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I remember back in the 2000s there was a huge fear of work being outsourced to India. It makes sense: since you can get engineers for 10 times less cost. But these fears never really materialized. there was still so much hiring in the bay area for the last 20 years.

Certainly low-margin businesses that need to compete will be hiring in India. That's probably why you don't see many web development body shops in the bay area. But, for monopoly businesses like google or facebook, the cost of labor doesn't really matter much for them.