Dragging in its wake the Silvergate and Signature banks, the Silicon Valley Bank’s bankruptcy (SVB) remains the sad event illustrating this GEAB issue of March: as analysed/anticipated over the past three years, after the lyrical flights of Western tech at the start of the Covid crisis, painful returns to reality would inevitably be the batch of this sector, aggravated of course by the unavoidable rate hikes and the end of the easy money that fueled all the visionary fantasies of the past 15 years. As far as the SVB is concerned, the sequence of events is clear and admitted by all observers: companies in the technology sector that are experiencing difficulties tend to ask for their deposits within the SVB;  and the SVB saw the return on its investments fall recently ( US Treasury bonds particularly, due to the rise in interest rates, and the bank was forced to sell those bonds at a loss in order to return the deposits of clients, and even to evoke a capital increase). The SVB had to make its difficulties public therefore, and in less than 48 hours the customers claimed their deposits. This logically caused the bank's failure. The reaction of the [...]