California has some challenges - the government is big. Taxes are high. Covid related shutdowns have shut down film/television production in LA. Very few people are traveling which has crippled LA's hotels, restaurants, theaters, retail, etc. Things are challenging right now in California. But there are a few things that are incredibly positive.
First consider that California, which is the 7th largest economy in the world, has 20 companies (19 of which are tech companies) with market capitalizations in excess of $80 billion:
Between $20 and $80 billion market cap, there are another 25+ companies