This article takes a close look at how California's tech industry has changed over the last few years as well as how this has impacted the state itself and the rest of the tech industry in the US. Many of the tech industry's traditional hubs have suffered significantly since late 2022, with nowhere more so than California. The state has lost its share of US employment across wide swaths of the tech industry. Its share of jobs in subsectors like software publishing and computer system design has fallen to some of the lowest levels on record. The drop has been especially pronounced within Silicon Valley.