Ann: Results of Annual General Meeting, page-226

Valuation wise, I have my own thoughts. As a straight out comparison, yeah we probably should drift towards WBT over the next 12 months, that is the natural comparison. If we can solve the power and compute problem in generative AI then the number could be way higher. A lot of IFs but we could potentially make a no 2 or 3 in the AI chip space the no 1 for bang for buck. Not only are we saving power per motherboard but also in rack space as we don't require as many cpus per rack (this is very cursory proposition). One thing is clear, tech companies can be at the top of their game for a long time then a new tech comes along and leap frogs them. 20 years to the top, 2 years to the bottom. At some future point I can see one of the big guys will have no choice but to look at us or similar. For reference NVIDIA is at 1.16 Trillion and is in the same town as 4DS, the scale of the big guys is insane. My exit is when 4ds sells up shop.