My definition of fundamentals is more traditional CS algorithms and data structures, not "fundamentals" to a specific genre of the software development genre outside of traditional CS algorithms (ones start up companies or what have you are interested in). The fundamental taught in a traditional CS program may exclude the fundamentals that start ups use day-to-day and the fundamentals taught in traditional CS programs many be useless to startups.

So, while a student may have strong CS theory, they may lack industry specific "fundamentals" and companies may discriminate against those candidates because they lack that industry specific skills (that otherwise could easily be picked up).

I argue that traditional fundamentals as defined above are more important than industry specific tooling or frameworks, since the tooling or frameworks change but the core theory does not. I would like industries to not discriminate against graduates that come from a strong theory background but weak industry specific background, since these people should be able to pick up whatever tooling or frameworks on the job.