silicon valley -- silicon valley giant is going. this is bloomberg. ♪ hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com caroline: tonight with the chief technology officer and really gets to grips with some of the potential risks with widespread artificial intelligence. >> there is certainly a risk that when we have these ai systems that are able to set their own goals, they decide that their goals are not aligned with ours. they do not benefit to having us around and leading to human extinction. that is certainly a risk. ed: watch the circuit. in leaching tonight, 10:00 p.m. tonight, or stream it at 8:00 p.m. eastern on bloomberg originals. much of siliconying catch-up chasing after microsoft. now it is preparing to cash in on that investment. today's big take. this talk to me about the leapfrogging. google had use of research but did not want to go towards commercialization. microsoft along the way and now everything has changed. >> there was a decision to really bet on openai and to premise a lot of the strategy to underpin a lot of its products, the entire load of products it has been unveiling the openai technology. that is unusual new for microsoft. we talked to a lot of people inside and outside the company. they have never relied on an outside company. that is a real difference, and it has made a difference for microsoft because if you go back a couple of years, they had a lot of ai efforts going on but they did not amount to much in terms of products. ed: it also the hottest startup out there where if in practice, if it is a subsidiary of microsoft now. >> according to people all those deals were public, obviously. there is a li

silicon valley. very - am in silicon valley. very strikingly. _ am in silicon valley. cussion about artificial intelligence and checked gpt in the usual tech pro—utopianism has been really replaced with tremendous fear and concern of the number of people who were involved in its development and what is fascinating and somewhat unexpected is that rishi sunak is jumped into this discussion and he is going to be in washington meeting withjoe biden and as my colleague wrote an interview with the come one he thinks he is going be talking about is it is time to join a partnership to tackle some of the risks around ai. partnership to tackle some of the risks around al. the thinking is that it's going to be incredibly hard to get international cooperation or body to act swiftly and if you're going to tried to do anything across the border, try with the us and uk because they do have this relationship and capture a lot of the artificial intelligence ecosystem between them. they have a model that is a big a bit like the atomic research group. that model that is a big a bit like t

silicon valley is only getting wider. that's according to a new yearly report that looks at the quality of life here in the bay area. it's called the silicon valley pain index. here's nbc bay area's marianne favro. >> reporter: the 2023 silicon valley pain index found the gap between the richest residents in silicon valley and the poorest is widening. >> we now know that the 0.001% owns six times more wealth than the bottom 50%, 500,000 households in silicon valley. >> reporter: san jose state sociology professor and pain index lead author dr. scott meyers lipton also says when it comes to pay, the gender wage gap is also widening. >> the gap between college-educated men and women, the gap is now $59,000. both college educated people, but between men and women, the wage is $59,000 difference, and that gap has increased by $7,500 since the pandemic. >> the report found there is persistent racial inequality with 16% of african-americs living in poverty. another concern, 28% of silicon valley households do not earn enough money to meet the most basic needs without assistance. on the number of people needing food from second harvest food bank is skyrocketing. >> we're providing food to more than a half million people every singl

silicon valley bank they're looking at the role as ad adviser. >> i don't want to say this is not surprising, but it makes sense they'll probe this this played a key role in silicon valley bank's demise silicon bank's problems were self-inflicted, but they made a key decision to put up securities for sale. it caused a cascade of issues that led to its demise goldman was in the middle of all that talking about the sale and doing the portfolio itself it's an awkward look for gold plgoldma saks. >>> ticketmaster are looking to get rid of all those fees after all the white house pressure here we go >> airbnb started to also include all these fees if you want a taylor swift ticket, it's going to cost. >> they know it's a lot. now you have more clarity about how high it's going to go. >> surprise fees are a killer. >>> fallout for bud light is continuing dethroned by modelo. >> you wonder what the net net impact is. beer is beer only a couple companies that make beer. >> there's sales decline has been huge. it's extraordinary >> thanks for watching "power lunch. >> "closing bell" starts now. >>> welcome to "closing bell" i'm scott wapner live at the new york stock exchange. we begin with this post

