Agreed, it's healthy to consider threats and take a...

Agreed, it's healthy to consider threats and take a balanced view. So on that basis the SP is back to where it was 2 days ago. Now, if the ER highlights competition then technically that's priced in to an extent, if it doesn't and it proves that MCQ's analyst has got this wrong then we'd expect to see a spike upwards relative to other key features in the report.

From time to time these reports please or spook investors and it impacts the SP. It's no different to your own view other than that it's more visible, so if you have high conviction then don't sweat.

To address the point around disruption, my view is that if any company is well placed to disrupt this industry with ML/Automated annotation then surely it is the current leaders with healthy balance sheets and R&D spend, of which Appen is one of just a handful serving collectively the global landscape of blue chips.