2023 saw the rise of artificial intelligence — and rising interest rates. The latter undid Silicon Valley Bank, a key backer of the tech sector, while the former elevated OpenAI's Sam Altman. Both Altman and SVB mounted big comebacks: The OpenAI CEO survived an attempt by his own board to oust him, while SVB proclaimed it was open for business under new ownership. Here are those and some other key events that will mark 2023 in our memories.
Silicon Valley Bank's collapse
While deposit accounts — many held by startups whose founders nervously tried to figure out how they would make payroll — were ultimately backstopped by federal regulators, its failure changed how investors and founders bank and nearly triggered a larger industry crisis. Now SVB is back, touting its original brand while noting its new owners, First Citizens Bank.
If you come at the king ...
OpenAI's board fired CEO Altman, followed by his swift return and the departure of three of the four board members who tried to oust him.
Who's counting?
IRL shut down after its own board determined that 95% of all accounts on the social media app were fake.
Back to the office
The work-from-home era ended for some as many executives and even some public officials pushed for the end of flexible work policies and more in-office days.
Up in the air
Flying cars inched closer to becoming a reality, as did the air mobility sector overall with advancements in electric vertical takeoff and landing vehicles, or eVTOLS.
