I don't expect it to displace NYC but it's a good shift and it's good to have additional clusters arise.

For example, if you were always specialized in Energy, Houston/Dallas would have always been comparable to NYC, or if you were specialized in TMT then LA and SF were similar.

Reading between the lines, I'm assuming Austin was chosen not just for QoL but also to solidify an Energy and probably AI and Data Center thesis as well. Also, I'd assume most backoffice roles like Accounting, Compliance, IT, etc would be shifted to Austin similar to what JPMC did in Dallas.