silicon valley to fill campaign coffers. >> we call it the silicon valley atm. honestly, there is a lot of activism, progressive activism in silicon valley . for them to come here, this is as close as we can get, often. >> reporter: it is not just democrats. florida governor ron desantis made fundraising stops in sacramento, and the bay area. a 1-2 punch of sorts against his lyrical rivals. >> juxtaposed against that mono and mono shadowboxing you are going on with governor newsom but then you come down and you are just a few miles away from the president of the united states, and your potential rival, to show that you are viable. >> reporter: sonoma state university political science professor dave mccue says the candidates will report their fundraising totals on july 1st, an early indication of the strength of their campaigns. ken and his son bennett say that while the focus is money, he hopes the candidates do not neglect messages about the environment and nation which they say will determine who they vote for next term. >> i'm thinking about my future, i'm thinking about my kids future. >> reporter: the campaigns are really ju

silicon valley pain index. it will be released tomorrow. our nbc bay area's marianne favro got a first look at the findings today. >> reporter: the 2023 silicon valley pain index found the gap between the richest residents in silicon valley and the poorest is widening. >> we now know that the.001% own 16 times more wealth than the bottom 50% in silicon valley. >> reporter: professor and pain index lead author dr. scott myers lipton says when it comes to pay, the gender wage gap is also widening. >> the gap for college-educated men and women, the gap is $59,000. both college educated people but between men and women, the wage is $59,000 difference and that has increased by $7,500 since the pandemic. >> reporter: the report found there is persistent racial inequality with 16% of african americans living in poverty. another concern, 28% of silicon valley households do not earn enough money to meet the most basic needs without assistance and the number of people needing food from second harvest is skyrocketing. >> we're providing food to more than half a million people every single month. literally double the number we were serving before the pandemic. >> reporter: as mayor matt mahan lobbied, the pain index shows san

silicon valley bank and first republic bank on their inability to adapt to the higher rates. san jose state university's human rights institute will release its silicon valley pain index. if silicon valley were a nation, it would be deemed politically unstable. the institute says the report will highlight the persistent inequalities talking about overdoses, evictions, overdoses, and a narrow concentration of wealth. you can visit a monument on -- island. this culture is called the point of infinity. a japanese artist designed the piece. he says it symbolizes and contemplative reflection on the concept of time and humanity. they will be a ribbon-cutting in the fall for this piece of art. a setback for san francisco as it tries to recover from the pandemic. what are city leaders say should replace it. if you think you are paying more for sweets, you are not wrong. how much more chocolate costs this year. it is 626 time. is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? -hers, too. safe. secure. and powered by the next generation 10g network. with comcast busin

it's now silicon fax ending, like silicon valley and california. it's tim, tim, silicon valley and california. the us and you own the founder cause moldings of death amounts to about $70000.00 jobs in the dresden area in the broad micro electronic sector. does this show the potential these amendments is was missing from the digital transformation poses gigantic challenges to the european economy. production processes are increasingly digitalized and interconnected. this means secure data exchange is paramount, but currently it's far from acceptable. european industry has taken action. francesca of buns. theo's goal is visionary. he is the managing director of guy x, one of the most daring projects and digital infrastructure. he's planning to build a european infrastructure that will enable secure exchanges between diverse industries and producers. 324 of the continents, most important enterprises are already on board. as our 14 national centers, a stand off, what's the window soft? the paper method you will need are, you kinda caught up boy, we're currently designing software t

silicon valley pain index. our marianne favro got her hands on it today and joins us now. marianne, what's the takeaway? >> reporter: one of the big takeaways is the wealth gap between silicon valley's richest residents and poorest is only widening and that's something the index has shown during the last four years. another takeaway there are persistent racial inequalities here in silicon valley. for example, 16% of all african americans in silicon valley are living in poverty. and the final takeaway, in the last four years in some categories things are getting even worse. for example, there are more young people who are homeless in san jose and also the gender wage gap is widening even more, so that means when there's men and women who are both have the same degree, men continue to make more and that gap is widening even more. >> which is difficult for single family women that are heading up households and they're doing it on less money than their county part. that is really unfair. you talked to the ceo of the second food harvest food bank and they keep stressing it's easy to put out a report with these numbers but the numbers are just numbers. we're talking about people's lives, people's existence, their families, their children. >> reporter: absolutely. the nonprofits are really seeing this. i did talk to the ceo of second harvest food bank, and she told me that ri

