BRN SHARE PRICE PREDICTION BY CHRISTMAS 2022, page-238

Agree, and I think the valuation based on quantity of goods in some ways is better to get your head around than looking at the quoted addressable market size. For example, just looking at numbers of cars, fridges, cameras etc sold worldwide, and some scary quantities when looking at smartphones. Selling IP into these products is high margin. Even if we do the numbers at a conservative margin of $5 per unit, that's only 200M units to yield $1B profit, which would easily justify a $10B MC. 200M units is a small portion of this market; it's this multiplier effect that drives massive revenues for companies like Apple.

Just pick all the use cases you can amongst IoT devices, assume a conservative portion of the market, decide how many chips with our IP per unit, and some big numbers jump out. Then there's medical, cybersecurity, etc and all the use cases we're yet to think of...