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Palo Alto is closer to the headquarters of Apple, HP, Google, etc. than Berkeley. Many of the top tech companies are located in Santa Clara, San Jose, or Milpitas. San Francisco is notable for the high quantity of startup companies, but if you want long-term jobs, Palo Alto appears to be a more convenient location.
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Many of the top tech companies come to Berkeley to recruit. They even charter bus to drive Berkeley students to their campus, provide entertainments and offer jobs to Berkeley students in horde.
In most companies in the SV, the number of Berkeley graduates = number of Stanford graduates. Salary range are about the same for both school.