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<ul><li><keyword id="6358584" type="General" weightage="20" keywordseo="hsbc" source="Orion">HSBC</keyword> says that the transaction 'completes immediately' and will be funded from existing resources.</li><li>The UK central bank said the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector. </li></ul> HSBC UK Bank plc is acquiring Silicon Valley Bank UK Limited (SVB UK) for 1 pound, after a weekend of frantic negotiations by UK officials. In a statement, HSBC says the transaction "completes immediately". The acquisition will be funded from existing resources, the Guardian reported. "As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of 88 million pounds. SVB UK's tangible equity is expected to be around 1.4 billion pounds. Final calculation of the gain arising from the acquisition will be provided in due course," HSBC said. The sale to HSBC has been taken to "stabilise SVBUK", says the Bank of England. The UK central bank says the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector and support confidence in the financial system, the Guardian reported. Importantly, the Bank of England and HM Treasury can confirm that all depositors' money with SVBUK is safe and secure as a result of this transaction. That will be a massive relief for tech companies, who feared an �existential threat' to their businesses if they had lost their funds at SVB UK, the Guardian reported. The BoE add that the deal with HSBC means SVB UK will not now be put into insolvency. It says, "SVBUK's business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes".

HSBC acquires UK arm of Silicon Valley Bank for £1

Hey there! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC.When federal regulators <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">stepped in to guarantee deposits</a> at Silicon Valley Bank and Signature Bank late Sunday (<a href="https://www.businessinsider.com/why-silicon-valley-bank-customers-were-bailed-out-2023-3">more on that here</a>), the goal was simple: Ease the public concerns and calm the markets. Not so fast, my friend!There was <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-run-collapse-contagion-failure-bailout-financial-crisis-2023-3?_gl=1*86xu08*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODcyNTIyNC40ODMuMS4xNjc4NzM4MzkyLjAuMC4w">plenty of pain to be felt in the markets</a> Monday, specifically <a href="https://markets.businessinsider.com/news/stocks/svb-collapse-first-republic-western-alliance-zions-pacwest-biden-investors-2023-3?utm_medium=ingest&amp;utm_source=markets">among regional banks.</a> So, what are you waiting for? Let's get into it. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3" target="_blank" rel="noopener"></a>1. So about that auction... SVB Financial Group, the parent company of Silicon Valley Bank, is still looking for a buyer. There was at least one bidder in Sunday night's auction, but it was turned down by the FDIC. <a href="https://www.businessinsider.com/svb-auction-bidders-fdic-potential-buyers-2023-3">More on what comes next and who could still end up buying SVB.</a>2. And so begins the fight for $200 billion in deposits. The downfall of SVB means that plenty of people and startups are looking for a new bank. <a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3">Here's an inside look at where they are headed.</a>3. Who comes out on top from all this? It might seem crass to think about winners and losers, but this is Wall Street. Here's a rundown of the people and firms that are better off now than they were a week ago, and the ones who faced a setback. <a href="https://www.businessinsider.com/silicon-valley-bank-failure-bailout-winners-losers-2023-3">Check out the full list here.</a>4. <a href="https://www.youtube.com/watch?v=SHhrZgojY1Q">Won't get fooled again.</a> After a tumultuous weekend when they saw their startups' lives flash before their eyes, nine founders who banked at SVB <a href="https://www.businessinsider.com/startup-founders-new-banks-collapse-silicon-valley-bank-2023-3">share where they are moving their money.</a> Meanwhile, one tech founder's experience dealing with the SVB <a href="https://www.businessinsider.com/chaos-as-startup-founder-impacted-by-silicon-valley-bank-collapse-2023-3">led to an existential crisis.</a>5. Read this if you're a worrywart. A couple banks failing doesn't instill confidence in the wider financial markets. But, rest assured, SVB's blowup is a far cry from the 2008 financial crisis. <a href="https://www.businessinsider.com/svb-bailout-wont-cause-great-recession-silicon-valley-bank-2023-3">Here's why.</a>6. Meanwhile, in the UK. Silicon Valley Bank's UK arm was sold to HSBC for roughly $1 (no, I'm not missing any zeros). <a href="https://www.businessinsider.com/wild-weekend-ended-in-svb-uk-hsbc-sale-2023-3">Here's an inside look at the wild weekend it took to get the deal done.</a>7. Silicon Valley Bank died so interest-rate hikes would stop. SVB's failure could put an end to the aggressive rate hikes that have plagued the market for nearly a year. <a href="https://markets.businessinsider.com/news/stocks/why-silicon-valley-bank-collapse-good-for-stock-market-rates-2023-3?_gl=1*256kyu*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODcyNTIyNC40ODMuMS4xNjc4NzM4MzgyLjAuMC4w">Some silver linings on why SVBs downfall might help the market in the long run.</a>8. The politicians are weighing in. Republicans are criticizing the bailout <a href="https://www.businessinsider.com/silicon-valley-bank-bailout-prioritizes-rich-republican-lawmakers-svb-collapse-2023-3">for benefiting the rich</a> and pointing to SVB's <a href="https://www.businessinsider.com/republicans-blame-woke-politics-for-silicon-valley-banks-collapse-2023-3">"woke" politics as the reason for its downfall</a>. Democrats are blaming Trump-era regulations <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-what-is-dodd-frank-trump-rollback-2023-3">for setting the stage for the collapse.