Silicon Valley Bank has collapsed in the largest U.S. bank failure since the 2008 financial crisis, sending shockwaves through the technology industry and broader financial markets. The FDIC seized the bank after a run on deposits left it unable to meet withdrawal requests.

The failure occurred with stunning speed. SVB's stock was trading normally on Wednesday; by Friday afternoon, regulators had taken control. The bank's concentrated exposure to tech startups and its large portfolio of long-dated bonds, which lost value as interest rates rose, proved fatal.

Thousands of tech companies had deposits at SVB, many exceeding FDIC insurance limits. The government ultimately stepped in to guarantee all deposits to prevent broader contagion.