This comes after the company said it would cut its workforce by another 10,000 employees following the cuts it announced in November last year. The company had earlier announced that it would fire 11,000 employees, constituting 13% of its workforce.
The company unveiled new technology called GPT-4 four months after its ChatGPT stunned Silicon Valley. The update is an improvement, but it carries some of the same baggage.
Approximately 0.5% of Etsy's active sellers - or around 2,700 merchants - had their payments delayed on Friday after SVB's collapse, according to Etsy.
SVB, which was founded in the 1980s, claimed that "nearly half" of US technology and life science startups banked with them for a wide range of services, but mainly to park cash handed to them by their venture capitalist backers to operate.
According to the management consultancy firm, enterprises are expected to continue to invest in cloud services, with the market expected to grow to $450 billion by 2025 from about $250 billion now.
It appeared to be the first of many likely lawsuits over the demise of Silicon Valley Bank, which US regulators seized on March 10 following a surge of deposit withdrawals.
According to reports, at least 40 YC-backed Indian startups have $2,50,000 to $1 million in deposits with SVB while more than 20 of them have deposits of more than $1 million.
