State of the Markets Inside Views on the Health and Productivity of the Global Innovation Economy - Silicon Valley Bank
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State of the Markets
Inside Views on the Health and Productivity
of the Global Innovation Economy
Third Quarter 2018
SPECIAL REPORT:
China’s Tech Growth Strategy
State of the Markets: Third Quarter 2018
4 Bull Run: Tech Outswings the Market
8 Exit Conditions: Dual-Tracks Open
13 Emerging Sectors: Tech in the Real World
17 Venture in China: Investment Playbook
21 Spotlight on Shenzhen: Entrepreneurial Success
24 Southeast Asia: Expanding Influence
State of the Markets: Q3’18 2
State of the Markets: Third Quarter 2018
Tech Titans Dominate
Recent headlines might be all about tariffs, potential trade wars and turmoil, but investors’ appetite for tech
appears unabated. Tech titans continue to lead this bull market and monopolize top slots as the most valuable U.S.
companies. Yet while the IPO window remains open for emerging companies and both strategic and financial
buyers have ample cash on hand for deals, investors and operators would be wise to acknowledge the underlying
risks. The venture economy is not immune to economic downturns, so global growth rates bear watching.
Of course investors’ love affair with tech is not a U.S. phenomenon. This quarter we travel to China, which has
quickly established itself as a leading innovation economy with a proliferation of young unicorns. The “hardware
capital” of Shenzhen offers a fascinating case study, evolving from sleepy fishing village, to low-value
manufacturing, to global tech powerhouse in just a generation. China’s influence is spreading to Southeast Asia by
exporting tech and establishing programs to partner with neighboring countries. The influence of Chinese tech is
not a passing phase, but rather it’s just the beginning.
Bob Blee
Head of Corporate Finance
Silicon Valley Bank
State of the Markets: Q3’18 3
Bull Run: Tech
Outswings the Market
State of the Markets: Q3’18 4
U.S. Tech Giants Worth More Than Next 10 Companies
A decade of robust consumer and business spending has helped tech lock down the top five slots as
the most valuable U.S. companies. Still, tech is susceptible to larger swings than the overall market.
Top 5 vs. Next 10: Highest Market Cap at 6/30/18 Cumulative Returns for S&P 500 Tech vs. S&P 500
$4.0T $3.8T 350%
S&P 500 Information Technology
#5 S&P 500 Market Index
$3.5T 300%
#4
$3.1T
$3.0T 250%
$2.5T 200%
#3
$2.0T 150%
#2
$1.5T 100%
$1.0T 50%
#1
$0.5T 0%
#6
1998 2002 2006 2010 2014 2018
$0.0T -50%
1 2
Source: S&P Capital IQ and SVB analysis. State of the Markets: Q3’18 5
Could Market Turmoil Spoil the Party for Venture?
Venture capital by its very nature is a riskier asset. The last two bouts of U.S. market turmoil had
a marked effect on investment flows into emerging tech and life sciences companies.
Dot-com Era: Q2’98–Q1’02 Financial Crisis: Q4’05–Q3’09 Current Bull Run: Q3’16–Q2’18
S&P 500 Index Returns S&P 500 Index Returns S&P 500 Index Returns
50% 50% 50%
40% 40% 40%
30% 30% 30%
20% 20% 20%
10% 10% 10%
0% 0% 0%
1 53 105 157 209 1 53 105 157 209 1 53 105 157 209
-10% -10% -10%
-20% -20% -20%
-30% -30% -30%
-40% -40% -40%
-50% -50% -50%
U.S. Venture Investment U.S. Venture Investment U.S. Venture Investment
$35B $14B $35B
$30B $12B $30B
$25B $10B $25B
$20B $8B $20B
$15B $6B $15B
$10B $4B $10B
$5B $2B $5B
$0B $0B $0B
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Source: PwC/CB Insights MoneyTree, PitchBook/NVCA, S&P Capital IQ and SVB analysis. State of the Markets: Q3’18 6
Coordinated Global Growth Falls Out of Sync
The U.S. economy is powering global growth after stumbles in Europe and emerging markets in early
2018. To avoid overheating, the Federal Reserve continues to raise rates, and is now out of step with
other major economies. Tech companies, at scale, rely on global growth to substantiate lofty valuations.
