I found the geopolitical portion to be the most important aspect here. China has shown a willingness to flex its muscles on enforcing its values beyond their borders. China is smart, and plays a long game. We don't want to wake up one day and find they've flexed their muscles on their regional neighbors similar to their rare earths strong-arming from 2010-2014 and not have fab capabilities to fall back on in the West.
(For that matter, I'm astounded that after 2014 the status quo returned on rare earths with very little state-level strategy or subsidy to address the risk there.)
(For that matter, I'm astounded that after 2014 the status quo returned on rare earths with very little state-level strategy or subsidy to address the risk there.)