I agree about as much with the idea that the Bay Area is the intellectual capital of the world as I do with the idea that "STEM PhDs per capita" is somehow a measure of intellect.

Sure. That was just a simple metric that popped into my head as a counterpoint to the absurd notion that SV is the intellectual capital of anything.

Hell, pockets of New Mexico have a higher number of PhDs per capita. The idea that SV is the intellectual center of the universe makes it sound like someone has been inside the bubble too long.

(And that’s not a knock on NM. I being it up as an example of an area that isn’t rarely bright up in these conversational circles)

Do phds make intellectual capital?

I'd assume the intellectual capital makes the most intellectual property

That assumption shows a very SV-centric mindset. Intellectual property is largely an legal economic construct. The PhDs in places like Los Alamos generally work more on classified projects. Your point is like saying the NSA must not have many smart people working there because they have no patents. Intellectual capital can create societal value being just dollars and cents.

For any city making the claim, there would be someone claiming it ridiculous.

There aren't many places where very smart people from all over the world move. New York is one, London used to be one, Bay Area is one. There are a lot of smart people in the bay area.