</a> And Democratic Sen. Elizabeth Warren doesn't understand <a href="https://www.businessinsider.com/svb-bailout-elizabeth-warren-student-loan-borrowers-limbo-banks-2023-3">why bank customers get a bailout but not student loan borrowers.</a>9. This ain't your grandparents bank run. An interesting piece of the SVB failure was how quickly it all occurred. That's thanks in large part to a banking system that's largely digital. <a href="https://www.businessinsider.com/svb-decimated-24-hours-digital-banking-trump-regulatory-rollbacks-2023-3">More on why the digital age for a lender is also a dangerous one.</a>10. One SVB asset that's not in decline: <a href="https://www.google.com/search?q=swag+youtube+office+&amp;ei=XI4PZJePKLaZptQPiICjoAk&amp;ved=0ahUKEwiXrZXw5dn9AhW2jIkEHQjACJQQ4dUDCBA&amp;uact=5&amp;oq=swag+youtube+office+&amp;gs_lcp=Cgxnd3Mtd2l6LXNlcnAQAzIFCCEQoAEyBQghEKABMgUIIRCgATIFCCEQqwI6CggAEEcQ1gQQsAM6BwgAELADEEM6CQgAELADEAoQQzoICAAQFhAeEAo6BggAEBYQHjoKCAAQFhAeEA8QCjoICAAQFhAeEA86BQgAEIYDOggIIRAWEB4QHToKCCEQFhAeEA8QHUoECEEYAFCgEFj9H2DvIWgGcAF4AIABrgGIAeYJkgEDMy44mAEAoAEByAEKwAEB&amp;sclient=gws-wiz-serp#fpstate=ive&amp;vld=cid:4470b349,vid:F4GHqevhsqk">company swag</a>. From cardboard boxes to wine tumblers, anything with an SVB logo is being put up for sale on eBay. <a href="https://www.businessinsider.com/silicon-valley-bank-branded-merch-ebay-box-wine-cooler-hat-2023-3">Check out some of the stuff here.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=640f7e2c32953047ec597396&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street reacts to Silicon Valley Bank's bailout

What a weekend! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC. What do you think we've got for stories today? It's all about <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-fdic-wall-street-regulator-finance-investing-2023-3?_gl=1*12f9wsk*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODY0MzE3Mi40NzkuMS4xNjc4NjQ0MjE4LjAuMC4w">Silicon Valley Bank going down</a> and the knock-on effects.If you're not up to speed, here's a quick rundown on <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3?_gl=1*1bwekvy*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODYyODQ0MC40NzcuMC4xNjc4NjI4NDQxLjAuMC4w">what the hell happened at Silicon Valley Bank.</a>In short, SVB built a reputation over the past 40 years catering to the tech community. But a perfect storm of rising interest rates, poor financial decisions, a terrible market for tech, and a bank run led to SVB's downfall essentially overnight. With $209 billion in assets at the end of 2022, it's the biggest US bank collapse since Washington Mutual, which had $307 billion in assets <a href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">before it went down in 2008.</a> However, SVB is a particularly scary situation since nearly 90% of its deposits <a href="https://www.businessinsider.com/silicon-valley-bank-svb-particularly-scary-bank-failure-why-2023-3">were uninsured by the FDIC due to the size of the accounts.</a>There were lots of knock-on effects that had people worried, the most pressing of which was how startups who banked with SVB would get their money in time to pay employees this week (more on that below).However, federal regulators quelled those concerns when it announced Sunday night <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">it was bailing out SVB customers.</a> The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation announced they would "fully protect" all depositors who had funds in Silicon Valley Bank. All their money would be available starting Monday.New York's Signature Bank was also <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">closed by regulators over the weekend</a>, but those depositors will also be made whole, per the announcement.Regulators also made one thing clear with their announcement: "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."News broke this morning that <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zaWxpY29uLXZhbGxleS1iYW5rLXVrLXVuaXQtc2FsZS1oc2JjLXN2Yi1zdmItc2l2Yi0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Bf9e445dd" target="_blank" rel="noopener">HSBC has bought the UK arm of SVB</a> in a last-minute deal for 1 British pound, or $1.21. The UK government and the Bank of England facilitated the private sale, British Chancellor <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zaWxpY29uLXZhbGxleS1iYW5rLXVrLXVuaXQtc2FsZS1oc2JjLXN2Yi1zdmItc2l2Yi0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Cf9e445dd" target="_blank" rel="noopener">Jeremy Hunt said on Twitter</a>: "Deposits will be protected, with no taxpayer support".As for the fate of the rest of SVB, that still remains to be seen. <a href="https://www.businessinsider.com/who-will-buy-svb-silicon-valley-bank-acquisition-2023-3">Here's some potential options on the likely candidates who could buy the bank.</a>You can <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3Mvc2lsaWNvbi12YWxsZXktYmFuay1zdmItbGl2ZS1ibG9nLWZlZC1mZGljLWJhaWxvdXQtZXhwZXJ0cy0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Bf9981e8a" target="_blank" rel="noopener">follow our live coverage of the SVB saga here</a>.Alright, buckle up and let's get into it. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/svb-employees-respond-to-the-banks-sudden-failure-2023-3" target="_blank" rel="noopener"></a>1. First up, here's a rundown of how it all went terribly wrong for Silicon Valley Bank. Inside the lead up and eventual failure of the tech industry's favored bank. <a href="https://www.businessinsider.com/how-silicon-valley-bank-imploded-2023-3">Here's how it all went down.</a>2. Meanwhile, SVB employees had mixed reactions in the wake of the failure. While some <a href="https://www.businessinsider.com/married-couple-both-work-at-silicon-valley-bank-are-grieving-2023-3">grieved the loss</a>, others looked to refresh their resumes <a href="https://www.businessinsider.com/svb-employees-respond-to-the-banks-sudden-failure-2023-3">or just headed to a familiar bar for young Wall Streeters.