No, New York is not becoming a Silicon Valley rival, because there are too many taxes in New York for New York to be competitive. The best minds in technology and innovation still end up in California, because that's where the most competitive atmosphere is. New York only wishes they could keep up with all of that innovation.
Currently, New York couldn't be considered any sort of rival to Silicon Valley. The country's largest tech companies are located in Silicon Valley. New York tech giants are relatively small in comparison, so New York needs a few more years before it can challenge Silicon Valley in any noticeable way.
New York is not becoming a Silicon Valley rival and it never could. New York has way too many problems for this to happen. It is filthy and overcrowded. The only thing they have in common is that they are both way overpriced. Silicon Valley will always rise above New York.
New York is not becoming a Silicon Valley rival. There are a lot of things that are totally different about these societies and it should remain that way. New York can become a lot of things and should not have to take bragging-rights away from Silicon Valley in San Francisco Bay Area.
Although New York will always be an important city, it is not a rival for Silicon Valley. New York is the financial capital of the United States, but most technology companies are physically and spiritually located in California. This trend in the technology industry is not going to change anytime soon.