I've met many fine engineers, plenty of talented and smart people no doubt, but to be honest it's not that there aren't equally smart and talented people elsewhere. I consider some of the people I work with to be world class... but not better than other world class people I've had the pleasure to deal with. Many of whom are hungrier for it. More wild west.
The valley seems like a middle aged club with lots of sycophant youngsters willing to work themselves to death to get in. Plenty of startups rehashing ideas with the occasional, undervalued imho, gem. I think it's easy to argue that the valley is the center of the universe given the incumbent position of privilege it has. There'll be plenty more money made here and plenty more resulting mutual masturbation.
Maybe it was different in past years.
But I can't help but feel that the smartest money looking to build long term world-changing companies might be wondering.. and starting to look elsewhere for the next revolution. There'll be a pullback given the recent economic upheavals but the world is a big place.
Have you been to greenwich village? Faded glory. The left bank in paris.
Like them I don't think the valley is going away. Just succumbing to middleage spread.