</a> It's not all bad news, as the employees <a href="https://www.businessinsider.com/silicon-valley-bank-workers-paid-bonuses-hours-before-collapsed-report-2023-3">still reportedly got paid their bonuses hours before the bank got shutdown</a>. (To be fair, this was for 2022 work and reportedly scheduled days ago.)3. The Goldman Sachs angle. One of the most powerful banks on the Street also got involved with SVB amid the madness. Goldman helped advise SVB on its disastrous stock offering that was eventually scrapped. <a href="https://www.businessinsider.com/goldman-sachs-svb-silicon-valley-bank-failure-2023-3">These are the details behind Goldman's attempt to help SVB.</a>4. And meanwhile in VC land... A debate has emerged about the amount of blame venture capitalists deserve for their role in SVB's collapse. The VCs who moved quickly to get their cash out were successful, <a href="https://www.businessinsider.com/peter-thiel-founders-fund-pulled-cash-svb-before-collapse-report-2023-3?r=US&amp;IR=T">like Peter Thiel's Founders Fund</a>, and say the responsibility falls solely on the bank. But some VCs claim the panic caused by <a href="https://www.businessinsider.com/vcs-blame-each-other-for-silicon-valley-bank-collapse-2023-3">VCs pushing their founders to withdraw money from the bank played a role.</a> If you're interested, <a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">here's a take from yours truly on the role VCs played in this debacle.</a>5. For startups, the fall of SVB sent many into a tailspin. In the immediate aftermath, the biggest concern among the startup community is whether or not they'll be able to pay their employees this week. <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3">More on that here</a>. We've also got reactions from 8 founders about <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-startup-founder-reactions-2023-3">what it's been like trying to get their funds out of SVB.</a> 6. Here's what all the big wigs think. Billionaire investor Bill Ackman is blaming <a href="https://www.businessinsider.com/billionaire-investor-bill-ackman-urges-feds-step-in-svb-collapse-2023-3">the Federal Reserve for not moving quicker</a>. Mark Cuban also <a href="https://www.businessinsider.com/mark-cuban-calls-federal-reserve-buy-silicon-valley-bank-debt-2023-3?r=US&amp;IR=T">has a bone to pick with the Fed.</a> Nobel Prize-winning economist Paul Krugman <a href="https://www.businessinsider.com/paul-krugman-svb-shmoozing-vibes-bank-not-new-lehman-moment-2023-3?r=US&amp;IR=T">has a new name for Silicon Valley Bank.</a> OpenAI CEO Sam Altman let his money do the talking, <a href="https://www.businessinsider.com/sam-altman-sent-money-support-startup-payroll-svb-collapse-report-2023-3">reportedly sending six-figure loans to startups who need help making payroll.</a> And you didn't think something this big would occur <a href="https://www.businessinsider.com/elon-musk-buy-silicon-valley-bank-tesla-investor-no-thanks-2023-3?r=US&amp;IR=T">without a certain tech billionaire inserting himself into the fray.</a>7. One person's pain is another person's gain. Meanwhile, Wall Street found an opportunity in the crisis (surprise!) by offering to buy SVB customers' uninsured deposits for as little as 55 cents on the dollar. <a href="https://www.businessinsider.com/some-svb-customers-taking-big-haircuts-deposits-raise-funds-fast-2023-3">More on the opportunistic dealmakers.</a>8. The SVB blow up isn't just impacting small tech startups. SVB turned out to be a big lender to wineries, <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-wine-industry-napa-valley-cade-surprise-2023-3">loaning out $4 billion to the industry over the past 30 years.</a> Etsy has already told sellers that payments will be delayed <a href="https://www.businessinsider.com/etsy-delays-paying-sellers-because-was-using-silicon-valley-bank-2023-3">because it was using SVB</a> — but sellers say they're <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-etsy-sellers-shutting-stores-2023-3">shutting their stores</a> until the platform clears up any risk of non-payment. Meanwhile, streaming service Roku <a href="https://www.businessinsider.com/roku-held-one-quarter-of-cash-at-silicon-valley-bank-2023-3">had nearly half-a-billion dollars in deposits in the bank when it failed.</a> At least one SVB customer is having fun with it: Popular kids' toy store Camp, which had cash at the bank, <a href="https://www.businessinsider.com/camp-toy-store-bankrun-promo-code-silicon-valley-bank-collapse-2023-3">ran a 40% off sale with the promo code "BANKRUN."</a>9. And about those contagion concerns... Shares in First Republic Bank fell as much as 70% in premarket trading in the wake of SVB's collapse. First Republic, which, like SVB, also has a sizeable portion of deposits that are uninsured, <a href="https://www.businessinsider.com/first-republic-says-liquidity-very-strong-bid-calm-nerves-2023-3" target="_blank" rel="noopener">reassured customers over the weekend that its liquidity remains "very strong."</a> The same could not be said for New York's Signature Bank, <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3" target="_blank" rel="noopener">which was closed on Sunday.</a>10. One bright side of all of this: new memes. Despite the seriousness of the issue, the internet didn't pass up an opportunity to make some jokes. <a href="https://www.businessinsider.com/silicon-valley-banks-implosion-has-become-meme-gold-2023-3?r=US&amp;IR=T">Here are some of the best memes that have cropped up as a result of SVB chaos.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=640bb087d013962060333865&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Everything you need to know about a crazy weekend in the wake of Silicon Valley Bank's failure

