Like many Bay Area vintners, Emmanuel Kemiji woke up on Friday morning to discover he was locked out of his account at Silicon Valley Bank. First, he was confused. Then he looked at the news. “We realized the gravity of the situation,” he said. (San Francisco Chronicle)
Comment: If I was Emmanuel Kemjiji, I wouldn't move my accounts until I knew what the SVB Wine Division was doing. The best case scenario is that it and all its staff stay in place. That's what a smart buyer of the bank would do.
OpenAI’s ChatGPT continues to confound with its seemingly endless scope – including passing three levels of the infamously tricky Master Sommelier exam. (Drinks Business).
“We’re not 100% through this,” said Matt Licklider, of Lioco, a boutique winery with a tasting room on the Healdsburg Square. “Until I can access the reserves in our money market account I won’t feel 100% secure. We’re not out of the woods yet.” (Santa Rosa Press-Democrat)
Rob McMillan, founder of Silicon Valley Bank’s Premium Wine Division, says the Santa Clara bank was solid but done in by venture capitalists triggering a “run” of people withdrawing their deposits. (Santa Rosa Press-Democrat)