It is not a win unless you are talking about IT jobs. For silicon valley type jobs, silicon valley is silicon valley because it is where top tech people congregate. If it loses that status then talent and venture capitalists will find another place to congregate, for example Vancouver BC. It won't happen overnight, but even a slow migration is bad news.

https://www.forbes.com/sites/johntamny/2024/09/16/the-micros...