Silicon Valley Bank’s former parent company can’t access about $2 billion that it had deposited at the failed bank, after regulators froze the company’s accounts and are exploring whether it should help shoulder costs associated with the bank’s failure. Lawyers for SVB Financial Group, the holding company that used to control the now-defunct bank, claimed … Read more
On Tuesday, the company’s CEO Jensen Huang announced a wide-ranging set of partnerships and products that enable this latest wave of artificial intelligence services—all powered by Nvidia’s semiconductors. “Generative AI’s incredible potential is inspiring virtually every industry to reimagine its business strategies and the technology required to achieve them,” Huang said during the Nvidia (ticker: … Read more
Bitcoin and other cryptocurrencies settled lower Tuesday after a rally that carried digital assets to their highest point since last summer. While the Federal Reserve decision Wednesday is the next key catalyst, cryptos show signs of fundamental strength. The price of Bitcoin has fallen 2% over the past 24 hours to $27,750 after the largest … Read more
American depositary receipts of Swiss bank Credit Suisse (ticker: CS) plunged more than 47% to about 83 cents after larger rival UBS (UBS) agreed to buy Credit Suisse in a deal valued at about $3.2 billion. The merger of Switzerland’s two largest banks—engineered over the weekend by Swiss authorities—comes against a backdrop of industry turmoil. U.S.-listed shares … Read more
Bitcoin and other cryptocurrencies marched higher again Monday, continuing a recent rally into a new week in the face of turmoil across financial markets. There are at least five reasons why digital assets may be outperforming—and one is key for stocks. The price of Bitcoin has risen 4% over the past 24 hours to above … Read more
For the stock market, the forecast calls for storms with a chance of crisis. Stocks alternated strong rallies and sharp declines this past week amid a stretch of bank blowups and attempts to shore up the financial system. The moves in the bond market and interest-rate futures were even more extreme. The volatile trading reflects … Read more
This is a commentary by Allan Sloan, an independent business journalist and seven-time winner of the Loeb Award, business journalism’s highest honor. We all know about the problems the Federal Reserve is having these days trying to hold the U.S. and world financial systems together in the aftermath of the Silicon Valley Bank collapse. But … Read more
Regional bank stocks fell Friday even after the country’s biggest lenders agreed to inject $30 billion in uninsured deposits into First Republic Bank . The rescue plan, involving many of America’s largest banks, including Bank of America (ticker: BAC), Citigroup (C), and JPMorgan Chase (JPM), initially brought some relief to shares of regional banks but … Read more