THE RACE FOR SEMICONDUCTOR SUPREMACY, page-4

Your friends and family ask a very simple but very telling question.

We'd expect to have major chip companies beating down our doors by now right? We'd expect very clear moves towards selling mode by now? We wouldn't expect to see options being converted then sold on straight away? We'd expect our chairman would be very clear in language around next steps?

Yet DM is going conducting low scale interviews on minnow podcasts...where he can't even explain who our customer would be or how this will 'change the world'. Talking about 2 years of funding. Saying things like 'if we meet our goal'...after meeting their stated and published goal. Talking up meeting with IMEC, then being silent. and of course people questioning, where is the 'big rerate' what am I missing (fear of being caught out).

I think many people are trying to add things up, and the math is not reconciling...hence the market reaction (granted it's a weak market overall) is to take the safe bet and wait on the sideline. I'd say many are now getting that sinking feeling in their gut that something is a miss in the absence of information, and all available information giving contradictory insights.

Now certainly I will get shouted down and told chill out...so before you go down that path, I am merely trying to point out why I think the SP is declining. I hold and believe at some point this will provide a good return, but I am wildly sceptical of 4ds giving the whole truth at the moment as the signals are not adding up.