Its too early to make judgement calls - the macro environment around Big tech need to improve.
Appen had a head start in A.I with big tech its in a different position to a start up thats gaining business. If Appen listed last year without big tech but winning contracts in Asia and Enterprise only the excitement around the share price would have been ridiculous imo.
Its at the mercy of Big Tech ad spend business cycle. It came to a close in July as they are no longer cutting spending and just need to see that filter through to the business.
Ann: Appen update on Quadrant earn out and debt facility, page-9
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