Following SVB Financial Group (NASDAQ:SVB)-owned Silicon Valley Bank’s collapse, a veteran tech analyst took stock of the impact it can have on the tech sector.
Historic Black Eye Moment: SVB has been an integral part of the venture capital and tech startup community for decades, serving as a key artery for the Silicon Valley tech ecosystem, Wedbush analyst Daniel Ives said in a note. Tech companies have a heavy presence within SVB’s asset base, with many startups having their cash and credit lines or venture capital debt financing with the bank, he noted.
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