Cumulative Equity Market Returns: Q3’17–Q2’18 Benchmark Rates for Major Economies: 2006–1H’18
25% 7%
Performance 2H’17 Q2’18
United States1 +12% U.S. +6%
Emerging Markets2 +17% EM -9%
6%
Developed Markets3 +9% DM -4%
20%
5%
China4
15%
4%
3%
10%
U.S.5
2%
5%
1%
U.K.6
E.U.7
0% 0%
July
Jul. 2017 Sept.
Oct. 2017 Jan.
Jan. 2018 April
Apr. 2018 2006 2010 2014 1H’18
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2017 2018
Notes: 1) OMSCI USA. 2) OMSCI EM. 3) OMSCI EAFE. 4) China 1 Year Benchmark Lending Rates, PBOC.
5) U.S. Fed Funds Rate. 6) UK Bank of England Official Bank Rate. 7) ECB Main Refinancing Operations Rate.
-5% Source: S&P Capital IQ, Bloomberg, Federal Reserve Bank of New York and SVB analysis. State of the Markets: Q3’18 7
Exit Conditions:
Dual-Tracks Open
State of the Markets: Q3’18 8
IPOs Look More Attractive in 2018
The backlog of companies looking to access liquidity and capital with an IPO found low
valuations to start 2016 and high volatility to start 2018. However, heading into the summer of
2018 both indications appear ripe for public debuts. IPOs are likely to follow.
U.S. Equity Volatility Index (^VIX): 2H’15–1H’18 BVP Cloud Index1: Rev. Run Rate Multiple (Median)2
50 10.0x
9.0x
40
8.0x
7.0x
30
6.0x
Low Volatility
20
20
5.0x
4.0x
10
3.0x
0 2.0x
July Jan. July Jan. July Jan.
7/1/2015
July
10/1/2015 1/1/2016
Jan.
4/1/2016 7/1/2016
July
10/1/2016 1/1/2017
Jan.
4/1/2017 7/1/2017
July
10/1/2017 1/1/2018
Jan.
4/1/2018
Jul. 2015
Oct. 2015
Jan. 2016
Apr. 2016
Jul. 2016
Oct. 2016
Jan. 2017
Apr. 2017
Jul. 2017
Oct. 2017
Jan. 2018
Apr. 2018
2015 2016 2017 2018 2015 2016 2017 2018
Notes: 1) More information on BVP Cloud Index at: https://www.bvp.com/strategy/cloud-computing/index.
2) Revenue run rate = Most Recent Quarter’s Revenue x 4. Valuations based on total enterprise value.
Source: Bessemmer Venture Partners, S&P Capital IQ and SVB analysis. State of the Markets: Q3’18 9
IPOs Provide Price Discovery for Acquisitions
Strategics have been willing to pay up in 2018. Acquirers are so hungry for tech assets that several
companies in IPO registration have been acquired for healthy premiums before hitting the market.
Notable $1B+ Tech Acquisitions: 2017–1H’18
Public In IPO Registration Privately Held Legend
$8.0B
Valuation at
$7.0B Acquisition
$6.0B
Last Public
$5.0B Valuation
$4.0B
$3.0B IPO Valuation
$2.0B
Last Private
$1.0B Valuation
$0.0B
MuleSoft AppDynamics iZettle AppNexus Adaptive Insights GitHub Mobike Glassdoor Ring Musical.ly PillPack
Target
Acquirer
Mar. 2018 .Jan. 20171 May 2018 June 2018 June 2018 June 2018 .Apr. 20182 June 2018 Apr. 2018 Dec. 2017 June 2018 Deal Date
Notes: 1) AppDynamics was reportedly pricing IPO below last private round.
