Is the dominance of Silicon Valley as a technology hub is declining?

Silicon Valley can be compared to the Renaissance city of Florence. As the technology capital of the United States, it has made significant contributions to the global economy, stock market, and culture. Small enterprises blossomed like flowers in Silicon Valley. The area has been named Silicon Valley because of its silicon-chip innovation and marketing.

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Silicon Valley is an industrial area on the southeast coast of San Francisco in the United States. Silicon Valley is the world's leading high-tech commercial area. Most of the world's major software and electronics manufacturers are located here. Notable among these are Google, Intel Corporation, Hewlett-Packard (HP), Apple Computers Inc., Oracle, Yahoo, etc. Moreover, Most of the highest paid jobs available in Silicon Valley.

Technology companies are leaving Silicon Valley

Recently, Hewlett-Packard Enterprise (HPE) announced that their headquarters are being moved to Texas. Another long-time giant in Silicon Valley, Oracle, also announced the same. Elon Musk said he moved to Texas after selling his Bell Air home earlier this year. Otherwise, during the COVID-19 pandemic, several technology companies were forced their employer to work from home and they are planning, they will give some workers the option to work permanently from home even after the pandemic is over. Massive changes are beginning to take place in Silicon Valley. More Americans have left the area than have been in San Francisco in the past year alone.

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What's the reason for leaving Silicon Valley?

The biggest reason is the rising cost of Silicon Valley. The amount of money needed to live there is very high. The highest living costs in the world are in the Silicon Valley area. It costs four times as much for small entrepreneurs to do business in the Silicon Valley area as it does for other cities in the United States.

But It will be good news that If entrepreneurs continue to move away from Silicon Valley and rival tech hubs continue to grow.