silicon valley is only getting wider. it is called the pain index. this year's edition will be released tomorrow. the latest findings show the gap between the richest people who live in silicon valley and the poorest is widening. 28% of silicon valley households are not making enough money to meet their basic need. >> we know the .001% owns six times more wealth than the bottom 15%. >> we are giving food to literally double the number of people before the pandemic. >> second harvest food banks say it is due to the high cost of living and sees issues with inflation. >>> let's take a live look at the oakland coliseum tomorrow night. this place could be packed. and we haven't said that in a long time. there's a lot of bad blood between as fans and the as reclusive owner john fisher. as the as continue to negotiate, bay area fans want to send a message to the team owner tomorrow night. in oakland. they want to keep the team. but they want to get rid of the owner. they have organized the reverse boycott. they called for people to fill the coliseum in response to criticism that oakland fans have abandoned the team. >> and we haven't been staying away because they are losing. we have not been staying away because the coliseum is fa

silicon valley households. make enough money to meet the most basic needs. and that is largely, of course, because of the high costs of living in silicon valley. in fact, he says the food bank, their second harvest here is now serving 400,000 clients a month compared to 10,000 a month last year, a huge discrepancy. the report also found there is a persistent racial inequality problem with 16% of african-americans in silicon valley living in poverty. and san jose now leads the nation and young adults. homelessness if we were a nation silicon we would be 38 right. >> and if he said we ranked in that country because of our level of inequality, we would be deemed politically unstable. >> so what you do about how do you solve this crisis? myers lipton says it is up to policymakers and silicon valley's tech billionaires, which he says is the overall goal of the pain index, why they publish it to try to make sure people all kinds of people are aware of the pain. folks are enduring certain folks and the disparity that exists and is getting worse by the year. by the way, you can find this full report our website. kron 4 dot com 400,000. >> that is as astonishing number. >> and that silicon valley and yeah, it's not just silicon valley and in the bay area. there's a new out that says in alameda county. >> one in 4 people rely on the food bank this year. you know, obviously inflation plays a role. the cost of renti

silicon valley bank, first republic, silicon valley bank. it didn't get as much attention. the first was silvergate we don't know the circumstances of silvergate except they're trying to be the bank of all things crypto and binance stressed the balance sheet silvergate never recovered once crypto enterprises started imploding why because sam bank m bankman freed was the first of many a few mean spirited venture capitalists pulled their money out at once. then went boho on twitter to sink the bank. it worked because the deposit space was so very concentrated now signature bank three weeks later. silicon valley bank, they were buyers but the run happened too quickly. finally there was the collapse of first republic, more of a slow smoegs bank run this one got bought by jpmorgan. what matters is in the wake of these bank failures. we had a concentrated effort to bring down the entire banking system led by short sellers. i know it sounds implausible but the stocks of your community bank, regents, truist, huntington, citizens, several other regional banks be were crushed by the shorts by hedge funds leading down and making money. it was child's play of the shorts it made tons of money. sadly they also advantage wished the regional bank shareholders and they'll make it much harder for credit to come by. why don't people talk about this i have no idea i've been around for a long time i know that's what happened. it shouldn't have happened i'm against it true financial and pac corp. and schwab traded at $45 and change these were both broken institutions when we hear about them going down, p

silicon valley. the guy owns silicon valley.ying hockey, let him score. you know what, musk is going to have a force field around him. i am going with musk on whatever the odds are. >> do you think this will happen? >> to me they say they're doing it for charity. they can put in more money than they'll raise for charity, they're that wealthy. maybe it is a waste of time, entertaining for all ever us. my odds with elon every day of the week. >> which guy has time. i didn't know zuckerberg was hanging out on twitter. >> all right, guys. from cage fights to the battlefield, join me as i explore the weapons that help shape america in my fox nation special "weapons of war." catch it on fox business tomorrow night. five different episodes from 8:00 to 11:00 p.m. eastern. you don't want to miss. it is the most exciting project i've ever been a part of. and that's staying a lot. stick around. more "outnumbered" is next. i was tired of throwing money down the rent drain, so to speak. after watching the admiral that just made up my mind,