What a weekend that was, reader. By now, you've probably heard a lot about the sudden, <a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">bank run-driven collapse of Silicon Valley Bank</a>, one of the tech industry's most stalwart and trusted institutions. There's a lot to catch up on, so buckle up. The weekend was a period of intense stress in the tech industry, as the bank's customers wondered what they would do if Monday rolled around and <a href="https://www.businessinsider.com/tech-ceo-millions-silicon-valley-bank-no-idea-going-on-2023-3">they couldn't get access to the cash they needed to make payroll or pay their office rent</a>.Well, late on Sunday afternoon, the federal government stepped in: While the bank itself will no longer be a going concern — its <a href="https://www.businessinsider.com/silicon-valley-bank-auction-collapse-deposit-protection-2023-3">assets are already being auctioned off</a> — the FDIC is guaranteeing that <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">anyone who had their money in Silicon Valley Bank will be made whole</a>. Then, news broke early this morning that <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3" target="_blank" rel="noopener">HSBC has bought the UK arm of collapsed SVB</a> in a last-minute deal. The UK government and the Bank of England facilitated the private sale, UK Chancellor <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3" rel="">Jeremy Hunt said on Twitter</a>: "Deposits will be protected, with no taxpayer support".You can <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3Mvc2lsaWNvbi12YWxsZXktYmFuay1zdmItbGl2ZS1ibG9nLWZlZC1mZGljLWJhaWxvdXQtZXhwZXJ0cy0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Bf9981e8a" target="_blank" rel="noopener">follow our live coverage here</a>.As the tech industry breathes a massive sigh of relief, here's what you need to know going into your week.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56" target="_blank" rel="noopener">here.</a><a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3"></a>1. "Our money is gone." Before the FDIC stepped in to save the day (for depositors, anyway), the collapse of Silicon Valley Bank <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3">sparked fear, uncertainty, and panic as startups suddenly lost access</a> to whatever cash they had stashed there.Here's the latest from Insider on the Silicon Valley Bank meltdown:<ul><li><a href="https://www.businessinsider.com/how-silicon-valley-bank-imploded-2023-3">Insider took a deep dive into the recent history of Silicon Valley Bank</a>, giving insight on the financial and strategic decisions it made to get to this point, from the perspective of the startups and VCs involved.</li><li>Insider's <a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">Dan DeFrancesco writes that the panic-driven bank run reflected poorly on SVB's customers</a>, who only took a few days to turn their back on a bank that had served them well for decades.</li><li>SVB staffers <a href="https://www.businessinsider.com/svb-employees-respond-to-the-banks-sudden-failure-2023-3">spent Friday polishing their resumes or hitting the bar</a> after being told to leave the office.</li><li>It turns out that <a href="https://www.businessinsider.com/roku-held-one-quarter-of-cash-at-silicon-valley-bank-2023-3/">Roku had a full 26% of its cash tied up in Silicon Valley Bank,</a> making it one of several larger tech companies that must be thrilled to be getting their cash back.</li><li>My colleague Alistair Barr writes about <a href="https://www.businessinsider.com/silicon-valley-bank-svb-particularly-scary-bank-failure-why-2023-3">what made the SVB bank run so scary</a>: If the FDIC hadn't stepped in to make a special exception, almost 90% of its deposits would have been uninsured. Insider also analyzed the regulatory filings of 15 major US banks and found at the end of 2022, there was well over <a href="https://www.businessinsider.com/signature-svb-us-banks-have-over-1-trillion-uninsured-deposits-2023-3">$1 trillion in uninsured deposits</a>. </li></ul>Read more about the <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3">financial panic that swept Silicon Valley over the weekend here</a>.In other news:<a href="https://www.businessinsider.com/government-cdc-venture-capital-investors-silicon-valley-pandemic-covid-failure-2023-3"></a><div type="image" title="An illustration of a surgical mask, folded and containing stacks of money." height="1000" width="2000" msid="98609179" hostid="261" sizebytes="133738"></div>2. Can Silicon Valley succeed where the CDC failed? Insider's Adam Rogers writes that the <a href="https://www.businessinsider.com/government-cdc-venture-capital-investors-silicon-valley-pandemic-covid-failure-2023-3">CDC fumbled its response to COVID-19 so badly</a> that the private sector may be our best hope in the next pandemic. As VCs invest in pandemic-related startups, it's tech versus the virus.3. Microsoft's AI plan to take on Google. Insider reports on Microsoft's plan to woo advertisers to its new ChatGPT-powered Bing search engine. Ads could appear as annotations to the Bing chatbot's answers, helping Microsoft steal some search ad market share from its larger rival. <a href="https://www.businessinsider.com/how-ads-on-the-ai-powered-bing-will-work-2023-3">Go inside the plan here</a>.4. The great "fake work" debate. Last week, investor Keith Rabois made the incendiary claim that most Big Tech workers do "fake work," drawing a paycheck for very little actual result. It's started a huge debate among tech elites, centered around a simple question: <a href="https://www.businessinsider.com/post/preview?post_id=640b9a312001441a1d44a86f&amp;mode=desktop&amp;r=US&amp;IR=T">What is "real work?"</a>5. Goodbye to Smarty Pants. Alphabet is spinning off Skip (formerly known as Smarty Pants), its robotic exoskeleton subsidiary, as the Google parent company cracks down on its <a href="https://www.businessinsider.com/google-spin-off-robotics-project-skip-smarty-pants-2023-3">expensive science-fictional "moonshot" projects.