4DS - Anything but Charting, page-18277

It's impossible for anyone outside of the tent to know the timeline here. It's the single biggest frustration with holding this stock for all of us. People can ask questions at the AGM - and we definitely should - but not sure we can be confident in the replies given the level of accuracy of previous statements at AGMs around CRs etc.

I personally don't see 2023 - or perhaps I just don't want to - but obviously it's possible. For that to be the case they would need to be having ongoing issues around the integration @ IMEC that requires PL4 and perhaps PL5 .

If they choose or are forced to push it out by that much then they will start to lose some LTHs during H2 next year you would think but maybe they don't care if they are totally certain they have something truly special that they know someone is going to pay a very large amount for.

But, I also think that there is also a chance that with PL3, which is starting this month, they nail it to enough of an extent that a buyer is happy to purchase the tech at that stage and mould it further to the way they want it to fit in with their particular market strategy.

My view is that the post ann meeting with WD will have predominantly been about them giving further 'pointers' about how they suggest the next PL is processed, particularly with regards to endurance and retention. It seems to me that having increased speed by an order of magnitude in the last run, they have that aspect of the development in a very good place. Now they need to refocus on the other key characteristics and see how they can be further tweaked as part of the integration in order to end up with the killer chip that we all believe this is likely to be.