Can Silicon Valley still dominate global innovation?

Not since a company in France bought out Lucent the old Bell Labs. Due to Visa quotas being filled a lot of talent in foreign students go back to their own nations to invent new tech. Big Tech like Google, Amazon, IBM, Apple have their factories in China for the new technology that China makes their own. Make tech in the USA and we will dominate global innovation.

No noncompetes/anti moonlighting laws and billions in VC keep the answer at "yes."

If you want to get something built that has never been done before, SV is still the best place to find the people that can do it the quickest and the money to fund it. I've worked all over the US and its amazing how wrong everywhere else is.