</a>6. "Code Yellow" at Shopify. Insider reports on leaked documents, showing that Shopify's own data sees its customer support experience has deteriorated. It's now trying to right the ship, at the risk of losing more of its e-commerce vendor customers. <a href="https://www.businessinsider.com/shopify-issues-code-yellow-for-customer-service-improvements-2023-3">Read more about the "Code Yellow" here.</a>7. Meta is working on a Twitter clone. Facebook's parent company has confirmed that it's <a href="https://www.businessinsider.com/meta-working-on-twitter-like-social-network-p92-instagram-logins-2023-3">building a new social media product</a>that takes a page (and uses the same key technology) from Mastodon, the decentralized Twitter competitor. What will they call it? Mastobook? Metadon? 8. Amazon employees want to work from home. Insider reports on a petition signed by at least 30,000 employees to fight against <a href="https://www.businessinsider.com/amazon-return-to-office-policy-petition-30000-staff-remote-work-2023-3">Amazon's return-to-office plans</a>. The retail giant wants most employees back in the office at least three days a week, starting in May. Odds and ends:<a href="https://www.businessinsider.com/rivian-r1s-vs-mercedes-benz-eqs-suv-tesla-electric-suvs-2023-3"></a><div type="image" title="The Mercedes-Benz EQS SUV and Rivian R1S electric SUVs." height="1500" width="3000" msid="98609182" hostid="261" sizebytes="489864"></div>9. How a startup beat Mercedes at its own luxury-car game. Tim Levin, Insider's auto expert extraordinaire, test-drove luxury SUVs from Mercedes and electric vehicle startup Rivian. Surprisingly, he said that <a href="https://www.businessinsider.com/rivian-r1s-vs-mercedes-benz-eqs-suv-tesla-electric-suvs-2023-3">Rivian's focus on high-tech features really set it apart from the more traditional Mercedes model</a>.10. Netflix lets you change subtitle sizes. If, like me, your eyes are shot after spending the week glued to your screen for updates on all the breaking news, a little bit of good news: <a href="https://www.businessinsider.com/how-to-make-netflix-subtitles-bigger-smaller-tv-2023-3">Netflix will finally let subscribers make its subtitles larger on the screen</a>.What we're watching today:<ul><li>The South by Southwest (SXSW) tech, music, and culture festival rages on in Austin, Texas all week. </li></ul>

Silicon Valley Bank depositors are saved at the last minute

Phew. Hey there. Senior reporter Phil Rosen here. Before we jump into the newsletter, the <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">Silicon Valley Bank saga</a> is continuing to unfold, so let's quickly break down the latest.The big story this morning: <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3" target="_blank" rel="noopener">HSBC has bought the UK arm of collapsed SVB</a> in a last-minute deal for 1 British pound, or $1.21. The UK government and the Bank of England facilitated the private sale, British Chancellor <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3">Jeremy Hunt said on Twitter</a>: "Deposits will be protected, with no taxpayer support".Also, if you haven't heard, <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3?_gl=1*1rxd03y*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODY3Njc4Ni42NzUuMC4xNjc4Njc2Nzg3LjAuMC4w">Signature Bank yesterday became the third bank to fail</a> in the past week, after <a href="https://markets.businessinsider.com/news/stocks/crypto-crash-silvergate-bank-shut-down-liquidate-stock-market-news-2023-3">Silvergate shut down its bank</a> voluntarily.The Treasury, Federal Reserve, and FDIC made a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm" target="_blank" rel="noopener">joint statement</a> Sunday evening, effectively saying that all <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">depositors for SVB and Signature Bank would be made whole</a>, and that a new facility, the Bank Term Funding Program, would be created to provide liquidity for firms under stress. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," policymakers added.Meanwhile, as the two banks fell under regulatory control, <a href="https://www.businessinsider.com/first-republic-says-liquidity-very-strong-bid-calm-nerves-2023-3?_gl=1*1e7cb1g*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODY2MjAzMS42NzMuMC4xNjc4NjYyMDMxLjAuMC4w">First Republic issued a message to clients aimed at calming nerves</a>, saying it still had strong liquidity. In any case, some folks on Wall Street have been telling me that we can chalk up much of the turmoil to <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">our departure from the easy-money era</a>. More than a decade of near-zero interest rates allowed companies to <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">borrow money freely</a>, and as far as repercussions go, what we've seen so far could mark only the tip of the iceberg.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3"></a>1. The fall of SVB and Signature bank means the Fed's aggressive interest-rate hiking regime has now taken sizable casualties. The tumult is a byproduct of the central bank's 1,700% increase in rates that took place in less than a year, and it could mean more once-stable institutions could be <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">turned inside out in the coming months</a>. "<a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">When you raise interest rates quickly</a>, after 15 years of overstimulating the economy with near-zero rates, to not imagine that there's not leverage in every pocket of society that will be stressed is a <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">naive imagining</a>," Lundy Wright of Weiss Multi-Strategy Advisors told me. This new rate cycle delivers a "perfect storm," according to Deutsche Bank analysts, who told clients last week