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

“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.