This looks like two straw men having a fight.

Wait, what are you talking about with this:

She ignores Graham’s point about the ossified medicority of the mid-20th-century American big business

There neither is, nor was, anything mediocre about mid-20th century American big business! In your prior sentence, you even cited a few great examples, e.g. IBM, Intel, Hewlett-Packard. There are plenty of others that aren’t in Silicon Valley too.

P.S. That should be spelled mediocrity not “medicority”. Do you even use a web browser that supports redlining?