that SVB epitomizes <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">all the risks worth fretting over</a> in the shifting policy era.In a Sunday note to clients, Goldman Sachs' research team pulled back their Fed policy forecast in response to this weekend's bank failures. "In light of recent stress in the banking system," the analysts wrote, "we no longer expect the FOMC to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March."In any case, the risk of contagion may not be all that high, as my colleague Matthew Fox writes, given that banks have become <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-collapse-interest-rate-hikes-financial-risks-2023-3">extremely well-capitalized since the Great Financial Crisis</a>. And according to Tut Fuller, chief executive and founder of Capra Bank, if policymakers stick to their word and protect depositors like they said they would, people will have their faith restored. "I'm hopeful that the government's approach of stepping in and protecting depositors, but not bailing out failed executives and boards of directors, actually builds confidence," Fuller told me close to midnight last night. "We need to protect the consumers and businesses who thought their money was safe and hold poor leadership accountable."Here's Deutsche Bank again: "What do you get when you see one of the <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-collapse-interest-rate-hikes-financial-risks-2023-3">biggest hiking cycles on record</a>, alongside one of the most inverted yield curves in history, at the same time as seeing one of the <a href="https://markets.businessinsider.com/news/bonds/silicon-valley-bank-collapse-market-bubble-fed-inflation-interest-rates-2023-3">biggest tech bubbles bursting in history</a>, coupled with runaway growth in private markets?"The answer looks <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3?_gl=1*1u2nsxz*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODY3Njc4Ni42NzUuMC4xNjc4Njc3Mjk3LjAuMC4w">something like what transpired this weekend</a>. What's been the most surprising thing to you about the collapse of two banks in three days? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. In other news:<a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-markets-vc-firm-stocks-greenoaks-capital-2023-3"></a><div type="image" title="wall street" height="1000" width="2000" msid="98608234" hostid="261"></div>2. Stocks on Wall Street battle for direction as SVB's failure ignites fears for banks. Shares in First Republic Bank fell as much as 60% premarket after the US lender tapped the backstop for a $70 billion to shore up liquidity. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves</a>. 3. Earnings on deck: Carlsberg, Getty Images Holdings, and more, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>. 4. Morgan Stanley recommended this batch of stocks to profit on an investing strategy that produces positive returns 100% of the time. Here's the approach the strategists laid out — <a href="https://www.businessinsider.com/best-tech-stocks-to-buy-stock-market-rally-morgan-stanley-2023-3">including the 19 names they like now</a>.5. A $15 billion venture capital firm had warned its startups of Silicon Valley Bank's red flags months ago. Greenoaks Capital Partners told clients in an email back in November that SVB, as well as other firms, could see problems in a high-interest-rate environment, Bloomberg reported. <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-markets-vc-firm-stocks-greenoaks-capital-2023-3">Those clients pulled over $1 billion in funds out of the bank ahead of the turmoil.</a> 6. Investing veteran Jeremy Grantham said the stock market bubble is still deflating. The market won't bottom until 2024, and investors shouldn't be fooled by any rallies that materialize, the GMO co-founder said. <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-bubble-fed-horror-show-interest-rates-2023-3">He blasted the Fed's monetary policy as a 36-year-long "horror show."</a>7. The bank crisis will force the Fed to slash rates by 100 basis points to prevent contagion. That's according to market guru Larry McDonald. <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-fed-rate-cuts-bank-run-contagion-2023-3">He said it was the Fed that effectively caused the dramatic bank run last week.</a>8. This real estate investor owns over 1,250 units. He was able to retire at age 36 through leveraging the cash flow from his properties. Here are the five pillars that he says drive wealth — <a href="https://www.businessinsider.com/real-estate-investing-strategy-growing-wealth-cash-flow-appreciation-leverage-2023-3">and how investors can combine them to compound their income and reach financial freedom.</a>9. An investing expert who says "cash is king" doesn't think it's time to get into the stock market right now. Lauren Simmons recommends instead putting your money into Treasuries, CDs, and high-yield savings accounts <a href="https://www.businessinsider.com/investing-expert-lauren-simmons-how-where-to-invest-right-now-2023-3">because that's how you can be best prepared to jump on new opportunities after a recession.</a><a href="https://markets.businessinsider.com/news/currencies/crypto-bitcoin-silicon-valley-bank-svb-customer-bailout-regulators-2023-3"></a><div type="image" title="Bitcoin price" height="1102" width="1342" msid="98608236" hostid="261"></div>10. Bitcoin and other risk-assets stumbled amid bank fears. The crypto industry is navigating fresh pain as Silvergate prepares to wind down and other financial firms face snags. Bitcoin dropped below $20,000 last week, but is now back above $22,000. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-20000-silvergate-ether-silicon-valley-bank-turmoil-markets-2023-3">Here's what caused Friday's drop</a>. Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Two big Silicon Valley banks failed when the easy money ran out - and that could be just the start.

