I think that today's price at $230m is a bargain. I also think...

I think that today's price at $230m is a bargain. I also think 30c or AUD$500m is a bit too low for the following reasons.

Many moons ago, 4DS had an amazing product at the R&D level. They built a prototype and it was very promising. Fast forward to IMEC process, they start producing cells that are much faster than what they were doing at R&D level and kept improving the characteristics that were already very promising. Fast forward to the array and they have improved them again, beyond expectations.

We know 4DS were aiming for the DRAM end of the spectrum not the Flash end, hence 27ns and 2bn+ cycles. If we are to believe what is on the former engineers LinkedIn page, they also have considerable retention capabilities at the cell level also.

We also know that none of the R&D stats, nor the cell stats alone mean a whole lot without a production process array that provides statistically significant results and these results have exceeded expectations. This is PL4, imagine the speed improvements that come from scaling down and 5 - 10 years of continuous production experience such as what we have witnessed with flash. This is genuinely a next generation memory and whilst it may go for less than I think/hope, USD360m still seems far too low.