It's pretty quiet. There were several large tech companies that set up here in the 90s but most left after the bubble imploded. There is, however, a surprisingly vibrant indie gaming scene, and a few start-ups here and there.
I've long found this situation surprising, because there are quite a lot of engineers here, many of whom would likely take a pay-cut not to have to commute over 17 every day.
I figured with ucsc you could recruit decent talent and save money while having warmer weather than 20 miles north in sf. Always surprised me to never hear much about the area from tech perspective (I'm in Miami)