Ann: HGST Renews for 9th Consecutive Year, page-58

My opinion is the following.

These industry experts view the possibility of a fabless semi conductor company, taking $100m in street capital, and beating the major memory makers (who together spend billions per year in RnD) at their own game as a zero chance or a virtual impossibility.

They are further antagonised by 4DS refusing to disclose specific metrics behind NDA to these industry experts so that they can make an informed opinion.

Finally, they are further sceptical as they have seen in the past wild promises in memory performance gains (e.g. phase change memory, Optane, promising research done on universal memory) peeter out into failure or mediocrity in the transition from a memory cell to a fully addressable memory chip. As such, they expect this will be the case here and are extrapolating past failures onto 4DS.

All of this leads to a valuation of 30 cents.

Regardless of who 4DS is working with, who is our top shareholder and how long these people have wasted working on the idea.

In a sentence, they think it impossible for a dozen men to take an idea and change the course of history. On the other hand, shareholders know that this has been done before.