silicon valley latino report card. the hispanic foundation of silicon valley puts out a report every few years to measure how the latino community is doing in education, health care, housing, and other topics. damian trujillo explains the latest report card makes it clear the pandemic set everyone back. >> the overall grade for education declined to "d." >> reporter: it's the kind of grade parents might ground their kids for. >> similar to education, the housing grade is a "d." >> reporter: the hispanic foundation of silicon valley researched progress of latinos in san mateo and santa clara counties. the topics education, housing, health care, financial stability, environment. here's how they graded. >> if it were my report card, i'd hide it from my parents. unfortunately, the data is not good. >> reporter: research found in housing, latinos accounted for 47% of all individuals experiencing homelessness in san mateo and santa clara counties. that's almost half the unhoused population. in education, in 2018, the most recent data available, only 35% of latino high school graduates in silicon valley completed the required course work to attend a state college or university. that's compared to 77% of nonlatinos. the president of san jose state says fixing that stat means starting early. >> we know that that makes a difference. reading by age 8, we know that makes a difference. eighth grade math, we're lagging those indicators. >> reporter: researchers say latinos were trending upward in most categories a few

silicon valley pain index since 2020. today's late edition shows that the richest residents of silicon valley or the 0, 0, 1%, more wealth than just about anyone can imagine. it says that on the other end of the spectrum, 28% of siliconnough money to meet the most basic needs because of the high cost of living. in fact, the author of the report says the food bank second harvest silicon valley is now serving 460,000 clients a month. and that's a 10,000 more clients a month from last year. report also found there's persistent racial inequality with 16% of african americans living in poverty and san jose now leads the nation in young adult homelessness. the authors says these numbers. so the result of decisions that have been made so far and he's hoping that through this study, lawmakers and tech leaders make different decisions to try to bridge that huge gap. you can find the full report on our website. kron 4 dot com. >> san francisco's famous cable cars turned 150 years old. this year. the city is teaming up with a dozen community organizations for special events throughout the year. starting later this summer, you can hitch a ride on the old this car in the fleet which is called big 19. it was built in 18. 83 and ra

silicon valley. but with a difference! the difference being that they want it to be a silicon—valley for black—owned businesses. here's yasmin rufo. after turning his life around, carl 0cko wanted to give back to the community that saved him. start—ups in london. we're based in brixton and were aiming to make brixton the black siliconng with two other entrepreneurs, yvonne and cyril, run an investment firm called black seed. black seed is a fund in the community led by black founders for black founders. currently, the black founder, black entrepreneur in the uk doesn't actually receive funding. it is more likely for a black woman to win the lottery on the saturday night than to get venture capital funding in the united kingdom. 0ne company that has benefited from black seed support is a mother and daughter duo that run an online fashion and wellness brand. super, super challenging here in the uk to gain access to funding. being connected to black seed has really helped to open some of those doors, expand our network, also gives us access to potential funding as well, which we're really excited about. and black seed has high hopes for the future. so we want black seed to be the bridge between the city and the black founder community. our aim is essentially to make brixton the home of black tech, brixton the home of

silicon valley bank. arjun joins us with a special guest. >> reporter: joumanna, let's dig in and find out why hsbc bought silicon valley bank uk and the plans with the ceo of hsbc noel quinn. noel, there are questions swirling why hsbc did go out and buy siliconas the decision behind that >> hsbc has been an entrepreneur since the day it was founded hsbc silicon valley bank was part of the technology sector. it was an opportunity that came along and it was unfortunate, but fortunate. we put the call in on sunday morning and were pleased to buy p m monday morning >> reporter: you set up in u.s. and israel and hong kong can you give us the purpose of the teams? >> we bought a team with 620 people the business was a good business of the it did not have the same challenges i wanted to take that business model and take it to the others. we recruited in the u.s. and israel and hong kong if i see the opportunity in other markets, i'll do that. i want to offer a specialist that silicon valley bank had and the strength of hsbc and the global reach to help the startups and fast growth companies and help go global. >> you are looking to expand >> yes >> reporter: what is the road behind israel and hong kong and the u.s. are there other cities or countri

axios has detailed additional support and funding that he's receiving from silicon valley saying, quote, a handful of silicon valleyne the presidential nominee let alone topple an incumbent president, but they could help narrow the money gap and keep kennedy in the race longer than a typical long shot. it's enough to make the democratic establishment nervous. how far he can ultimately go, that's going to be determined largely by the quantity and type of media coverage he receives. kennedy believes that he's being censored because of his controversial views, not the least of which concern vaccines. the short version -- his version is this -- he believes that in the 1980s on ronald reagan's watch big pharma was given liability protection that spurred the unleashing of a slew of new vaccines that ran roughshod over the regulatory process and caused a host of abnormalities including a spike in autism. last monday, i spent an hour questioning him on radio and in front of a studio audience. kennedy is verbose, and he's got a command of history as he sees it. his appearance on my radio program coincided with the 55th anni

