Ann: Annual General Meeting Address and Presentation, page-91

It was over $2 briefly due to a feeding frenzy on the back of the Mercedes validation and subsequent rerate. Zoom out and you’ll see that it’s clearly an outlier within a general long term upward trend. The same thing happened in September 2020 when we briefly peaked above 90 cents but then didn’t see that level again for over 12 months. Now it’s practically base camp. Focus on the whole picture instead of getting distracted by the day to day gyrations.

The long term trend is in line with the evolution of the fundamentals. Over the last couple of years we’ve seen EAPs emerge, physical chip validation, IP licences being purchased, partnerships with big tech, a bloody concept car FFS and the SP has been building in step every time with each of these derisking events.

If you still think it’s a dog that’s up to you but zoom out before you make up your mind.