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Silicon Valley Bank collapses, Apple launches a new music services, and ChatGPT becomes an enterprise

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Silicon Valley Bank collapses, Apple launches a new music services, and ChatGPT becomes an enterprise

Tech news

Happy Friday, everyone. Greg’s stand-in for Week in Review is Kyle. He’ll be back in a few more weeks, but don’t worry. It’s the newsletter that recaps the last five days of tech news for WiR newbies. Although I may be biased, I believe it is the best way to stay informed for busy people. Dear reader, we do our best to help you here at TC.

A few plugs before the news:

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Now, let’s move on to WiR.

Tech news Most read

Silicon Valley Bank implodes: Silicon Valley Bank Financial, a publicly traded holding company of Silicon Valley Bank (SVB), has entered crisis. After the bank announced that it would suffer a $1.8billion loss due to securities sales, venture firms advised portfolio companies to move their money out of SVB. After halting trading and asking staff members to work remotely — reportedly as SVB sought to buy a bank — customers were having trouble wire money out of the bank. SVB was finally shut down by regulators on Friday. They now have control over the bank’s deposits. There are many more to come. Keep checking back — the entire TC Edit team has been delivering amazing coverage.

All things should be decentralized Ivan writes that Meta is currently working on a text-based decentralized app. MoneyControl first reported that the new app, codenamed P92, will allow users to log in using their Instagram credentials. According to Platformer, Adam Mosseri is overseeing the project. This is widely believed to be Meta’s attempt at building a Twitter alternative or Mastodon rival.

Malware lurking in the woodwork Lorenzo writes that the U.S. government announced Thursday that it had seized a website selling malware to spy on computers and phones. NetWire, the malware in question, was advertised on hacking forums, and promoted on a website that made it appear like it was a legitimate remote management tool.

Apple launches a new serviceSarah writes that Apple will launch a music streaming service that is exclusively focused on classical music. Apple Music Classical will give Apple Music subscribers access more than 5,000,000 classical music tracks. This is in addition to hundreds of curated playlists and thousands of exclusive albums. It also includes composer bios and deep dives into key works.

Display-sporting HomePod: Apple could be developing a new HomePod device with a built-in display in 2024, according to rumors. Ming-Chi Kuo, an analyst, claims that the new product could look similar to the Amazon Echo Show and Google’s Nest Hub.

Arrival heading for bankruptcy: Arrival, a commercial EV company, released its preliminary fourth-quarter earnings reports Thursday. Here’s the bottom line: Arrival is in dire need of cash and is looking for more. Kirsten reports that the company has not generated any revenue, and Jaclyn says it doesn’t plan to until 2024. After taking into account all expenses, Arrival’s cash position of $205 million is not enough to keep the wheels turning for the remainder of the year.

Privacy is not guaranteed Cerebral revealed that it shared private health information, including mental assessments, with advertisers and social media giants such as Facebook, Google, and TikTok. Zack reports that the telehealth startup, which was a hit during the COVID-19 pandemic in 1999, disclosed the security breach in a filing it made with the federal government.

ChatGPT goes enterprise ChatGPT, OpenAI’s AI-powered, viral chatbot tech, now comes in an enterprise-friendly package. Microsoft announced this week that ChatGPT is now generally available through the Azure OpenAI service, the company’s fully managed, corporate-focused offering. This service provides access to OpenAI’s technologies, with additional governance and compliance features. Customers who are already “Microsoft managed customers or partners” can apply for special access.

Discord embraces AI: Discord announced this week that it will launch a new set of AI experiences to a variety of servers. The platform plans to update Clyde’s chatbot with ChatGPT. This will allow users to have more realistic, longer conversations with the chatbot. Discord is also updating its moderation tool to take advantage of large language models, and rolling out AI-generated conversation summaries.

Tech news Audio

Do you want to listen to quality content from experts in their fields of expertise? TechCrunch’s podcast library is a great place to start. It grows steadily every day. Equity’s podcast this week featured Alex, Mary Ann, and Natasha M discussing the week’s most important startup and venture news. They started with SVB. Found, TC’s show on founders and company building, Matt, Darrell and Becca spoke to Matt Rogers, an entrepreneur who set his sights on solving food waste, starting in the kitchen. Jacquelyn interviewed Jack Mallers (founder and CEO of Strike), a bitcoin-based financial app and payment network that aims to expand cross-border payments as well as remittance markets. TechCrunch Podcast discussed the proposed bipartisan bill to ban TikTok in the U.S. as well as the dangers of startups selling your data. TechCrunch Live featured Matt talking to Tanis Jorge, Trulioo’s co-founder, as well as David Blumberg, Blumberg Capital, about finding a cofounder, building partnerships, and navigating equity split.

Tech news TechCrunch+

Subscribers to TC+ have access to detailed commentary, analysis, and surveys. This is something you already know if you are a subscriber. If you aren’t already a subscriber, you should sign up. Here are some highlights from this week’s:

SVB and the funding problem:Alex writes about the nightmare the SVB situation has been for many startup founders. His view? His take?

Computer vision, disrupted: Computer vision could be much faster and more efficient if we omitted the idea of still frames and instead analyzed the data stream directly from a camera. That’s the theory Ubicept, the newest brainchild spun out of the MIT Media Lab, is operating under. Haje has the complete report.

Continued downward spiral of cryptoJacquelyn reports on another large crypto-centric company that collapsed this week. Analysts have predicted bigger problems for the ecosystem. Silvergate Capital, a crypto bank that is publicly traded, announced Wednesday that it would “winddown operations and voluntarily liquidate its bank division.”

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