I have a question about vector bundles on the algebraic surface $\mathbb{P}^1\times\mathbb{P}^1$. My motivation is the splitting theorem of Grothendieck, which says that every algebraic vector bundle $F$ on the projective line $\mathbb{P}^1$ is a direct sum of $r$ line bundles, where $r$ is the rank of $F$.

My question is: to what extent is this true for $\mathbb{P}^1\times\mathbb{P}^1$, if at all? At first glance I imagine this is classical, but I haven't had luck working it out, nor do I have a good reference for where this might be done.

Irrespective of the content of the answer, would it follow that the answer would be the same if the question were asked for $(\mathbb{P}^1)^k$?

Thanks!

equivariantvector bundles on toric varieties, which you can think of as the T-fixed-point locus inside the moduli space of all reasonable vector bundles. – Allen Knutson Apr 21 '10 at 15:29