Off-topic, but I can’t resist. My apologies to the OP.
I have been reading the headline “Death of Silicon Valley, this time for real” since I moved here over 20 years ago and it is much older than that. Austin has had tech companies for decades, but it’s still not Silicon Valley.
This time it could be real, but national media really enjoys predicting the imminent collapse of… well, anything in California, but particularly Silicon Valley (oddly, they don’t predict the death of Hollywood as much, nor of farming in the Central Valley). This region has strong fundamentals, much older than many people realize (pre-WWII), some of which are staying put, such as Stanford and Berkeley. VC firms are still here, as well as the social and professional connections that provide credibility to startup companies. People who can afford a large enough house around here (a small subsegment to be sure) are usually not eager to move.
On the flip side, COVID-19 and the sudden increase in remote work has changed things, so it could be different. But many of the companies moving away are larger, established companies. Oracle is moving? Well, Oracle has already had offices all around the world. It has not really been a cultural presence here, nor set any trends I can think of in nearly 20 years. Their relational DB is feature-rich and reliable, if expensive, and they own Java. So I don’t dismiss them, but they don’t have the status they had during first dot-com boom.
When I moved here, Silicon Graphics was downsizing out of its offices in Mountain View (guess who’s there now?). Sun Microsystems was big, but I knew a lot of people who had just left (oh, and guess who hermit-crabbed their Menlo Park offices?). HP was larger but gradually withering (and Carly Fiorina did her best to speed that up).
There is an ongoing cycle, and companies should not base themselves here unless it’s worth the money, because it’s an incredibly expensive place to operate. Still, you get what you pay for. There is no massive exodus of talent, at least not so far.