"SVB collapse prompts calls for stricter bank regulations"
Regulators testified before the U.S. Senate on SVB's collapse and favored more stringent rules for banks with over $100 billion in assets. Alibaba announced it will split into six business groups, causing its U.S.-listed shares to rise by 14.26%. Former FTX CEO Sam Bankman-Fried allegedly paid at least $40 million in cryptocurrency to bribe Chinese government officials. Goldman Sachs predicts generative AI will add $7 trillion in global economic growth and increase productivity by 1.5% over the next decade. U.S. markets were concerned with inflation and interest rate fears, but investors are looking beyond the challenges in the financial sector and recognizing that U.S. economic growth continues to be resilient.