A couple of points to add:
1/ Their "base-case" demand projection from this point is effectively linear. Disruptive growth/adoption is NOT linear. It forms an S-curve. It hasn't been linear to-date, why would it become so?
2/ If the actual demand is even "slightly" towards their "high-case" from the "base-case" estimate, and assuming their supply forecasts play out roughly as they expect, then the current "upcoming extended oversupply" narrative gets a bullet.
It gets 2 bullets if that projected "possible" supply struggles or is delayed, as we are starting to see already, btw!
I'm starting to see some big holes in the popular narrative of late.
Of course, it will take time to play out.
GLA
A couple of points to add: 1/ Their "base-case" demand...
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