Some good points raised here Chad. Your post reminded me to go...

Some good points raised here Chad. Your post reminded me to go and take another look at some of Claude's writing on Appen. This piece below jumped out to me, noting it was written when the SP was at $14:

In a scenario where demand for relevance data labelling re-ignites, Appen is outrageously cheap, as its most profitable service offerings will return to growth quite violently as operating leverage once again boosts profits above revenue growth. But in the scenario where demand for relevance data labelling actually falls, if only for a year or two, Appen is likely still over-priced, since falling profits will increase its multiple and hamper its ability to grow. Remember, Appen needs a high share price to execute on its growth-by-acquisition strategy.

Ultimately, I think the first scenario is probably my best guess, meaning that I think the market has gotten it “roughly right” on Appen shares given what we now know. But I do not hold this view strongly, and frankly, I do not care to take a strong view. As an investor, I don’t need to. You can’t pat all the fluffy dogs and you can’t own every share that is undervalued. What I think is wrong is the widespread bullish commentary calling Appen shares cheap, while characterising it as a tech stock, rather than a technology driven labour hire firm. The key question, in my view, is whether or not demand from Appen’s largest customers is flat, increasing or decreasing. Because that’s what will determine whether now is a good time to buy, or not.

(Emphasis is my own)

It is always interesting reading these things with the benefit of hindsight. I believe Claude would now see the second scenario is the one playing out - not that anyone could really know in advance, of course. Also noteworthy that Claude flags Appen's 'growth-by-acquisition' strategy, given the recent Quadrant acquisition.

Source [free to access]: https://arichlife.com.au/the-truth-about-the-appen-asx-apx-business-model/