I suspect this is nothing new from the moment of the industrial revolution or before - people will follow the money/jobs, the younger & stronger backs/minds who are happy for the lower pay will get them, the rest can go pound sand (for free). When tech shifts, former hubs may wane if they don't evolve or are essential to the new tech.

And there's a lot of playing increasingly dire odds. For example, lots of companies have tried to compete in cloud services, but the same top 3-4 suspects control almost all the business. Follow this same phenom to most every new sector. There aren't a lot of new Facebooks and Googles and Salesforce and Ubers - that opportunity for innovation breakthrough has largely passed. The Titans manage to assimilate most new things, even if they do a crappy job (Google glass and a bunch of other expensive failures)