In defense of circular financing: backing small suppliers is rational capex
minhnguyen · x · 2026-11-15
Pushing back on 'circular financing' criticism, the author argues capex inherently carries risk: small critical-parts suppliers won't overbuild for one year at the expense of a 30-year business, so big customers backing them ('just make it, I'll help you out') is what makes capacity materialize — each missing interaction costs a month or two of delay.
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