Where Tech Lives

San Francisco: The Return — A Metro Deep-Dive

San Francisco's tech comeback is real, but narrow. This issue triangulates five data signals — office leasing records, AI firm clustering in Mission Bay, venture capital concentration, the housing demand indicator, and leading-indicator metrics — to answer one question: why did SF come back, and how durable is it? Verdict: the recovery is driven by a single industry forming the most concentrated AI cluster in the world, not by a broad-based urban revival.