2) Mobike was acquired at a 10% discount to their last private round.
Source: PitchBook, S&P Capital IQ, The Wall Street Journal, CNBC and SVB analysis. State of the Markets: Q3’18 10Continued M&A for Scaled Mid-Market Companies Beneath the megadeals, financial buyers continue to offer another exit path for companies at
Ample Cash at the Ready for Tech M&A
Capital remains plentiful for traditional acquirers: Private equity firms are nearing all-time highs
for dry powder, and strategics are cash- and equity-rich. As tech moves to disrupt all industries,
note that current S&P 500 constituents have doubled their cash over the last decade.
Net Cash: Financial and Strategic Buyers1 S&P 5002: Cash and Cash Equivalents: 2008–1H’18
$145B
$140B $2.5T
$120B
$107B $109B
$2.0T
$100B
$80B $1.5T
$60B $51B
$1.0T
$44B
$40B
$0.5T
$20B
$1B
$0B
$0.0T
Private Equity Apple Google Microsoft Facebook Amazon
U.S. PE Tech
Dry Powder3 2008
12/31/2007 2010 2012 2014 2016 2018
Notes: 1) Net cash for strategic acquirers includes cash and ST & LT investments, net ST & LT debt. No consideration was
given to domicile of holdings. 2) Based on constituents of the S&P 500 as of June 30, 2018. 3) Based on dry powder for
private equity as of September 30, 2017, multiplied by SVB estimate of amount invested in technology deals.
Source: PitchBook and SVB analysis. State of the Markets: Q3’18 12Emerging Sectors:
Tech in the Real World
State of the Markets: Q3’18 13Shifting Retail Trends Attract Capital
Consumer expectations are shifting, and retail continues to migrate away from brick and mortar.
As e-commerce giants expand their logistics capabilities to cover both domestic and
international markets, startup investors are committing capital to the next generation.
Logistics: Venture Capital Raised and Deal Count Acquisitions & Investments for E-commerce
$800M 120
Dominance in local China-based logistics firm SE Asian e-commerce site
Acquired majority stake in Acquired majority stake in
and regional markets
Projected Full Year1
2017 at $20B valuation 2016 at $2B valuation
$600M 90
Middle Eastern Middle Eastern
Helping accelerate e-commerce site logistics firm
int’l expansion Acq. in July 2017 for $580M Acq. in Sept. 2017 by Souq
$400M 60
Invested $550M into Invested $215M into JD.com
“The rival of my.. JD.com in June 2018 for 15% stake in March 2014
$200M 30 rival is my friend” Invested in Jet in 2015 Invested in Flipkart in 2017
U.S. e-commerce and logistics Indian e-commerce site
$0M 0 Adapting to sales
Acquired by Walmart for Acquired by Walmart for
moving online $3.3B in Aug. 2016 $20B in April 2018
2012 2014 2016 1H'18
Note: 1) Based on annualized 1H’18 total.
Source: PitchBook, TechCrunch, The Wall Street Journal, Reuters, CNBC, company websites and SVB analysis. State of the Markets: Q3’18 14Tech Venturing into Healthcare
Healthcare is a massive yet inefficient marketplace ripe for innovation and investment. But
tackling healthcare challenges is no easy task. Data-rich use cases for AI/ML in diagnostics and
genomics are drawing substantial interest.
Most Active Generalist Investors1 in U.S. Healthcare: 2H’13–1H’18 Notable Efforts from Tech Giants
Total Deals
Deal Value 0 25 50 75 100 125
$5.0B
NEA
Online pharmacy Announced partnership
$2.5B
Polaris Partners
delivery startup acquired in Jan. 2018 to combat
for $1.0B in June 2018 rising healthcare costs
$3.6BGV
$1.8B
Canaan Partners
$3.2B
Venrock
Biotech R&D subsidiary Life sciences subsidiary
$2.1B
Kleiner Perkins in partnership with AbbVie utilizing data to improve
focused on longevity patient care and outcomes
$1.6B
Khosla
$1.2B
Founders Fund
China Invts.
