Both "everyone" and "to fund AI" are doing a lot of work there. There probably was a lot of hiring in excess of requirements in tech over the past five years or whatever--and a bunch of people who jumped on board the ship primarily to capitalize on the gold rush are going to end up suffering as a result. Doesn't mean that tech generally isn't still a big opportunity going forward but may very well mean that outsized tech money opportunity on the west coast of the US declines. (And cost of living declines will lag) It's happened before with respect to the other coast (and the Midwest to some degree).