Coen

Rough maths r.e. $IQE valuation at current ~£600M market cap: --> Base case - 2026 = £727M - 2027 = £802M - 2028 = £884M EV / rev multiple of 7x - reasonable vs peers + balances AIM status w/ recovering profits --> Bull case - 2026 = £1.14B - 2027 = £1.37B - 2028 = £1.66B EV / rev multiple of 10x - premium for AI/photonics tailwinds materialising + strong execution No takeover premium baked into any scenarios, so this is just organic/execution driven. Takeover would shortcut the whole timeline. FWIW, in Jan25, my bull case for EOY 2026 spat out £500M, which they have far surpassed in just 3.5 months of the year - my assumptions are a little more on the conservative end.

I guess markets like glass core substrate exposure like $LPK? It is pretty rare to find these types of companies that hold positions that resemble $SOI. Like a Shiny Zigzagoon… finding these chokepoints.

Rough maths r.e. $IQE valuation at current ~£600M market cap: --> Base case - 2026 = £727M - 2027 = £802M - 2028 = £884M EV / rev multiple of 7x - reasonable vs peers + balances AIM status w/ recovering profits --> Bull case - 2026 = £1.14B - 2027 = £1.37B - 2028 = £1.66B EV / rev multiple of 10x - premium for AI/photonics tailwinds materialising + strong execution No takeover premium baked into any scenarios, so this is just organic/execution driven. Takeover would shortcut the whole timeline. FWIW, in Jan25, my bull case for EOY 2026 spat out £500M, which they have far surpassed in just 3.5 months of the year - my assumptions are a little more on the conservative end.

CrowdStrike is the market leader in cybersecurity. When Anthropic announced Mythos, their most powerful AI model ever, they didn’t release it to the public… Instead, they launched Project Glasswing, a partnership with 12 of the biggest companies in tech to make sure our most critical systems are secured before this kind of capability spreads. Mythos has already found thousands of zero day vulnerabilities across every major operating system and web browser. Think of it as the world’s most advanced hacker, working 24/7, except Anthropic wants it on defense, not offense. The partners include Amazon, Apple, Google, Microsoft, NVIDIA, Broadcom, Cisco, JPMorgan, and the Linux Foundation. $CRWD and $PANW are the only two pure play cybersecurity companies Anthropic chose for this. For that reason I’m buying every single $CRWD dip. If Anthropic is telling the world this model is too dangerous for a public release and they hand pick CrowdStrike to help defend against it, that tells you everything you need to know about where this company sits in the ecosystem. Not financial advice. Do your own research. I’m just giving you guys insight into my thought process.

Blow off top indeed. $EWY down nearly -20% in one week on the highest volume ever. The parabolic melt-up in the Kospi is such a clean example of reflexivity in real time. Several months ago the Samsung / Hynix "memory" thesis was disused by a relatively small number of people. As the move really began to accelerate and the tape "proved" the story, word started to spread, leverage poured in, and the price action itself became a fundamental. That vicious feedback loop began to feed on itself at the start of the year. Then near the peak of the move you see record extension levels, range expansion, record dollar volume, and retail pouring into leveraged products like $KORU (3x ETF). SK Hynix hit the 1,000,000 level, Samsung 1 trillion market cap level, etc. This is the "major hype" stage, when everyone can recite the same bullish narrative in my comments when I simply provide a contrarian thesis. Then all of the sudden, the unwind hits. Just as everyone thinks they know the trade, nobody actually does. Study market history enough and you'll find that capitulation and major turning points typically occur long before any signifigant shift in the fundamentals.