[Tesla's valuation reset exposes the fragility of growth-at-any-cost models](https://www.marketwatch.com/story/is-spacex-an-ai-play-or-a-space-stock-two-months-after-the-ipo-investors-still-cant-decide-eaf5fa92?mod=mw_rss_topstories) — but that's a symptom, not the disease. The real issue: high-capex businesses are caught between collapsing growth and rising real financing costs.

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