The Internet is a computing platform built on top of core technology. Applied technology is what gets built on top of that: It's Web services.
New York's niche is content, and content is becoming more valuable. Just think about what is more valuable: MTV or the cable system that you use to get MTV? Howard Stern or the radio station you use to listen to him? Ultimately, technology becomes a commodity, and content - real, true branded content - becomes more valuable.
The entire world is now a rival to Silicon Valley. No country, state, region, nor city has a lock on innovation in technology anymore.
