I haven't checked the valuations but will take your word for it. My thoughts would be that SkyWater is a tier 2 company and only has certain capacity to produce chips. This limits their ability to benefit from the WBT tech to the quantity they can produce. WBT on the other hand has a tech that is superior to the existing tech and does not have capacity constraints as they can license their product to anyone and everyone if they choose. That's my take anyway. SkyWater is just a step in the journey for WBT.
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