<ul class="summary-list"><li>For the third consecutive Monday, a drugmaker said <a href="https://www.businessinsider.com/covid-19-vaccine-astrazeneca-oxford-say-70-percent-effective-2020-11">its coronavirus vaccine candidate was successful</a> in late-stage studies.</li><li><keyword id="6409874" type="COMPANY" weightage="60" keywordseo="astrazeneca">AstraZeneca</keyword> and the University of Oxford said preliminary results showed that their two-dose vaccine was effective at preventing COVID-19.</li><li>AstraZeneca's news followed similar announcements from <keyword id="44612" type="CITY" weightage="60" keywordseo="Pfizer">Pfizer</keyword> and <keyword id="4912868" type="PERSON" weightage="60" keywordseo="moderna">Moderna</keyword>, both of which said their experimental COVID-19 shots appeared to be 95% effective at preventing COVID-19.</li><li>While there are unanswered questions about all these programs, AstraZeneca's <a href="https://www.astrazeneca.com/media-centre/press-releases/2020/azd1222hlr.html">press release</a> left a lot more to learn about its vaccine.</li><li>Here are the six key questions we still have about the vaccine.</li></ul>AstraZeneca said Monday that the experimental <keyword id="8624004" type="UNKNOWN" weightage="60" keywordseo="coronavirus-vaccine">coronavirus vaccine</keyword> it developed with the University of Oxford <a href="https://www.businessinsider.com/covid-19-vaccine-astrazeneca-oxford-say-70-percent-effective-2020-11">was highly effective based on preliminary results</a> from late-stage studies, marking the third consecutive week with positive vaccine news.While this latest development appears to be good, the results are incomplete, and there could be more caveats than in announcements from <a href="https://www.businessinsider.com/pfizer-says-coronavirus-vaccine-effective-will-submit-to-fda-eua-2020-11">Pfizer</a> and <a href="https://www.businessinsider.com/moderna-coronavirus-vaccine-works-to-prevent-covid-19-company-says-2020-11">Moderna</a>.Pfizer and Moderna both announced this month that their <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> vaccines succeeded in late-stage studies with tens of thousands of participants. Both companies said their shots were about 95% effective at preventing COVID-19, with promising signs that they could also prevent severe illness.All three vaccine frontrunners are still experimental. None of the programs has published late-stage results in a medical journal, and US regulators have not authorized any of the shots for emergency use, let alone given them full approval.To make AstraZeneca's results even more complicated: Depending on which groups of participants were included in its early analysis, the vaccine was either 90%, 70%, or 62% effective at preventing COVID-19.And while some details can help clear up why that was the case, unanswered questions pile up quickly without more specifics.Here are six burning questions about AstraZeneca's vaccine program.Read more: <a href="https://www.businessinsider.com/coronavirus-vaccine-timeline-what-to-watch-leading-research-2020-3">Drugmakers behind 3 coronavirus vaccines say they work. Here's everything we know about the race for a vaccine and when you might be able to get a shot.</a><h2>1. How effective is it really?</h2>Let's start with what we learned on Monday about AstraZeneca's shot.AstraZeneca is running multiple late-stage trials across the globe. Monday's announcement came from pooling results from trials in the UK and Brazil that included about 23,000 volunteers.On average, getting two doses of the vaccine was 70% effective at preventing COVID-19, the company said. That's based on 131 cases of COVID-19 among trial participants — but AstraZeneca didn't break down how many in the control group got sick versus how many among those who received the experimental shots.Having that information matters more when you consider the next detail the company included: The trials ended up testing different doses of the vaccine.This wasn't on purpose <a href="https://www.reuters.com/article/us-health-coronavirus-astrazeneca-dosing/dosing-error-turns-into-lucky-punch-for-astrazeneca-and-oxford-idUSKBN28327Q">but was the result of a dosing error</a> that researchers, on balance, decided to roll with.Instead of having one active group that got two injections of the full-strength dose, a subgroup of participants received a half-strength dose followed by the full-strength dose. The subgroup of 2,741 people showed a 90% effectiveness rate for the shot, AstraZeneca said.But suddenly a massive trial hinges on fewer than 3,000 volunteers. Could additional data change this figure, for better or worse?Andrew Pollard, the chief investigator of Oxford's global clinical trials, said he was confident that the sample size was big enough, with more data being added."It's a reasonable amount of the trial population," or "about a third" of trial participants in the UK, he said at a press briefing on Monday."We've had a lot more data accumulating since, and we'll continue to do so," Pollard added. "So I think we'll have further information then in the weeks ahead that will improve the confidence in that result."Among 8,895 participants who got both full-strength doses, the vaccine appeared to be 62% effective in preventing COVID-19, AstraZeneca said.That percentage may still be a positive — especially as regulators were looking for a vaccine that was more than 50% effective — but it's notably lower than the 95% efficacy rates announced by Moderna and Pfizer.<h2>2. What happens to the US trial?