SVB Financial Group’s shares plunge 60% amid global turmoil, validating AL-2023 predictions

Market Timing Service, Shares of SVB Financial Group (SIVB.O) plummeted by 60% on Thursday, following the launch of a $1.75 billion share sale aimed at strengthening its balance sheet and navigating the challenges posed by declining deposits from startups struggling to secure funds amidst rising expenses. The bank’s CEO, Greg Becker, revealed that clients’ cash burn had increased in February and that venture capital funding could remain limited shortly. This aligns with the predictions made in the Annual Letter 2023, which foresaw global turmoil and may signal further instability in the market. For those interested in market timing, we maintain a bearish outlook on the market until the first week of April 2023 (+/- 1 week) and caution that any major news or events could further disrupt it.

Important Trade from the Indian market: Took short position in Nifty at 17811 & Bank Nifty at 41750 on Thursday.

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