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U.S. regulators announced that all Silicon Valley Bank’s depositors, including those not insured by the Federal Deposit Insurance Corp. (FDIC), will have access to their money starting today, March 13. The FDIC, which took over the tech-focused lender on Friday, said none of the associated losses will be borne by taxpayers. More: - Instead, the money will be drawn from the FDIC's Deposit Insurance Fund (DIF), which includes fees that banks pay to cover operating costs and resolve failed banks, President Joe Biden said.
- During remarks today, Biden said the U.S. "banking system is safe” and “your deposits will be there when you need them.”
- This covers depositors whose holdings exceed the $250,000 insurance limit. As of this morning, some venture capitalists and startup founders confirmed that they had regained access to their accounts.
- Meanwhile, the Federal Reserve has announced a new lending facility to provide additional funding to eligible institutions to make sure “banks have the ability to meet the needs of all their depositors."
- HSBC UK has now agreed to purchase Silicon Valley Bank's U.K. division for £1 to prevent its collapse in the country.
Zoom Out: - Regulators seized Silicon Valley Bank and placed it into receivership on Friday, marking the largest U.S. bank failure since 2008 and the second largest in U.S. history.
- The takeover occurred a day after the bank’s customers attempted to withdraw $42B in a single day.
CNBC 
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New York regulators have shut down Signature Bank, one of two major banks used by cryptocurrency companies, as the government works to prevent the spreading financial crisis. As with Silicon Valley Bank, all of Signature Bank's depositors will be made whole, the U.S. Treasury Department, the FDIC, and the Federal Reserve announced in a joint statement today. More: - The New York Department of Financial Services has now taken possession of Signature Bank, which had $88.6B in deposits and $110.4B in assets as of Dec. 31.
- Both the bank's insured and uninsured customers will be given access to all deposits under the same “systemic risk exception” as Silicon Valley Bank, regulators said.
- Signature's clients included real estate and law firms, as well as cryptocurrency companies. Large crypto exchange Coinbase had a $240M cash balance at the bank as of Friday.
- Signature was one of the two major U.S. banks to serve crypto firms. The other, Silvergate, announced its voluntary liquidation last week, saying it would fully repay all deposits and consider how to best "resolve claims and preserve the residual value of its assets."
THE NEW YORK TIMES
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Amazon is in talks with Rivian to potentially eliminate the exclusivity clause in their initial deal for electric delivery trucks. The adjustment would allow Rivian to sell its vans to other customers. More: - The original deal signed in 2019 required Rivian to sell all the electric vans it makes directly to Amazon.
- Amazon recently told Rivian that it intends to buy around 10,000 vans in 2023, fewer than the EV maker expected.
- Due to the lower-end figure, Rivian has proposed ending their exclusivity terms, though talks remain ongoing.
- Amazon said it still intends to acquire 100,000 vans from Rivian by 2030, as stated in their original agreement, as it seeks to decarbonize its last-mile delivery operations.
- Meanwhile, Rivian said it plans to produce 50,000 vehicles this year, roughly 10,000 below analysts’ expectations.
- Last week, the EV maker said it plans to raise $1.3B in cash by selling convertible notes. It intends to use the new funds to develop its R2 series vehicles, expected to launch in 2026.
THE WALL STREET JOURNAL
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Microsoft and its video gaming unit, Xbox, confirmed that they will not attend the physical portion of this year's Electronic Entertainment Expo 2023 (E3 2023), which takes place in June. Nintendo and Sony are also skipping this year's E3, which will be the first in-person show since the start of the pandemic. More: - Xbox will not set up a booth at this year's E3 showfloor. It will, however, host an Xbox Games Showcase on June 11 that will co-stream as part of E3 Digital.
- Nintendo has confirmed that it will not participate in E3 either physically or digitally.
- The company, which last took part in E3 in 2019, said it remains a "strong supporter" of E3 and its organizer, the Entertainment Software Association (ESA).
- Meanwhile, an IGN report claims Sony will not participate. The company, which hasn't had a presence at E3 since 2018, has yet to officially say if it will attend.
Zoom Out: - E3 was completely canceled in 2022 and 2020, the first time since 1995 that the massive gaming show didn't happen.