U.S. Invts.
$0.5B
Data Collective
$2.0B
Sequoia
Note: 1) Includes venture firms where less than one-third of deals over the past five years were in healthcare.
Source: PitchBook, The Wall Street Journal, company websites and SVB analysis. State of the Markets: Q3’18 15AI+: Vertical Applications of Artificial Intelligence
The future is out of the lab and into our lives, improving everything from portfolio returns to
human lifespans. The percentage of startups using AI has climbed in nearly every category.
AI + Cybersecurity AI + Digital Health AI + Fintech
100 25% 100 25% 100 25%
U.S. Venture Deals U.S. Venture Deals U.S. Venture Deals
% of all Cybersecurity Deals % of all Digital Health Deals % of all Fintech Deals
80 20% 80 20% 80 20%
60 15% 60 15% 60 15%
40 10% 40 10% 40 10%
20 5% 20 5% 20 5%
0 0% 0 0% 0 0%
2012 2014 2016 1H'18 2012 2014 2016 1H'18 2012 2014 2016 1H'18
Most Well-Funded U.S. Startups: June 2018 Most Well-Funded U.S. Startups: June 2018 Most Well-Funded U.S. Startups: June 2018
$481M $330M $297M $500M $237M $55M $1,357M $718M $439M
Source: PitchBook and SVB analysis. State of the Markets: Q3’18 16Venture in China:
Investment Playbook
State of the Markets: Q3’18 17A Younger Herd of Unicorns in China
China has quickly established itself as a Top Two venture market. In China, the ratio of younger
(10 years) is 1-to-1. In the U.S., that ratio is 1-to-4. This speaks to
how rapidly companies can reach an astronomical scale in this dynamic emerging market.
Distribution of Current Unicorns by Age as of June 2018: China vs. U.S.
Age China Total: U.S. Total:
20+
72 113
18
16
14
12
10
Median: 9
8
6 Median: 6
4
2
0
15 10 5 0 5 10 15
Count
Source: CB Insights, PitchBook and SVB analysis. State of the Markets: Q3’18 18The Long Reach of China’s BATJ
China’s internet giants are a dominant presence in the venture ecosystem. More than two-thirds
of China’s current unicorns with $5B+ valuations have received investment from at least one of
the BATJ. And now, Alibaba and Tencent may look to invest even earlier in companies’ life cycles.
BATJ and $5B+ China Unicorns
Valuation Band1
$250B+ .
Unaffiliated
$50–$250B
$20–$50B
$10–$20B
Pinduoduo
Jiedaibao
Legend Own/Acquired
$5–$10B
Invested
Note: 1) Valuations based on market cap (Baidu, Alibaba, Tencent and JD.com) or most recent private round as of June 30, 2018.
Source: China Money Network, S&P Capital IQ, PitchBook, TechCrunch, company websites and SVB analysis. State of the Markets: Q3’18 19IPOs: How China’s Companies Decide Where to List
Scaled companies in China face an international decision when it comes time to list and must
consider access to capital, liquidity and regulatory constraints. Six of China’s last eight $1B+ tech
IPOs chose exchanges in the U.S. and Hong Kong. Officials would like to see more list domestically.
China Tech IPO Gross Proceeds by Exchange: Capital Raised in $100M+ IPOs
$22B
$6.0B
$5.0B
Alibaba
CRSC
$4.0B
FII Foxconn
ZhongAn
Xiaomi
$3.0B
Guosen
Legend
iQIYI
$2.0B
JD.com
$1.0B
$0.0B
U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China U.S. H.K. China
2012 2013 2014 2015 2016 2017 1H'18
2012 2013 2014 2015 2016 2017 1H’18
Source: S&P Capital IQ and SVB analysis. State of the Markets: Q3’18 20Spotlight on Shenzhen:
Entrepreneurial Success
State of the Markets: Q3’18 21Shenzhen: Economic Experiment Yields Results
In the span of a generation, Shenzhen has climbed from a fishing village to a global tech powerhouse.
