After growing up/spending 48 years there I did. Took my business out of Silicon Valley with me.
The state has gone insane.
My previous employer had been in the SF Bay Area since the mid-1930s. The building in which I worked might have been that old as well. In my last couple of years there they realized that, "You will have to live 1-2 hours away and will probably never be able to afford a house in Silicon Valley," was not a great recruiting message to newly graduated EEs. So over a year and a half time period they moved some of the operations to a division to Pennsylvania and the rest to Torrance, CA. I started a new job - still in Silicon Valley - about 4 months after that announcement.
I think things will be OK for me career-wise for the rest of my lifetime (or until I decide to move away), but long-term I think Silicon Valley companies will have to limit their operations in Silicon Valley to their highest value functions and highest paid employees. And I expect some companies in tight competitive markets will have to move out of the valley entirely, and probably out of California because of how business-hostile the state government is.