This will also incentivize firms to consider running teams from countries like Ireland, Canada (less restricted on immigration) and India (labor rich). It's also a shot in the arm for remote "work from anywhere".
Higher the wage in US, greater the incentive for a firm to do these things.
It's hard to say how long Silicon Valley can be an economic diver without immigrant talent, especially if that talent concentrates elsewhere.
A lot of that talent originally came to the US for an education, and those numbers leveled off when Trump was elected. Most of the foreign student growth was also from China, which I'd expect to see drip in the next decade regardless of who wins in November.
Higher the wage in US, greater the incentive for a firm to do these things.