Tech start-ups have been hammered by the Fed’s aggressive rate hikes. SVB, with its tech-heavy depositor base (concentration risk), saw withdrawal of money and triggered a bank run. SVB had to realize losses from its large holdings of long duration Treasuries (mismatch in assets and liabilities) that built up when yields were at very low levels given prior years of super-strong deposit growth  (blessing) that had well-outpaced lending.  

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