Silicon Valley Bank implodes, Apple launches a new music service, and ChatGPT goes enterprise

Happy Friday, folks. It's Kyle again, Greg's stand-in for Week in Review. (He'll be back in a few weeks' time, not to worry.) If you're a WiR newbie, it's the newsletter where we recap the past five days in tech news. I might be biased, but I'd say it's the best way for the busy person to stay informed. We do our best to serve you, dear reader, over here at TC.

Before the news, a few plugs:

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Looking farther down the line, there's Disrupt, TechCrunch’s annual flagship conference, taking place September 19–21. Excitingly, it'll feature new stages with industry-specific programming tracks across climate, mobility, fintech, AI and machine learning, enterprise, privacy and security, and hardware and robotics. Don't miss it.

Now on to WiR.

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Silicon Valley Bank implodes: Silicon Valley Bank Financial, the publicly traded holding firm of Silicon Valley Bank (SVB), is in crisis. Venture firms advised portfolio companies to move money out of SVB after the bank said it would book a $1.8 billion loss related to securities sales. Then, after halting trading and asking staff to work from home -- reportedly as SVB sought a buyer -- customers were struggling to wire funds out of the bank. And on Friday, SVB was shut down by regulators, which are now in charge of the bank’s deposits. There's no doubt far more to come, so stay tuned -- the entire TC edit team has been killing it with coverage.

Decentralize all the things: Meta is working on a decentralized text-based app, Ivan writes. As first reported by MoneyControl, the new app, code named P92, will let users log in through their Instagram credentials. Not coincidentally, the project is being overseen by Instagram head Adam Mosseri, according to Platformer, and is widely perceived as Meta's attempt to build a Twitter alternative or Mastodon competitor.

Malware hiding in the woodwork: The U.S. government on Thursday announced that it seized a website used to sell malware designed to spy on computers and cell phones, Lorenzo writes. The malware in question, NetWire, was reportedly advertised on hacking forums and marketed on a site that made it look like it was a legitimate remote administration tool.

Apple launches a new service: Sarah writes that Apple is launching a music streaming service focused exclusively on classical music. Based on Apple's 2021 acquisition of Amsterdam-based streamer Primephonic, the new Apple Music Classical app will offer Apple Music subscribers access to more than 5 million classical music tracks, including new releases in high-quality audio, as well as hundreds of curated playlists, thousands of exclusive albums and other features like composer bios and deep dives on key works.

Display-sporting HomePod: On the subject of Apple, the company could be working on a new HomePod device featuring a built-in display for 2024. The rumor comes from analyst Ming-Chi Kuo, who says the new product might look like a speaker with a small tablet -- akin to the Amazon Echo Show or Google’s Nest Hub.