I think you may be a bit confused. BRN is valued soley on future expectations of a new industry AI at the Edge. Its a spec. You either think its worth a shot or you don't.
Your approach overcomplicates it all. You either have a positive view on AI at the Edge and what part BRN can play or you have a negative view.
Nothing else really matters.
Its a spec. Specs burn cash and raise. That is just part of the process. Some make it, some do not.
I think BRN will have a part to play i AI at the Edge.
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