My concern is that we're generally predisposed to assuming that competing disruptive technologies in this niche sector will follow a timeline to development and commercialisation that is similar to ReRAM, etc ...As a patient and supportive shareholder in WBT, my singular question is the extent of risk that lies in the time it takes to trial, sign agreements and qualify ReRAM in chip applications, while being exposed to a 'left of field', or 'black swan'-like, solution that we didn't see coming.
At the rate of change happening in geopolitics, I tend to take the position that China is more incentivised than ever to ring-fence itself from exposure to supply chain gaps in semiconductors and will focus on sewing up, as quickly as possible, those gaps to maintain an end to end supply chain it can control, that is similar to what it has done in critical minerals. In the cobalt sector (used for EV batteries), for example, the big automotive players kept on assuming that the way it was in the industry (such as procurement, technology use in processing, etc - represented the way it would be for the foreseeable future and didn't see China's preemptive move to carve out exclusive supply until it was too late. The likes of VW simply suffered from a hubris that tended to a cultural assumption that 'things just take time' and if it takes VW time, how can it be any different for anyone else...
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