Deliberate structural planning and talent acquisition efforts, coupled with world-class hardware
manufacturing, have equipped a generation of market-oriented companies to compete globally.
City Population, Milestones and Company Formations: 1970–Today Shenzhen’s Tech Giants
Shenzhen
Telecom equipment developer,
manufacturer and distributor
12.0M
Market Cap: Privately Held
2017 Total Revenue: $92.5B
10.0M
New York City Internet social and gaming platform;
e.g. owns WeChat (1B+ MAU)
8.0M Market Cap (6/30/18): $473.5B
2017 Total Revenue: $36.5B
6.0M Shenzhen Stock Launches int’l recruitment
Exchange opens. effort, the “Peacock Plan.”
Consumer aerial drone and camera
developer and manufacturer
Designated China’s first
Special Economic Zone. Market Cap (6/30/18): $15B1
4.0M
2017 Total Revenue: Unknown
Small fishing community
with 2000-year history.
2.0M Telecom equipment and other
information technology provider
Market Cap (6/30/18): $7.9B
0.0M 2017 Total Revenue: $16.7B
1970 1980 1990 2000 2010 Today
Note: 1) Based on current fundraising efforts as of April 2018.
Source: South China Morning Post, S&P Capital IQ, China Money Network, company websites and SVB analysis. State of the Markets: Q3’18 22Market-Oriented Approach Spurs Innovation
Shenzhen’s short history means little presence from incumbent state-owned enterprises. Instead,
special economic incentives attracted entrepreneurs, and free market forces drove them to be
innovators. Shenzhen-based companies now hold the top two spots in global patent applications.
China’s Centrally Controlled PCT Applications2 by City: PCT Applications2 by Company:
State-Owned Enterprises by City1 Percentage of China Total3 Top 5 & Shenzhen Cos. in Top 1004
75% 75%
Rank Company PCT Apps.
1 Huawei 4,204.
60% 60% 2 ZTE 2,965.
3 Intel 2,637.
45% 45% 4 Mitsubishi 2,521.
5 Qualcomm 2,163.
30% 30%
18 Shenzhen CSOT 972.
32 Tencent 560.
15% 15%
34 Yulong 517.
85 DJI Technology 238.
0% 0%
Beijing
BJ Shanghai
SH Shenzhen
SZ Other
Other Beijing
BJ Shanghai
SH Shenzhen
SZ Other
O
Notes: 1) Based on list of 96 companies under the supervision of the State-owned Assets Supervision and Administration Commission
(SASAC). 2) PCT Applications are applications filed under the Patent Cooperation Treaty. 3) Data as of 2016. 4) Data as of 2017.
Source: State-owned Assets Supervision and Administration Commission website, World Intellectual Property Organization,
The Economist analysis of WIPO and SIPO data, company websites and SVB analysis. State of the Markets: Q3’18 23Southeast Asia:
Expanding Influence
State of the Markets: Q3’18 24China Sees Itself in Southeast Asia Today, China is looking to Southeast Asia as their engine of economic growth. With double-digit growth for a user base that’s already larger than the U.S., China’s tech is finding opportunities to go international. Gross Domestic Product: 2000–2017 Internet Users (IU) and YoY Growth Rates: Jan. 2018
Finding Familiar Investments in Southeast Asia
The market opportunities in Southeast Asia bear a strong resemblance to those in China a decade
ago. This reflects the influence of strategic capital from China’s corporate giants and prominent
investors. Often, the focus is expanding services to an upgrading consumer class.
Notable SE Asian Companies with Significant Investment from China Companies and Venture Firms
Sea Grab GO-Jek Lazada
Headquarters: Singapore Headquarters: Singapore Headquarters: Jakarta Headquarters: Singapore
Valuation: $5.0B Valuation: $10.0B Valuation: $5.0B Valuation: $2.0B
Publicly Traded on NYSE Series H in June 2018 Series E in Feb. 2018 Acquisition in April 2016
China-Based Investors: China-Based Investors: China-Based Investors: China-Based Acquirer:
Business Line Expansion: Business Line Expansion: Business Line Expansion: Business Line Expansion1:
Ride Motorcycle
Gaming E-commerce Payments Payments Grocery Delivery Payments E-commerce Logistics? Payments?
