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Three days into his tenure as Silicon Valley Bank‘s government-appointed CEO, Tim Mayopoulos has a message for his high-powered venture capital and startup clients: Bring your money back.

That was consistent throughout Mayopoulos’ responses as he fielded over 400 questions from concerned clients on a 30-minute Zoom call Wednesday.

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“There is no safer place in the U.S. banking system to put your deposits,” Mayopoulos said on the call, which CNBC attended and was first to report. He urged clients to return their funds to the bank and to promptly alert their relationship teams of any issues with inbound or outbound wire transfers, a point of concern for many corporate executives who were unable to pull their deposits from the bank last week.

Mayopoulos was joined by SVB operating chief Phil Cox, the only remaining executive from the core C-suite team. SVB’s former CEO and CFO are no longer employed by the bank, Mayopoulos said on the call.

While Mayopoulos is making his pleas to current and former clients, it’s not clear how long he will stay in his current job as the bank is currently controlled by the Federal Deposit Insurance Corporation. Mayopoulos said he doesn’t know what SVB’s “exact end state” would look like, and he listed three possibilities: recapitalization, sale, or liquidation.

A recapitalization would allow SVB to continue to exist as a standalone entity. But that possibility depends on another financial institution or group of investors stepping up.

“I recognize I’m new on the scene,” Mayopoulos said in direct response to concerns from venture capital firms. “You’ve been patient with us as we’ve gone through some of those operational difficulties. All I would ask is give us a chance to win back your trust and confidence.”

Mayopoulos’ pitch was tailored towards the venture investors that have taken to social media in droves to express shock and dismay at the collapse of a storied Silicon Valley institution. On the call, Mayopoulos repeatedly referred to the “innovation economy,” and to a startup ecosystem in which “Silicon Valley has played an important part.”

Customer feedback will be critical in determining the future of the bank, Mayopoulos said on the call. Input “from clients and from the venture capital and entrepreneurial community” would shape the timetable for SVB’s ultimate emergence from government control.

“One of the things I want to convey to you is that you have some agency in this that you actually get to vote, at least to send clear signals about what you want the outcome of this process to be,” the CEO said in his prepared remarks. “If our clients choose to take their deposits and keep them in other institutions, that clearly limits the range of options that we have in terms of the ultimate outcome.”

SVB’s longstanding relationship with Silicon Valley’s most elite venture firms is mutually beneficial and symbiotic.

From its founding at a poker table until the nearly fatal bank run last week, SVB was focused on taking risks in a market that most traditional banks shunned. SVB found a niche in venture debt, funding companies that needed cash infusions, especially between funding rounds.

In exchange for future consideration, often equity or warrants in a company, SVB became a mammoth player in the venture debt space, extending from software and internet into life sciences and robotics.

In its over 40 of business, SVB grew along with its depositors, building out a lucrative mortgage business and a suite of private-banking products that allowed it to retain and charm the founders whose fortunes the bank helped create.

From legacy enterprises like Cisco to more modern tech companies such as DocuSign and Roku, SVB has focused on providing financing and banking services at every stage of growth.

“There are other places that do venture debt, but Silicon Valley Bank was the 1,000-pound gorilla in the room,” said Ami Kassar, CEO of the business lending consultant Multifunding.

Exclusivity contracts, meaning an ironclad promise that a company would keep all its money at SVB, were a key facet of those funding deals. When SVB failed, it roiled startups that had traded banking flexibility for liquidity. Some fled the bank, violating their covenants to keep their lights on and their payroll checks rolling.

When asked about potential exclusivity violations, Mayopoulos indicated that he understood emergency actions taken by startups.

“Given the change in circumstances and what the FDIC has done around insurance coverage, we’d very much like to work with our clients to have those deposits come back to us,” the CEO said on the call.

Clients who return wouldn’t have to worry about any fallout from breach of their covenants, Mayopoulos suggested. He didn’t say what would happen to ex-customers who did the same.

— CNBC’s Cat Clifford contributed to this report.

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AI chip startup Groq expands with first European data center

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AI chip startup Groq expands with first European data center

Jonathan Ross, chief executive officer of Groq Inc., during the GenAI Summit in San Francisco, California, US, on Thursday, May 30, 2024.

David Paul | Bloomberg | Getty Images

Artificial intelligence semiconductor startup Groq announced Monday it has established its first data center in Europe as it steps up its international expansion.

Groq, which is backed by investment arms of Samsung and Cisco, said the data center will be located in Helsinki, Finland and is in partnership with Equinix.

Groq is looking to take advantage of rising demand for AI services in Europe following other U.S. firms which have also ramped up investment in the region. The Nordics in particular is a popular location for the data facilities as the region has easy access to renewable energy and cooler climates. Last month, Nvidia CEO Jensen Huang was in Europe and signed several infrastructure deals, including data centers.

Groq, which is valued at $2.8 billion, designs a chip that the company calls a language processing unit (LPU). It is designed for inferencing rather training. Inferencing is when a pre-trained AI model interprets live data to come up with a result, much like the answers that are produced by popular chatbots.