silicon valley community newspapers. there is a lot of stem within the silicon valley, but the difference here is that this is something big happening somewhere so local, and people might not even know it's in their backyard. tanner: conditional. if you-- if-- wait, no. wait, no. if you get number of sps held and it equals zero, sub position target to that. jasmine: what interested me is that these kids are trying to solve real-world problems. even one of the kids said, "earth is failing." it's, like, "okay, well, how do you solve that?" and these kids probably, in the future, if not now, have that answer. tanner: is this correct? yeah. pile. compile. that way you can make sure. this loop, so far, drops our sps. we've got points for our triangle. now, which piece do we want to go for first? -large, yeah. -the large satellite piece. carol: it's go big or go home. tanner: it really reminds me of, like, for me to learn another language. it's going to be hard for me. if i was a kid, this, for them, is computer language, coding language. they just run with it, and they're able to make it fun. we got this. we got this. we got th

silicon valley pioneer who put a different face on technology. a huge part of the bay area culture but the early days of silicon valley weren't exactly known for diversity. we now go to the story of one of its early pioneers who became the ultimate connector. ♪♪♪ joe: in modern siliconech workforce is increasingly a rainbow of people. that wasn't the face of the valley back when roy clay went to work there in the 1960s. chris clay: there weren't that many people working in software, period. and there were even fewer, you know, people of color working in technology at all. joe: clay is known as the black godfather of silicon valley. but his story is that of a man who scaled obstacles on his way to becoming a tech pioneer. chris: dad was born and raised in a city called kinloch, missouri. this was predominantly a black town. it was right next to a predominantly white town called ferguson, missouri. roy clay, junior: now, his mother told him from his pre-teenage years that he should never let racism stop him, and that it was something that he would probably have to deal with his entire life. joe: clay loved math and technology so he applied for a job at mcdonnell aircraft company inin saint louis. chris: he was told that the company could not hire him because they did

the channel because they raise qlof silicon sort expect the channel because they raise qlof silicon valley. sort expect the channel because they raise qlof silicon valleyrevermore? exactly. because we need— forevermore? exactly. because we need discussion. _ forevermore? exactly. because we need discussion. ' r: forevermore? exactly. because we need discussion. 'r: e forevermore? exactly. because we need discussion. r: wig need discussion. and it's very interesting, isn't it? because the they were the twitter files, they were barely covered by uk media and a lot sort of left leaning us lot of sort of left leaning us media. almost if you media. it's almost like if you just it, goes away. just ignore it, it goes away. well show we've got well later in the show we've got michael is michael shellenberger, who is one who one of the journalists who was entrusted leak the twitter entrusted to leak the twitter files and we're going to talk about because this about that because i think this is very question when about that because i think this is comes question when about that because i think this is comes freedom,;tion when about that because i think this is c

the channel because they raise qlof silicon sort expect the channel because they raise qlof silicon valley. sort expect the channel because they raise qlof silicon valleye forevermore? exactly. because we need— forevermore? exactly. because we need discussion. _ forevermore? exactly. because we need discussion. ' t: forevermore? exactly. because we need discussion. 't: e forevermore? exactly. because we need discussion. t: etig need discussion. and it's very interesting, isn't it? because the they were the twitter files, they were barely covered by uk media and a lot sort of left leaning us lot of sort of left leaning us media. almost if you media. it's almost like if you just it, goes away. just ignore it, it goes away. well show we've got well later in the show we've got michael is michael shellenberger, who is one who one of the journalists who was entrusted leak the twitter entrusted to leak the twitter files and we're going to talk about because this about that because i think this is very question when about that because i think this is comes question when about that because i think this is comes freedom,;tion when about that because i think this

silicon valley. what if you make of the health of silicon valley?versations where people were saying talent is here. access the money is here. this is great. others are saying san francisco is a dead. it was difficult to discern the mood music. >> it was refreshing to see people at the conference. there were great conversations. i think people were excited and happy to be there but i think they're still this tense undercurrent. people are worried about the fate of san francisco. there are people who are not back to work or they moved out of the city including the talent that powers the tech industry. there are questions ahead as to stuffed bears moving forward. ed: terrific reporting. generative ai's latest craze in the tech world but not necessarily in health care industry. vijay pande is trying to change that. he's been thinking about ai potential impact in health and medicine for years. we sat down with him earlier this week to discuss the intersection of artificial intelligence and health. >> prior to joining i was a professor at stanford and in

