Hindenburg is the hedge fund that is behind the stock market crash of ADANI. According to the Financial Times, Hindenburg announced its new target: Block a loss-making payment platform valued exposed to crypto currencies with a $40bn market cap. Hindenburg is pointing various governance issues and claiming that many clients of Block are either fake or illegals. This news item is raising several important issues for technology investors. The first one is the sustainability and durability of a loss-making model. The second question is tied with the Silicon Valley Bank demise: how long investors are willing to wait for profits and banks to fund losses. There are quite a few loss-making companies trading on the Nasdaq at market cap north of $10bn ranging from Shopify ($63bn) to Coinbase ($15bn) or Twilio ($11bn). These companies have been seriously deflated last year. However, they bounced back in January and February. Will the questions raised by Hindenburg on Block will apply to them? In the last two weeks have reminded us of the power of market contagion on bank share prices across continents. Do we have something similar in the pipeline for technology?