</h2>AstraZeneca is saying the vaccine is most effective if you get a half-strength dose followed by the full-strength injection. But only about 2,700 people in clinical trials have been given that regimen.Will AstraZeneca be able to pivot its research to further test that dosing plan and build more evidence?The company has a massive opportunity to do so with a trial in the US seeking to recruit about 40,000 participants.The trial has recruited about 11,000 people so far and is currently testing only two full-strength doses of AstraZeneca's vaccine, which appeared in these preliminary findings to be 62% effective."They may well decide to look at the 'low dose, standard dose,' or they might decide to look at 'low dose, low dose,'" Katie Ewer, a senior immunologist involved in Oxford's research, told Business Insider. "So they will take this information into account, I think, and have a think about what they want to study going forward."Could this US trial be adapted to test a new dosing regimen, or is it too late to make such a drastic change to the protocol? That will be a discussion between AstraZeneca and US regulators to watch.<h2>3. Does the shot reduce severe illness?</h2>An ideal coronavirus vaccine wouldn't just prevent symptomatic disease but reduce the chance of becoming critically ill.Pfizer and Moderna have both put forward promising preliminary data from their late-stage trials. Both immunizations appeared to significantly reduce the odds of getting seriously sick from COVID-19. Pfizer's study involved 10 cases of severe illness, with nine in the placebo group and one in the vaccinated arm. Moderna's trial involved 11 people who got seriously ill, all in the placebo arm.At first glance, AstraZeneca's result appears to be similar good news. The press release said no participants who received the experimental shots had a severe case of COVID-19.Notably, instead of using a placebo to compare its results against, some of the trials used a meningitis vaccine as its control. That control group also had zero cases of severe COVID-19.It remains to be seen whether the shot can actually outperform the control in preventing the worst outcomes of the disease."It may just be chance that we just happen to not have any cases in the 20,000 people we've vaccinated, or it could just be that we're picking people up earlier when they get infected than the general population," Ewer said.Read more: <a href="https://www.businessinsider.com/insider-pfizer-biontech-historic-coronavirus-vaccine-program-2020-11">How the pharma giant Pfizer teamed up with a little-known biotech to develop an effective coronavirus vaccine in record time</a><h2>4. Could the vaccine prevent transmission and asymptomatic infection?</h2>It's unclear whether getting AstraZeneca's vaccine lowered people's chance of getting infected and spreading the virus as an asymptomatic carrier.This is an unknown facing all the leading vaccine programs. In general, clinical studies are most powerful when designed to answer one question; in this case, that was whether they could prevent disease.Oxford scientists said Monday that the group getting AstraZeneca's vaccine had fewer asymptomatic infections. Researchers sent testing kits to UK participants weekly throughout the study to test whether it could reduce infections.But the company has provided no detailed data to back that up. It's not clear whether that finding was statistically significant, or whether the trials will be rigorous and large enough to produce a definitive answer.<h2>5. How safe is the vaccine?</h2>On Monday, AstraZeneca said that "no serious safety events related to the vaccine have been confirmed."In a note to investors, Geoffrey Porges, a <keyword id="45082" type="PERSON" weightage="60" keywordseo="biotech">biotech</keyword> analyst at SVB Leerink, called that description "hardly reassuring.""They did not disclose any information about any actual safety events," Porges added.Worries about the AstraZeneca program's safety have been heightened. Its global trials <a href="https://www.businessinsider.com/astrazeneca-vaccine-trial-hold-timeline-to-an-effective-coronavirus-vaccine-2020-9">were put on hold</a> in September after an "unexplained illness" in a British participant. They eventually resumed; US regulators <a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-trial-can-continue-in-the-us-2020-10">took nearly 50 days</a> to agree that it was safe to do so.It remains unclear what happened with that participant, and what AstraZeneca shared on Monday didn't clarify. But that safety information will have to be submitted to regulators, and the company will need to persuade them that there are no reasons for alarm.Ewer said that the researchers had "published <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)32466-1/fulltext?utm_campaign=tlcoronavirus20&amp;utm_content=146475157&amp;utm_medium=social&amp;utm_source=twitter&amp;hss_channel=tw-27013292#seccestitle1602#seccestitle160" target="_blank" rel="noopener">all the data</a> we have on safety so far" and that she wasn't aware of any other major safety concerns among trial participants."There was the one that was reported a while ago that was investigated, and that's resolved now," Ewer said. "As far as I know, there's nothing else."Ewer added that journal articles on the vaccine's safety would be published "probably this week."<h2>6. How long will the vaccine protect against COVID-19?</h2>However effective AstraZeneca's vaccine winds up being, a critical unknown is how long people would enjoy that protection.By attacking a brand-new virus, scientists don't know if or when protection from a vaccine will wane enough to leave people vulnerable to the coronavirus.This unknown holds true for all the coronavirus vaccine frontrunners.The only way to know for sure will be long-term follow-up data from these studies.Read more: <a href="https://www.businessinsider.com/how-moderna-developed-coronavirus-vaccine-record-time-2020-11">How the sprint for a coronavirus vaccine transformed Moderna into a $39 billion powerhouse that's poised to reshape biotech</a>

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