reporter: the event is put on by silicon valley pride and attracts a boisterous crowd ofm supprs enom, seral famili broueiow, includinlonn, social media for silicon valley pride. >> i took my daughter, who loves seeing drag queens and she thinks this is the most fun thing to do on the planet. just expressing our love for life. >> reporter: marissa and jonas consider the drag brunch their family activity. jonas is attracted to the drag community and could be a future performer and she enjoys having the support of her mom. >> being in this sort of scene, it helps me, you know, get used to the waters >> reporter: even during the lighthearted performance, there were a few moments to address some serious concerns. >> i think the focus should be on trans people and how they are in danger. >> reporter: it is really more accepting but even here, they say they do have to be cautious of the ever present potential for a backlash. >> it is a lot in 2023, where you have legislation being passed that is anti-do-rag. >> reporter: they say this is considered a safe space and the shows will go on. it may not be the same everywhere, but for this audience, that is enterta

silicon valley bank. my question is to what extent did the crash at silicon valley bank, and to what extent are continuing concerns about stability in the banking area impact the decisions you make going forward with respect to interest rates? how is that factoring in? chair powell: there is pretty substantial research showing when you have a shot to banking, like the one we had in march, to a sector of the banking industry that if you come back in six months you will see lower lending. it is strong in the data. so, we have been waiting to see -- that plays a part, at least in my thinking, that there might be more tightening in the pipeline than their otherwise would have been. we do not see evidence of eight yet, but then again we would not expect it yet. we moved very quickly when we had to move quickly. we have been slowing down since last december from 75, to 50 and 25 at every meeting. now we are getting close to where we think our destination is. where we think it is. and it only makes common sense to move at a careful pace. we do not want to do more than we have to. but we think that people in the community think that there are more rate hikes coming, but we want to make them at a pace that allows us to see incoming information so we make good decisions. >> senator vance is recognized. sen. vance: good to see you, chairman powell. i want to pick up on the questions that were asked about the capital requirements and how they affect the ecosystem of regional banking in particular. let's start with background on the silicon valley bank situation, so to make sure we are on the same page. i want to make sure. if not, have a discussion about it. silicon valley bank, i think we can broadly agree that the reason it collapsed was they were too exposed to long-term interest rate risks. interest rates went up, the balance sheet deteriorated and at led to a liquidity crisis. -- it lead to a liquidity crisis. one thing i have heard many talk about is the idea that we need to increase capital requirements, in particular on the small and medium-sized banks, if we adopt the basil three that would happen. but as i understand it, if silicon valley bank, let's say years leading up to the crisis, were exposed to higher capital requirements, isn't it plausible they would have satisfied those by buying more long-term treasuries? chair powell: well, it does not matter what the assets were, capital is the difference between your assets and liabilities. if you have more assets of whatever character, including treasuries, they

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silicon valley pain index since 2020 that encompasses santa clara, san mateo and alameda counties, including fremont newark and union city ca. let's take a look. report shows 28% a silicon valley households do not make enough money to meet the most basic needs because of high costs of living this compared to the riches residents in siliconhe 0, 0, one person who have more well and anyone can imagine. in fact, second harvest silicon valley food bank. they're now serving 460,000 clients month. that's 10,000 more clients a month from last year. the report also found there is persistent racial inequality, but 16% of african americans living in poverty, san jose. they now lead the nation in young adult homelessness. myers looked in there. the authors of that pain index report. they say these numbers are the result of decisions that have been made so far. now they're hoping to this study, lawmakers tech leaders make different decisions to bridge that gap. you find that full report on our website. kron 4 dot com. police in san francisco. they arrested a man. they say supply the gun that was used to shoot a police officer back in january, police arrested craig bolan right outside of his home on green street. investigators say when they searched bowlen's home, they found several guns, including illegal automatic weapons. boland

