Welcome to the newest edition of the productmanager.jobs newsletter!

We're here to help you land your dream job and we want to hear your feedback! Keep an eye out for a quick reader's survey coming up in next week's email 👀

If you're in the tech world, tech adjacent, or have paid attention to financial news these past few days, you've probably heard about the SVB collapse. Here's the TLDR:

1. Silicon Valley Bank was one of America's 15 biggest banks and was heavily trusted by tech companies and VC's. They were one of the first banks to provide financial products designed to help startups grow and get off the ground.
2. A massive amount of startups, founders, angel investors, and VCs have their funds with SVB. They had > $200B assets under management.
3. This past few days, Silicon Valley Bank had a bank run and collapsed, all in the span of 30 hours 🤯
4. We aren't financial experts so check out these useful threads for the financial details of how they managed to get in this situation.
   1. https://twitter.com/jamiequint/status/1633956163565002752
   2. https://twitter.com/mbdailyshow/status/1634225061522489357

What does this mean going forward?

1. First, any deposits up to $250K are insured by the FDIC. Anyone with $250K or less in SVB can sleep at night knowing they'll get all their funds back, likely in the next couple days.
2. Anything above that amount is currently unavailable while everything gets sorted. SVB's clients were mostly companies which means typical customers' balances were much higher than $250K. 93% of deposits at SVB were uninsured.
3. It's important to note this is a liquidity crisis, not a solvency crisis. Unlike the FTX situation the customer funds aren't completely gone. They're just tied up in long-term assets. SVB didn't commit blatant fraud, they just made a terrible investment decision
4. SVB's assets will likely be sold off and paid out in percentages to customers. Customers won't be made whole, but they could get a substantial portion of their funds back.
5. For some larger companies with diversified funds, this will be a setback but not the end of the world. However, lots of growth stage companies rely on that cash to operate and sadly will go under because of this. For many, even making payroll for employees will be a struggle starting this week.
6. For now, customers with > $250K will get a "receivership certificate" to claim their share of the funds at some point in the future. It's like when a restaurant messes your order up and gives you a a coupon for a future discount if you spend more money. It's something but it definitely ain't gonna get the bills paid next week 😐

It's been a tough year in the tech world but it's going to get better. We're sharing this information because as you're navigating your job search, it's important to keep all of this in mind. It's worth researching if a company you're applying for is going to be impacted by this situation. As for how this will play out, only time will tell...

EDIT: Good news! The government intervened and all deposits are being guaranteed. This is still going to be a messy situation as it gets sorted out but startups can breath a sigh of relief at least.

AI has been a hot topic lately, so we dropped a thread over on Twitter with some interesting companies in the space outside of the classic ones all over the news. If you're interested in a job in the AI space, be sure to check it out and share any other great companies we missed in the replies!

If you're interested in more of this content, let us know and be sure to follow us on Twitter. We'll be doing this more regularly 💪

There's never a dull week in the tech and business world these days. Let's dive into what happened:

1. It seems like Amazon has been expanding into every industry possible: healthcare, streaming, over-priced groceries, and now...NFTs? The company announced it will be launching an NFT Marketplace in April. So far, this product strategy has been a massive flop for other companies (see Coinbase). One key difference here is Amazon plans to be able to tie it's NFTs to real-world assets. We'll be watching closely to see how this plays out 🍿
2. Spotify announced a complete redesign of its app. Most notably, the homescreen will look more like a Tik Tok style discovery feed 🎵
3. Sam Altman (CEO of OpenAI) continued the trend of billionaires' obsession with living forever. This week, it came out that he invested $180M in a stealth company called Retro Biosciences, which focuses on increasing the human lifespan. That's a major bag but if we get an extra 10 years, we're here for it 🙏🏻
4. If you haven't seen this company Character.AI, check it out. They were recently valued at $1B and allow you to have conversations with AI trained to talk like famous characters (e.g. Mario, Elon Musk). We gave it a try and it's shockingly good 😳
5. Useful Resource: Learn about how to write the most common document in a product manager's daily life: the PRD 📓
   

Let's get to this week's jobs!

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