What’s next in the Silicon Valley Bank saga | Meta laying off more workers

The impact of Pfizer-Seagen deal on Seattle biotech | Tech Moves ADVERTISEMENT [GeekWire]( SPONSOR MESSAGE: Unique & Urban Venue for Weddings, Conferences and Meetings: [Plan your event at Block 41 today!]( TODAY'S TOP STORIES “There’s a school of thought that says the Fed was going to keep bumping rates until something broke. Well, something broke. It was Silicon Valley Bank.” - Venture capitalist Kirby Winfield makes the case that the historic collapse of Silicon Valley Bank could be the first step toward the stabilization of interest rates, which could lead to a rebound in the venture capital market later this year. - That’s one of the silver linings cited by Winfield and fellow VC Aviel Ginsburg, discussing what’s next in the SVB saga on a special episode of the GeekWire Podcast. But they see plenty of storm clouds on the horizon, as well. [Read more and listen](. In the wake of Pfizer’s proposed $43 billion acquisition of Seattle-area biotech giant Seagen, questions surround whether layoffs and lab shutdowns could be part of the deal. - Biotech experts said Seagen’s platform and its regional talent would be an asset for Pfizer. “We are not buying the golden eggs. We are acquiring a goose, but he’s laying the golden eggs for us,” said Pfizer CEO Albert Bourla. [Read more.]( Meta announced plans to lay off 10,000 more workers, four months after the parent of Facebook and Instagram cut 11,000. - A company spokesperson did not say whether the Seattle area, where Meta employs more than 8,000, will be impacted as part of the restructuring that CEO Mark Zuckerberg referred to as Meta’s Year of Efficiency. [Read more.]( Amazon revealed the antennas it will use for its Project Kuiper satellite broadband network, and said it plans to begin offering beta service for large customers next year. - "I’d be remiss if I didn’t contrast it to a Kindle here,” said Dave Limp (above), Amazon’s senior vice president of devices and services, as he compared the smallest antenna, still under development, to Amazon’s e-book reader (at left in photo). [Read more.]( The U.S. government proposed rules for the first time to regulate the presence of “forever chemicals” in drinking water. A Seattle nonprofit and a startup are involved. - The regulations would apply to hazardous chemicals known as PFAS that are used to repel water, stains and grease, but have contaminated drinking water in Washington state and elsewhere and have been detected in breast milk. [Read more](. Tech Moves: - Tegria adds execs; JPMorgan leader retiring; Angi hires former Expedia exec; [and more personnel moves in PNW tech.]( Thanks for reading, and have a great day. — GeekWire managing editor Taylor Soper, taylor@geekwire.com; GeekWire reporter Kurt Schlosser, kurt@geekwire.com; and GeekWire co-founder Todd Bishop, todd@geekwire.com. SPONSOR MESSAGE [Three proven strategies for paying off personal debt]( Money Hacks is a financial education series from GeekWire and BECU, the member-owned, not-for-profit credit union. Get financial tips from Stacey Black, BECU lead financial educator, and find other resources to help you manage your money. [Get answers from Money Hacks with BECU.]( LATEST HEADLINES [What’s next in the Silicon Valley Bank saga: Storm clouds and silver linings in historic bank collapse]( [Tech Moves: Tegria adds execs; JPMorgan leader retiring; Angi hires former Expedia exec; and more]( [U.S. proposes first-ever federal regulations on hazardous ‘forever chemicals’ in drinking water]( [Meta laying off 10,000 more workers, four months after Facebook parent cut 11,000]( [‘Open for business’: Amazon shows off antennas for its Kuiper satellite network]( [Satellite plans move ahead for Kymeta and OneWeb — and for SpaceX and T-Mobile]( [How Pfizer’s $43 billion acquisition of Seagen could impact the biotech industry in Seattle]( [Madrona Venture Group investor on helping founders navigate the Silicon Valley Bank crisis]( GEEKWORK: TODAY'S TECH JOBS - [INRIX: Corporate Controller]( - [GeekWire: GeekWire Advertising Project Manager]( - [INRIX: Head of Product – Vision Zero]( - [Global Innovation Exchange, University of Washington: Technology Services Specialist]( [FIND MORE JOBS ON GEEKWORK]( [HIRING? BUY A FEATURED LISTING TO APPEAR HERE]( [About GeekWire]( [Contact Us]( [Advertise]( Copyright © 2023 GeekWire LLC, All rights reserved. You are receiving this email because you opted to receive emails from GeekWire LLC.  Our mailing address is: GeekWire LLC 123 NW 36th St, Suite 203 Seattle, WA 98107  [change email frequency or address]( | [unsubscribe](