The bear thesis comparison with GoPro is a little misleading.
Yes Gopro pioneered the micro action-cam market as Atomos did the monitor/recorder, but that's pretty much where I see the comparison ends.
Unlike GoPro, Atomos actually do have a tech moat, namely they own the Timecode IP and it's AppleProRes RAW recording ecosystem now encompasses 21 cameras; including almost all the top brands in the world and growing. Their brand is built on world-leading proprietary tech that leverages strategic relationships with all major camera manufacturers.
Trying to replicate and undercut the atomos ecosystem will be a very difficult and expensive task - one which will take many years and require the cooperation of all the existing atomos camera partners.
The considerable effort and expense needed to capture atomos's niche market is not a risk that keeps me up at night. The risk reward of such a strategy makes little financial sense for most aspiring competitors IMHO.
I see the Atomos share price graph as far more likely returning to its solid rising pattern pre-covid than follow the slow death of the Gopro share price. Of course, we are all just sharing our opinions and DYOR.
