How Silicon Valley Bank imploded

On the agenda:

• Inside the colossal implosion of Silicon Valley Bank.
• The Justice Department investigated Jeffrey Epstein’s death. Then it went silent.
• The big problem with tiny-home startup Boxabl’s promise to revolutionize housing.
• The smartest minds on Wall Street share how to invest in new AI technologies.

Before we dive in: Insider’s Warehouse Nation series was recognized with a Best in Business Award from the Society for Advancing Business Editing and Writing (SABEW). The judges said: “‘Warehouse Nation’ exhibited explanatory journalism at its highest levels.” Check it out.

But up first: Alison Brower, Insider’s LA bureau chief, explains whether the Oscars still matter in Hollywood.

The Oscars still matter

After last year’s TV audience rebounded 58% from a 2021 nadir, Academy brass and ABC are hoping for another surge, thanks to nominations for popular films like “Top Gun: Maverick” and “Black Panther: Wakanda Forever” — though it’s the mind-bending indie “Everything Everywhere All at Once” that’s heavily favored for Best Picture.

But as the film industry reels from the decline of theatrical moviegoing, do these awards really matter? Hells, yeah. An Oscar is still a pinnacle achievement for filmmakers: There’s no better way to boost your profile (not to mention your quote).

And for the tech interlopers like Netflix and Amazon that have upended the industry over the past decade — including with their extravagant awards-campaign spending — a statuette says they’re part of the club.

Silicon Valley Bank’s implosion

But a disastrous decision to appease Wall Street and a Twitter-enabled bank run led to the bank being suddenly shut down by regulators. Now, hundreds of startups are facing a crippling cash crunch and an “extinction-level event” if no one buys the bank by tomorrow.

Read the inside story on what happened.

Also read:

• Goldman Sachs tried to help SVB. It didn’t work. Here’s what happened.
• Who will step up to buy SVB? The white knight might be a bank outside Wall Street.
• Venture capitalists are blaming each other for triggering the disastrous collapse of Silicon Valley Bank

In the information vacuum, conspiracy theories have proliferated about whether Epstein was killed to cover up for his powerful friends, like Bill Clinton and Donald Trump. Epstein’s brother, Mark, told Insider that he remains puzzled by the holdup — but he’s convinced his brother didn’t kill himself. He, as well as Epstein’s own accusers, want answers.

What we know about the Epstein investigation.

Read more:

• We obtained—and authenticated—a second little black book from 1997 that belonged to Jeffrey Epstein

The Las Vegas company has attracted a 157,000-person waiting list, over $4 million of down payments, and endorsements from the likes of Elon Musk. But a lawsuit filed by a former executive, the company’s financial disclosures, and an investigation by Insider raise questions about whether Boxabl is a groundbreaking revolution — or a mirage in the Nevada desert.

Inside Boxabl’s obstacles.

Read more:

• A tiny-home startup has attracted 160,000 customers, including Elon Musk. But disgruntled customers, an empty factory, and a tie to an alleged Iranian agent cloud its future.

That’s sent some stocks soaring, offering investors the opportunity to capitalize on the hype. Insider has been collecting research notes, interviewing analysts, and investigating which stocks will enjoy the biggest returns from the explosive growth of AI.

Wall Street analysts share their AI investing strategies.

Read more:

• Capitalize on the $900 billion AI boom by buying these 20 top stock picks, according to Bank of America
• Credit Suisse shares 6 stocks it’s labeling as ‘top picks’ as their exposure to AI development opens them up to new revenue streams

“You have every right to lay me off. That’s totally fair and fine. But usually people are told when that happens. Maybe with a letter or something.”

‘Fake work,’ Florida, & more

• Keith Rabois says Big Tech over-hired thousands of employees who do “fake work.”
• An Amazon HR executive hints at rehiring employees who were laid off.
• Remote workers who bought homes hours away from their offices are being called back.
• Millennials are in an economic quagmire that could stick through retirement.
• There’s a battle for people brewing — and Florida is winning.
• How universities became giant piggy banks for hedge-fund billionaires.
• The war against TikTok is a distraction from how poorly the US protects your data.

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