While Nvidia has a stranglehold on the chips required for training huge AI models with its graphics processing units (GPUs), there is a swathe of startups hoping to take a slice of the pie when it comes to inferencing. SambaNova; Ampere, a company SoftBank is in the process of purchasing; Cerebras and Fractile, are all looking to join the AI inference race.

European politicians have been pushing the notion of sovereign AI — where data centers must be located in the region. Data centers that are located closer to users also help improve the speed of services.

Global data center builder Equinix connects different cloud providers together, such as Amazon Web Services and Google Cloud, making it easier for businesses to have multiple vendors. Groq’s LPUs will be installed inside the Equinix data center allowing businesses to access Groq’s inference capabilities via Equinix.

Groq currently has data centers in the U.S. and Canada and Saudi Arabia with its technology.

Don’t miss Groq CEO Jonathan Ross on Squawk Box Europe at 7:45 a.m. London time.

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Inside a Utah desert facility preparing humans for life on Mars

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Inside a Utah desert facility preparing humans for life on Mars

Hidden among the majestic canyons of the Utah desert, about 7 miles from the nearest town, is a small research facility meant to prepare humans for life on Mars.

The Mars Society, a nonprofit organization that runs the Mars Desert Research Station, or MDRS, invited CNBC to shadow one of its analog crews on a recent mission.

MDRS is the best analog astronaut environment,” said Urban Koi, who served as health and safety officer for Crew 315. “The terrain is extremely similar to the Mars terrain and the protocols, research, science and engineering that occurs here is very similar to what we would do if we were to travel to Mars.”

SpaceX CEO and Mars advocate Elon Musk has said his company can get humans to Mars as early as 2029.

The 5-person Crew 315 spent two weeks living at the research station following the same procedures that they would on Mars.

David Laude, who served as the crew’s commander, described a typical day.

“So we all gather around by 7 a.m. around a common table in the upper deck and we have breakfast,” he said. “Around 8:00 we have our first meeting of the day where we plan out the day. And then in the morning, we usually have an EVA of two or three people and usually another one in the afternoon.”

An EVA refers to extravehicular activity. In NASA speak, EVAs refer to spacewalks, when astronauts leave the pressurized space station and must wear spacesuits to survive in space.

“I think the most challenging thing about these analog missions is just getting into a rhythm. … Although here the risk is lower, on Mars performing those daily tasks are what keeps us alive,” said Michael Andrews, the engineer for Crew 315.

Watch the video to find out more.

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Apple scores big victory with ‘F1,’ but AI is still a major problem in Cupertino

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Apple scores big victory with 'F1,' but AI is still a major problem in Cupertino

Formula One F1 – United States Grand Prix – Circuit of the Americas, Austin, Texas, U.S. – October 23, 2022 Tim Cook waves the chequered flag to the race winner Red Bull’s Max Verstappen 

Mike Segar | Reuters

Apple had two major launches last month. They couldn’t have been more different.

First, Apple revealed some of the artificial intelligence advancements it had been working on in the past year when it released developer versions of its operating systems to muted applause at its annual developer’s conference, WWDC. Then, at the end of the month, Apple hit the red carpet as its first true blockbuster movie, “F1,” debuted to over $155 million — and glowing reviews — in its first weekend.

While “F1” was a victory lap for Apple, highlighting the strength of its long-term outlook, the growth of its services business and its ability to tap into culture, Wall Street’s reaction to the company’s AI announcements at WWDC suggest there’s some trouble underneath the hood.

“F1” showed Apple at its best — in particular, its ability to invest in new, long-term projects. When Apple TV+ launched in 2019, it had only a handful of original shows and one movie, a film festival darling called “Hala” that didn’t even share its box office revenue.

Despite Apple TV+ being written off as a costly side-project, Apple stuck with its plan over the years, expanding its staff and operation in Culver City, California. That allowed the company to build up Hollywood connections, especially for TV shows, and build an entertainment track record. Now, an Apple Original can lead the box office on a summer weekend, the prime season for blockbuster films.

The success of “F1” also highlights Apple’s significant marketing machine and ability to get big-name talent to appear with its leadership. Apple pulled out all the stops to market the movie, including using its Wallet app to send a push notification with a discount for tickets to the film. To promote “F1,” Cook appeared with movie star Brad Pitt at an Apple store in New York and posted a video with actual F1 racer Lewis Hamilton, who was one of the film’s producers.

(L-R) Brad Pitt, Lewis Hamilton, Tim Cook, and Damson Idris attend the World Premiere of “F1: The Movie” in Times Square on June 16, 2025 in New York City.

Jamie Mccarthy | Getty Images Entertainment | Getty Images

Although Apple services chief Eddy Cue said in a recent interview that Apple needs the its film business to be profitable to “continue to do great things,” “F1” isn’t just about the bottom line for the company.

Apple’s Hollywood productions are perhaps the most prominent face of the company’s services business, a profit engine that has been an investor favorite since the iPhone maker started highlighting the division in 2016.