Hailing Hailing
Traveloka Tokopedia The Redwood Group Bigo
China Investors: China Investor: China Investor: China Investor:
HQ: Jakarta HQ: Jakarta HQ: Singapore HQ: Singapore
Travel Search Engine E-commerce Marketplace Logistics Real Estate Services Online Video Broadcasting
Valuation: $1.0B in July 2017 Investment: $1.1B in Aug. 2017 Investment: $306M in May 2018 Investment: $272M in June 2018
Note: 1) Potential expansion efforts for Lazada operations under the control of Alibaba.
Source: S&P Capital IQ, PitchBook, Reuters, Forbes, TechCrunch and SVB analysis. State of the Markets: Q3’18 26Developing Pathways to New Market Opportunities
To ensure growth beyond opportunities in Southeast Asia, China is laying the groundwork to be a
more prominent regional player. The Belt and Road Initiative will establish modern trade routes for
goods from China to reach future generations of consumers in Southeast Asia and beyond.
Belt and Road Initiative Infrastructure and Construction Investment by Country: Oct. 2013–June 2018
Legend: $10B+
$2B+
$24B
Russia
$8B
Kazakhstan
$8B
$12B Iraq $13B $40B
Israel
$6B Iran Pakistan $9B
Kuwait
Total to Date:
S. Korea
$17B
$420B
$18B
Egypt
Laos
$9B
$7B
Saudi Arabia
Vietnam
$7B
$9B $18B $9B
Philippines
Ethiopia $21B
UAE India
Bangladesh $7B $31B
$9B Malaysia
$7B Cambodia
Sri Lanka
Thailand $28B $25B
Singapore Indonesia
Source: China Global Investment Tracker, with data compiled by The American Enterprise Institute
and The Heritage Foundation and SVB analysis. State of the Markets: Q3’18 27Appendix
State of the Markets: Q3’18 28Report Authors
Bob Blee Steven Pipp, CFA
Head of Corporate Finance VP, Research
bblee@svb.com spipp@svb.com
Bob Blee heads Silicon Valley Bank’s Corporate Finance Group, Steven Pipp is a Vice President, Research, based in San Francisco,
which leads SVB's relationships with public and late stage CA, responsible for capital markets research and data-driven analysis
private companies in the Innovation sector throughout North of the innovation economies that SVB serves globally.
America, providing a full suite of lending and banking products,
as well as guidance as a trusted partner helping our clients Prior to his research role, Steven managed advisory and valuation
succeed and quickly scale. engagements for venture-backed technology companies as part of
SVB Analytics. Before joining SVB, Steven worked in Minneapolis,
Previously, Bob held a variety of roles in SVB’s California and MN, as a consultant and entrepreneur in clean energy technology.
Midwest geographies, including heading seed, early and mid-
stage Infrastructure, Hardware, Consumer Internet and Fintech Steven earned a Master of Science in Finance from Boston College and
banking in the Bay Area and Southern California, as well as a Bachelor of Science Business from the University of Minnesota. In
responsibility for SVB’s Mezzanine Lending and Loan addition, he holds the Chartered Financial Analyst (CFA) designation.
Syndications practices.
Bob sits on the nonprofit board of the Network for Teaching
Entrepreneurship (NFTE) and the Silicon Valley Advisory
Council of the Commonwealth Club. He is also active with his
alma mater, the University of Illinois.
State of the Markets: Q3’18 29About Silicon Valley Bank For more than 35 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. This material including, without limitation, to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable but which have not been independently verified by us, and for this reason, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is not authorized to undertake regulated activity in Canada and provides banking services from its regulated entities in the United States and the United Kingdom. © 2018 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
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