valley. and had a slightly and they've had a slightly ignominious collapse of svb bank, which is silicon valley bank, which is silicon valley on. i just up to basically his just went up to basically his knees time he went up knees every time he went up a new step, the trousers shot up to it by his knee. it's very i mean, i don't like how they dress. stylist. that's your. dress. the stylist. that's your. hat-s— dress. the stylist. that's your. rhat-s etaw— dress. the stylist. that's your. that's okay. well,— »: the stylist. that's your. that's okay. well, i'm eemptetew- that's okay. well, i'm completely with you for all that meeew — completely with you for all that money. .should._ completely with you for all that money-should. his- completely with you for all that money-should. his suit. money. he should. his suit should far better than they should be far better than they are. look at this. can we are. but look at this. can we test— are. but look at this. can we twst tate— are. but look at this. can we just takelmoment?- ”»tt but look at this. can we just take moment? yesterday he just take a moment? yesterday he eweret9ht.

silicon valley bank case. there's a good argument that higher capital requirements on silicon valley bank would've made the bank run wars, or even, you know, kind of made it more catastrophic, or a quicker failure. at the very least, i don't think it would've helped. do you agree with that? >> i think there is a lot to unpack with silicon valley bank. if you, and the thing, is remember, it was a capital issue. they were trying to raise capital. that's what was going on. the market was very focused on portfolio losses worse for highlighted by the fact that they try to raise capital. there was a capital issue there. you're right,. if you would fill the capital hold by, retaining earnings, or getting some new, equity if you just use that to buy treasuries than, yeah i wouldn't make things better. appreciate that. so one final question that i have is really about the operation of the fed here. you know, we've talked about this privately, a touch about this a lot of this committee, and of the chairman shares this concern. we have a lot of mid tier banks in the state of ohio, and i think that mid tier, the three t are banking ecosystem is really important. huntington bacon columbus ohio is the single largest lender. if you look at the commercial and small business, flooding a lot of it is being done by mature banks. they are

silicon valley bank. if you recall goldman sachs disclosed a few weeks ago that various governmental bodies were in touch with the firm into the probe of the down fall of silicon valley bank. the fed and the fcc are investigating and the justice department has subpoenaed goldman. the journal cites people familiar with the matter they say it stems from a capital raise that took place before the bank failed. the journal reporting regulators are looking whether goldman's banking side and trading division were communicating about the portfolio sale which isn't typically allowed. i haven't been able to confirm the details about the investigation, but a spokesman for goldman said the firm told silicon act as an adviser on the sale and urged silicon valley bank to hire a third-party financial adviser. goldman has said in its 10-q it's cooperating with the investigation. an fcc spokesperson said they do not comment on a possible investigation. we reached out to the doj and fed, but have not heard back >> leslie picker, thank you. >>> last chance to weigh in on our twitter question we asked will the s&p be higher lower by the next fed meeting? the results after this break a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers flexible spending l

silicon valley, in its current form, would exist without some amount of individualism and entrepreneurial risk—taking and some of that break — move fast and break things attitude. and you're absolutely right — silicon valley is a great innovation machine and we are very fortunate to have benefited from some of the innovations that it has created. but also at the same time, that same culture of siliconhas pushed us towards more and more automation, less and less attention to what the average worker needs — a sort of an elitist attitude towards technology — and i think with the advent of ai, all of that could accelerate and create a bigger disaster, so the question is can we have the good of that energy, entrepreneurial risk—taking, without some of the bad? and the answer is yes. again, we can learn from history. united states has always been an entrepreneurial nation but technology and the corporate sector was under better institutional controls and regulation. it was no less innovative in the age of early computers, aerospace innovations, antibiotics, but it was — that energy was being channelled towards things that were better for humanity. i think we can recreate that. are you somebody who, like elon musk — actually, not so long ago, just a few months ago — has now begun to worry that al might take us to a place where we are no longer masters of the machine but the machines may b

silicon- he? wednesday, thursday. this week silicon valley. week he's off to silicon valley. nee— week he's off to silicon valley. nee-ioough heathrow airport last week and the staff were ioiking — last week and the staff were talking about— last week and the staff were talking about there's a friend of talking about there's a friend oi wowe— talking about there's a friend oi wowne oone— talking about there's a friend of yours came through here, iononn— of yours came through here, iononn ono— of yours came through here, eamonn and he— of yours came through here, eamonn and he made a lot of oiee— eamonn and he made a lot of ono— eamonn and he made a lot of ono ne— eamonn and he made a lot of noise and he was— eamonn and he made a lot of noise and he was laughing and wioiewen— noise and he was laughing and whatever, whatever. forget his nonneeoi—o- whatever, whatever. forget his name._said, no,- whatever, whatever. forget his name. said, no, no, name. but, and i said, no, no, ii-ii— name. but, and i said, no, no, ii-ii ie— name. but, and i said, no, no, it'll be begins.— name. but, and i said, no, no, it'll be begins. and