Films will only ever be a small fraction of the services unit, which also includes payments, iCloud subscriptions, magazine bundles, Apple Music, game bundles, warranties, fees related to digital payments and ad sales. Plus, even the biggest box office smashes would be small on Apple’s scale — the company does over $1 billion in sales on average every day.

But movies are the only services component that can get celebrities like Pitt or George Clooney to appear next to an Apple logo — and the success of “F1” means that Apple could do more big popcorn films in the future.

“Nothing breeds success or inspires future investment like a current success,” said Comscore senior media analyst Paul Dergarabedian.

But if “F1” is a sign that Apple’s services business is in full throttle, the company’s AI struggles are a “check engine” light that won’t turn off.

Replacing Siri’s engine

At WWDC last month, Wall Street was eager to hear about the company’s plans for Apple Intelligence, its suite of AI features that it first revealed in 2024. Apple Intelligence, which is a key tenet of the company’s hardware products, had a rollout marred by delays and underwhelming features.

Apple spent most of WWDC going over smaller machine learning features, but did not reveal what investors and consumers increasingly want: A sophisticated Siri that can converse fluidly and get stuff done, like making a restaurant reservation. In the age of OpenAI’s ChatGPT, Anthropic’s Claude and Google’s Gemini, the expectation of AI assistants among consumers is growing beyond “Siri, how’s the weather?”

The company had previewed a significantly improved Siri in the summer of 2024, but earlier this year, those features were delayed to sometime in 2026. At WWDC, Apple didn’t offer any updates about the improved Siri beyond that the company was “continuing its work to deliver” the features in the “coming year.” Some observers reduced their expectations for Apple’s AI after the conference.

“Current expectations for Apple Intelligence to kickstart a super upgrade cycle are too high, in our view,” wrote Jefferies analysts this week.

Siri should be an example of how Apple’s ability to improve products and projects over the long-term makes it tough to compete with.

It beat nearly every other voice assistant to market when it first debuted on iPhones in 2011. Fourteen years later, Siri remains essentially the same one-off, rigid, question-and-answer system that struggles with open-ended questions and dates, even after the invention in recent years of sophisticated voice bots based on generative AI technology that can hold a conversation.

Apple’s strongest rivals, including Android parent Google, have done way more to integrate sophisticated AI assistants into their devices than Apple has. And Google doesn’t have the same reflex against collecting data and cloud processing as privacy-obsessed Apple.

Some analysts have said they believe Apple has a few years before the company’s lack of competitive AI features will start to show up in device sales, given the company’s large installed base and high customer loyalty. But Apple can’t get lapped before it re-enters the race, and its former design guru Jony Ive is now working on new hardware with OpenAI, ramping up the pressure in Cupertino.

“The three-year problem, which is within an investment time frame, is that Android is racing ahead,” Needham senior internet analyst Laura Martin said on CNBC this week.

Apple’s services success with projects like “F1” is an example of what the company can do when it sets clear goals in public and then executes them over extended time-frames.

Its AI strategy could use a similar long-term plan, as customers and investors wonder when Apple will fully embrace the technology that has captivated Silicon Valley.

Wall Street’s anxiety over Apple’s AI struggles was evident this week after Bloomberg reported that Apple was considering replacing Siri’s engine with Anthropic or OpenAI’s technology, as opposed to its own foundation models.

The move, if it were to happen, would contradict one of Apple’s most important strategies in the Cook era: Apple wants to own its core technologies, like the touchscreen, processor, modem and maps software, not buy them from suppliers.

Using external technology would be an admission that Apple Foundation Models aren’t good enough yet for what the company wants to do with Siri.

“They’ve fallen farther and farther behind, and they need to supercharge their generative AI efforts” Martin said. “They can’t do that internally.”

Apple might even pay billions for the use of Anthropic’s AI software, according to the Bloomberg report. If Apple were to pay for AI, it would be a reversal from current services deals, like the search deal with Alphabet where the Cupertino company gets paid $20 billion per year to push iPhone traffic to Google Search.

The company didn’t confirm the report and declined comment, but Wall Street welcomed the report and Apple shares rose.

In the world of AI in Silicon Valley, signing bonuses for the kinds of engineers that can develop new models can range up to $100 million, according to OpenAI CEO Sam Altman.

“I can’t see Apple doing that,” Martin said.

Earlier this week, Meta CEO Mark Zuckerberg sent a memo bragging about hiring 11 AI experts from companies such as OpenAI, Anthropic, and Google’s DeepMind. That came after Zuckerberg hired Scale AI CEO Alexandr Wang to lead a new AI division as part of a $14.3 billion deal.

Meta’s not the only company to spend hundreds of millions on AI celebrities to get them in the building. Google spent big to hire away the founders of Character.AI, Microsoft got its AI leader by striking a deal with Inflection and Amazon hired the executive team of Adept to bulk up its AI roster.

Apple, on the other hand, hasn’t announced any big AI hires in recent years. While Cook rubs shoulders with Pitt, the actual race may be passing Apple by.

WATCH: Jefferies upgrades Apple to ‘Hold’

Jefferies upgrades Apple to 'Hold'

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