With just $2.2B in remaining liquidity, SVB’s parent company files for bankruptcy

Happy Friday Crunch!

There’s a persistent theory in hardware that manufacturing overseas is the cheaper/better/more efficient option. You manufacture there, assemble somewhere else, and finally approve and get to market in the United States, Haje writes on TC+. It turns out that it’s possible to manufacture closer to home. With supply chains in the news more than ever, “nearshoring” is an oft-overlooked option for startups.

On that note — we’re going to drink a beer with a shamrock poured into the foam, for no particular reason whatsoever. — Christine and Haje

The TechCrunch Top 3

Forget the Smart Scale - Body Measurements Should Be in 3D

Sponsored by ZOZOFIT

Step away from the scale with ZOZOFIT’s wearable technology that captures 3D body scans, precise measurements and body fat percentage from the comfort of your home. Visualize changes in your body, ¼ inch at a time. Use code TechCrunch for $10 off.

Learn More

Startups and VC

Last night, the news broke that Virgin Orbit was pausing operations for at least a week while it looked for funding to support the business. As part of that pause, company executives reportedly told staff in an all-hands meeting that they were being furloughed — and that it would be unpaid. it never should’ve come to a staff furlough, however, Aria writes.

Unearthly Materials claimed to have big-name investors, but they weren’t all on board, Tim reports over on TC+. The startup claims it’s on the cusp of a superconductor breakthrough despite questionable scientific record.

And we have five more for you, complete with saltier-than-usual commentary:

Best practices for changing times: How founders should leverage AI and ML in 2023

We don’t run many articles promoting basic best practices. Suggestions like “listen to your customers” and “make data-driven decisions” are so general, they’re hard to implement.

But now that AI-driven solutions are offering search results, producing poems and generating illustrations on demand, startups need a framework for creating customized user experiences, according to Ab Gaur, founder and CEO of Verticurl.

“While excessive or unhelpful customer data can clog content pipelines, the right information can power hyper-personalization at scale,” he writes.

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Read More

Big Tech Inc.

TikTok had a lot going on in the past day: Taking a nod from several governmental entities in the United States, New Zealand banned TikTok from phones of parliamentarians. Ivan has more on what is going on there. Speaking of the U.S., Taylor writes that the government here is increasing its pressure on TikTok to separate from parent company ByteDance or risk also being banned in the U.S. While the social media giant is dealing with that, it’s also managed to strike a multiyear deal with Major League Soccer — well, unless it’s banned in the U.S. For now, the deal will provide exclusive content and other in-app programming, Aisha writes.

And we have five more for you:

See more jobs on CrunchBoard

Post your tech jobs and reach millions of TechCrunch readers for only $200 per month.