There is still a significant amount or risk here, as you point out. I think it has however become fairly clear that PL5 was effectivly a de-risking stepping stone into PL6 (rathar than a hard milestone/catalyst). I've reflected on the below paragraph quite a a bit (from recent quarterly) - there are a myriad of aspects that have been de-risked via the PL5 (process tuning for 20nm, memory stack adjustment for 20nm which has shown functionality, post-patterning processes,), that 'should' give us the best possible chance at PL6 first time around (albiet, still very risky). It is a materials science excercise afterall.
Anyway, time will tell. The tech might be brilliant, but without an end customer it effectivly has no value - so it was nice to see the recent video posted by Khout above, with Infineon talking about their ReRam portfolio and it's future (industry believes there is a future). It's a case of hurry up and wait.
4DS Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
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