It does seem that way nowadays, but I wonder why more tech companies don't bring it to a different city, like Microsoft did in Redmond. The old tech companies did things like that but the newer companies mostly aren't for some reason.

I suppose there are some moving to Texas. But the East Bay is a lot closer.

The East Bay does have some spillover! But there are various reasons it's not as attractive. My hunch is that one of the major reasons is that commutes from the Peninsula and Silicon Valley itself are rough.