What We're Reading --

Silicon Valley Bank made itself perfect for wineries. Then their accounts froze.

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.  

ChatGPT just passed three of the Master Sommelier theory exams

OpenAI’s ChatGPT continues to confound with its seemingly endless scope – including passing three levels of the infamously tricky Master Sommelier exam. (Drinks Business).

Nervous Sonoma County vintners on collapse of Silicon Valley Bank: ‘We’re not out of the woods yet’

“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)

Former head of Silicon Valley Bank’s Napa wine division hopes to keep his work going

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)