On the one hand, not much. It's true that S.V.B. as tech
pundits called it, was a Silicon Valley institution, and its
clients included many of the best tech startups and
investment firms. It's also true that the bank's collapse will
have short-term repercussions across the tech sector, as
companies that used to keep their money there will struggle
to withdraw deposits and pay salaries. But what brought
S.V.B. down has not lent to risky startups or relied on
inaccurate cryptocurrencies or other ill-conceived technical
systems. It was an old-fashioned bank scare that began in
2021 with a series of old-fashioned bad decisions. The stock
market has exploded this year, interest rates have been near
zero and the tech sector has been awash with cash. Many
startups deposited their money with Silicon Valley Bank, and
the bank in turn took that money and invested it, including in