Welcome to the Tech Name Right Home for Monday, March 13th, 2023. I'm Brian McCullough today.

Unless it affected you, you might have missed a huge tech story this weekend but now that depositors to Silicon

Valley Bank are being made whole is the whole crisis averted? Also Tim Cook is

pressing ahead with Apple's headset over the objections of Apple's design team and the varied

and complex dilemmas of this new AI reality in two somewhat oppositional segments.

Here's what you miss today in the world of Tech. Yeah, unless you were personally involved in all this over the weekend, you missed one of the biggest

tech stories in a long time. It all happened over the weekend from roughly

Friday afternoon to Sunday afternoon. Silicon Valley Bank blew up, everybody

freaked out, and then late yesterday after much gnashing of teeth and

renting of garments online the US Treasury Federal Reserve and the FDIC

stepped in to say that all Silicon Valley bank depositors would be made fully whole and their money would be available today.

So far today, I haven't seen anything from anyone to say that this isn't proving to be the case.

So it sort of seems what could have been a huge crisis has been averted.

No more on that in a second.

Let me give you a direct example of what people were dealing with this weekend.

One of our Ride Home Fund portfolio companies was able to get its entire $3 million

treasury out of Silicon Valley Bank and emailed over the weekend to say they were safe.

Another emailed to tell me that their 13 million pound treasury was all locked up in the

UK arm of Silicon Valley Bank and they had access to only about 200,000 pounds, which was problematic because they were about to spend

two million dollars on an acquisition, which might not happen even now. They're one of these roll-up companies.

I haven't told you about them on the show yet, but here's another example that is maybe more tangible.

Another of our portfolio companies had $600,000 in the bank.

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