silicon valley bank case. and there's a very good argument higher capitol requirements and silicon valley bank would have made the bank run worse admit a more catastrophic or quicker failure. at the very least they would not have helped. do you agree with that? >> there is a lot to unpack the silicon valley bank. the thing is, remember it was a capitol issue. they were trying to raise capitol that is folks what was going on the market wasg, refocused on the portfolio losses which are highlighted by the fact they tried to raise capitol. there was a capitol issue there you are right if you have filled the capitol whole you have to retain earnings or get new equity. if you use that to buy treasuries it would have made things better. >> appreciate that. so one final question i have is about the operation of the fed here. we have talked about this onprivately, talk to the commite the chairman shares this concern. we have a lot of mid tier banks in the state of ohio. i think that mid tier the three-tier banking ecosystem is really, really important bring huntington bank in columbus, ohio assist largest lender if you look at the commercial and small businessr, lending, a lotf it is being done from mid tier banks there facing a lot of pressure from regulators. and just in their business m

silicon valley, better or worse, you know, work hard. hard, right. there's i've spent a lot of time out there and there's a there's some very distant pieces of the tech ecosystem in silicon valley, some of which are extremely good for building profitable companies, some of which are maybe a little harmful. tell me a little bit about the differences in the culture. in a place like eastern and silicon valley. well, i think they both share strong work ethic, great entrepreneurs in like silicon valley. absolutely. you know, got to work hard the entrepreneurs in other parts of the country work hard as well. there's a sort of a middle of the country work ethic that's always been there. there's also in the middle a country a little bit more of a humility, which is both good and bad, sometimes silicon valley kind of entrepreneur is are a little too aggressive. steve and some of the predictions they how they're going to, you know, change you know change the world these bold statements that are you can be kind of aspirational, but sometimes can come off as sort of almost cocky. that doesn't happen in most of the cities that we've been tracking and most of the companies that i write in the book, because they do tend to be a little b more, you know, humble, but part of our message is they need to have a little more, you know, hustle. they need to make sure they they tell their stories and. a

silicon valley was a nation, it would be deemed politically unstable. tomorrow, the university's human rights institute will release the silicon valley pain index. it will highlight the region's persistent inequalities from overdoses, evictions, homelessness, and a narrow concentration of wealth. another report tomorrow is the rate of u.s. inflation. economists are expecting that prices will be for percent higher than a year ago. that is a improvement from 9% increase we saw in 2022. first lady jill biden is making an appearance in the bay area. she will attend a campaign event , then head to pier 27 on 10 francisco's embarcadero. the topic of that event is breaking the cycle of gun violence in america, after san francisco saw two mass shootings this weekend. we will see concrete action on gun violence being taken earlier in the day. city attorney david chiu will be at city hall to unveil the plan to help public spaces safer in the city. tomorrow, the man accused of going on a wild knife wielding and car stealing crime spree is due in court. he is facing 13 felonies for the seemingly random southbay attacks that killed three people and injured s

silicon valley bank and signature bank experienced outsized greet between 2018 and 2022. signature bank grew from approximately $47 billion in total assets in 2018, $110 billion in 2022. silicon valley bank increased from $56 billion to $209 billion over that same period of time. mr. chairman, some things bear repeating. silicon valley bank increased from $56 billion to $209 billion over that same period of time. this outsized growth in assets was fueled by more than 70% uninsured deposits at both banks, for a higher than the median of 32% for comparable banks. executives at beth banks knew, or should have known, that their risk management practices had to be strengthened appropriately as they grew exponentially. adding insult to injury, mr. chairman, silicon valley bank irresponsibly operated without a chief risk officer from april until december of 2022. is it a coincidence, i ask? that these banks grew rapidly beginning in 2018 and failed to adequately manage their risk around the same time that former president trump signed s.2155, his bank deregulation bill, into law? s. 2155 diminished regulatory standards on these mid sized banks, resulting in much less enforcement security. friends, blaming president biden and regulators won't reinstate stronger regulations on mid sized banks or promulgate needed legi