[paxys]

You are making the assumption that that $1 in a company's checking account corresponds to $1 of their market cap, which is not even remotely the case.

A much more believable hypothesis is that investors saw the headline, went "Roku is affected by SVB!!" and panic sold.

[mmart]

I was under the impression that, at least to a first order, $1 in cash in a company's checking account (money that could be immediately released to shareholders) does correspond to $1 of their market cap (MC=EV-Debt+Cash [1]). Why do you think this is not the case here?

[1] https://corporatefinanceinstitute.com/resources/valuation/en...

[IrnBru]

Because that isn't a physical law.. it's a metric.