- This year's event will launch on June 11 with E3 “Digital Week," followed by the in-person convention running June 13 through 16 at the Los Angeles Convention Center.
ENGADGET
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Apple is looking into new health features for its AirPods that could include ways to enhance hearing and read body temperature, according to the Wall Street Journal. The functions “aren’t expected by next year and might never be rolled out to consumers or the timing could change," the publication noted. More: - Another feature may be able to monitor a person's posture using motion sensors in the AirPods, according to the WSJ.
- The publication reviewed documents showing that Apple is developing AirPods prototypes that could take the core body temperature of the wearer from inside the ear.
- The tools would be in addition to the already existing “Conversation Boost," which increases the volume and clarity of sounds for Apple's AirPods Pro.
- Bloomberg's Mark Gurman also reported that Apple may update the AirPods to turn them into "a health tool" within the next two years, which includes "the ability to get hearing data of some sort."
- Meanwhile, Apple is said to be developing lower-priced "AirPods Lite," which could release in 2024.
THE WALL STREET JOURNAL
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Anthropic, an AI startup known for its chatbot Claude, has raised $300M in funding at a pre-investment valuation of $4.1B. Google previously invested $300M to $400M in Anthropic in late 2022, gaining a 10% stake in the startup. More: - Spark Capital led the latest round, which adds to the $1.1B Anthropic had raised previously from investors such as former FTX CEO Sam Bankman-Fried, former Alameda Research co-CEO Caroline Ellison, and Skype founding engineer Jaan Tallinn.
- Anthropic, which calls itself an "AI safety and research company," recently debuted the Claude general-purpose AI assistant that's been viewed as a rival to OpenAI's ChatGPT. Claude is currently in a closed beta.
- The San Francisco-based startup has partnered with Google and is purchasing cloud computing and resources from the tech giant.
- Anthropic had previously sought a valuation of $5B or more.
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Community Corner I'm Kiani from Inside.com, and last week, we asked our tech community, "Have you ever tried a tech detox?" Here are some of the responses we received: - Marc Duke ([p/marcduke206..](http://inside.com/p/marcduke206..)), Marketing Consultant at Marc Duke, answered, “I take a digital detox for 25 hours once a week (I observe the Jewish Sabbath from sundown on Friday until nightfall on Saturday) and I look forward to it every week. Would recommend it to anyone. I don't miss the tech and happy to have it back but value the time away from the tech.”
- Mutesa Sithole (p/mutesa-sithole), Head of Content Strategy at Deliveroo, answered, “I had my phone stolen. Through a sequence of comical, operations errors, my mobile carrier took a month to replace my mobile. The feeling? Liberation.”
- Zack Bruce (p/zack974968), Head of Growth at Slyk IO, answered, “Last week I went away with my family and didn't check Slack or Discord at all. This was enough to put my mind back to a neutral(ish) place and come back home energized. I think all the group instant messaging puts me on the defensive and drags me away from big picture thinking and deep work. It's crucial to engage with my communities but I also spend relatively too much time on it and not enough on building.”
Join the conversations at Inside.com, and we may shout out your name and business or contact you for more! ⭐️
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- Software company Qualtrics has agreed to be acquired by private equity firm Silver Lake and Canada Pension Plan Investment Board (CPP Investments), Canada’s largest pension fund. The all-cash offer values Qualtrics at $12.5B.
- Netflix nabbed six Oscars on Sunday off of 14 nominations, including Animated Feature Film (for "Guillermo del Toro's Pinocchio") and International Feature (for "All Quiet on the Western Front.")
- Envisics, a U.K. startup developing hologram technology to replace car monitors, has been valued at $500M following investment from firms such as Stellantis, General Motors, and Hyundai.
- The U.S. Space Force is rebuilding its IT systems, some over 30 years old, to accommodate artificial intelligence (AI) capabilities and digital twin models.
- A commission of the U.S. Chamber of Commerce called on lawmakers to create regulations for AI technology to ensure that it's deployed in responsible and ethical ways.
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 |  | Beth is a writer and editor at Inside.com covering artificial intelligence and daily technology news. She has written the Inside AI newsletter since 2019. You can reach her at Beth.Duckett@inside.com. |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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