’s go-to bank marked the bitter end of the past decade’s big tech boom.
The near Lehman-like collapse of Silicon Valley Bank last Friday was a massive blow to the startup and venture-capital ecosystem, where new ideas and companies come from. And earlier this week, more layoffs and limited hiring at Meta Platforms Inc. META and Apple Inc. AAPL, respectively, pointed to a potentially longer…