Customers yanked more than $100 billion of deposits out of First Republic Bank in the first quarter of the year, the bank revealed in an earnings report on Monday, forcing the California lender to slash jobs and restructure after it got caught in the Silicon Valley Bank-inspired meltdown last month. First Republic shares sank 18% in after-hours trading after the bank revealed the deposit run....
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Why Nvidia Aids Cloud Rivals of AWS, Google and Microsoft
Nvidia’s business of selling chips for artificial intelligence is going gangbusters, but the company faces a looming problem. Its biggest customers—cloud providers including Microsoft, Google and Amazon—are making their own AI chips to reduce their reliance on Nvidia. In response, Nvidia is helping two upstart cloud providers whose ambitions don’t include developing...
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MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.