Daily Crunch: With only $2.2 billion in cash remaining, SVB’s parent company files for bankruptcy

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Happy Friday Crunch!

There is a persistent theory in computer hardware that manufacturing overseas is the cheapest/best/most efficient option. You manufacture there, assemble elsewhere, and ultimately approve and market in the United States, haje written on TC+. It turns out that it is possible to manufacture closer to home. With supply chains in the news more than ever, nearshoring is an often overlooked option for startups.

On that note, we’re going to drink a beer with a clover poured into the foam, for no particular reason. — Christina And haje

TechCrunch’s top 3

• Next Stop, Chapter 11: Today, SVB Financial filed for Chapter 11 bankruptcy protection, revealing it has $2.2 billion in cash, Ingrid reports. “This means that SVB Financial can apply, and plans to apply, to the courts to resume operations while finding buyers for its assets, which includes continuing its plans to sell SVB Securities and SVB Capital, and more” , notes Ingrid. .
• More than we asked for:Now, US users can add a coveted blue tick to their Instagram and Facebook accounts – well, at least join the waitlist to do so – for a monthly fee, i.e. Aisha reports. Nothing in life is truly free, love. But there are stickers, so there is this.
• Just in time: As a serial entrepreneur who has had his ups and downs, Parker Conrad has seen almost it all. Or at least that’s what he might have thought until last week, Connie reports. Rippling, his six-year-old workforce management company, would continue to secure $500 million in fresh funding as a sort of insurance in the highly likely scenario that SVB’s collapse isn’t resolved as quickly. that it happened.

Startups and VCs

Last night news broke that Virgin Orbit was suspending operations for at least a week while it seeks funding to sustain the venture. As part of the break, company executives reportedly told staff in a show of hands that they were being furloughed – and that it would not be paid. he should never have arrived at a staff leave, however, Aria writing.

Unearthly Materials claimed to have big-name investors, but not all of them were on board, Tim reports on TC+. The startup claims it is on the verge of a breakthrough in superconductors despite questionable science.

And we have five more for you, with saltier than usual comments:

Best Practices for Changing Times: How Founders Should Leverage AI and ML in 2023

We don’t publish many articles promoting basic best practices. Suggestions such as “listen to your customers” and “make decisions based on data” are so general that they are difficult to implement.

But now that AI-powered solutions are delivering search results, producing poems and generating illustrations on demand, startups need a framework to create personalized user experiences, according to Ab Gaur, founder and CEO of Verticurl.

“While excessive or unnecessary customer data can clog content pipelines, the right insights can fuel hyper-personalization at scale,” he writes.

Three others from the TC+ team:

Tech Crunch+ is our membership program that helps founders and startup teams get a head start. You can register here. Use code “DC” to get 15% off an annual subscription!

Big Tech inc.

TikTok has done a lot in the last day: following the approval of several government entities in the United States, New Zealand banned TikTok from parliamentarians’ phones. Ivan has more on what’s going on there. Speaking of the United States, taylor writes that the government here is increasing its pressure on TikTok to split from parent company ByteDance or risk being banned in the US as well. While the social media giant deals with that, it has also managed to secure a multi-year deal with Major League Soccer – well, unless it’s banned in the US. For now, the deal will provide exclusive content and other in-app programs, Aisha writing.

And we have five more for you: