Big tech has long thought itself above the state. Silicon Valley Bank’s meltdown is stark proof that it isn’t | James Ball

In the US, the Federal Reserve has stepped in to guarantee deposits. The tech sector should realise it can’t go it alone

Silicon Valley Bank (SVB) became one of the 20 largest banks in the US by being the darling of west coast tech startups, but it transpires that it expanded at the expense of managing its exposure to risk.

The bank provided services to more than 2,500 venture capital firms (VCs) – companies that invest in startups with the hope that they’ll achieve long-term growth – and nearly half of the US’s venture-capital-backed technology and life-science companies.

James Ball is the global editor at The Bureau of Investigative Journalism

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