I dunno. Once you have an established focal point for an industry, it's not so simple to just recreate that elsewhere. People want to be where they can network and rub elbows with all of the big wigs and up-and-comers. Then there is all the supporting industries and infrastructure that gets built up around it.The only thing keeping most tech companies here is that they have been here and that they're a few hours closer to China by air. It's just like manufacturing in LA before it was all burned out in the Rodney King riots, except for the China part.
Plus a big part of the appeal of the Bay Area is the instant access to amazing weather, coastline, mountains, cultural interests, etc. Which is why you can't just build a tech hub in the middle of BFE and expect people to move there. That said, other areas like Austin, Seattle, Reno, etc are likely to keep taking food off of California's plate.