Speculators with an expectation of a big win coming off the back...

Speculators with an expectation of a big win coming off the back of the roadshow are leaving. It's classic small cap behaviour - people run up the SP in advance of Quarterlies, AGMs, Roadshows on the off chance something is announced that blows us all away. I've never understood that trading strategy as big news always comes on its own timetable. That's not just a 4DS phenomenon. I guess if you get in when it's really quiet and trade out when the volume swings it up you can make 10, 20% and move on to the next thing.

That fast money is now moving on. Well, it probably moved on over the roadshows started and now we have the laggers.

I thought the content of the roadshow was good, the information presented on retention was interesting. It's just more of the unknowns being defined. It was also a statement of intent that the company is now positioning itself as a solution for AI computing, not just something that augments DRAM.

We won't know if anyone is sniffing around the company as everyone will be locked up in confidentiality agreements.

Next big milestones will be PL5 and 6 coming out of the oven.

Maybe we'll get some more info off the back of ongoing testing of PL4, but that will be just providing a bit more colour and detail to the picture, not making it bigger.

The meeting with WD in a couple of weeks time could spice things up.