This is just a grab bag of different critisms to what you said. Vendor financing is very standard across multiple industries. It's not a loan in the sense you

This is just a grab bag of different critisms to what you said. Vendor financing is very standard across multiple industries. It's not a loan in the sense you originally stated because it's physical assets, not financing. The circular nature of the deals is a valid concern but different to what you raised. It's also a much smaller concern now with Anthropic hitting $30B ARR from non circular sources than it was in September 2025 when your article was written.