Member Info for steph

Https://coingape.com/ai-pioneer-graphcore-mulls-a-potential-foreign-sale-after-struggling-to-be-profitable/

Https://www.bloomberg.com/news/articles/2024-02-17/stock-bulls-turn-to-europe-for-cheap-alternative-to-magnificent-riches

Https://www.pitchbook.com/news/articles/ipo-watchlist-europe-unicorns-vc-exits

Well at least AI itself in favour of graphcore

come on graphcore do a successful funding round

Https://files.pitchbook.com/website/files/pdf/2023_Annual_US_VC_Valuations_Report.pdf

OUr pipeline is odd and oversold Seed and pre seed unaffected by market dip. Mature listed tech at historic highs in spite of 2 hot wars. All the steps in between at low valuations but not low enough to justify our discount to an already significantly discounted NAV. Plus our preference share structure.

Sooner or later we will surge , just can't say when. Hold or add. I’ll add a few in my isa April 6th

Https://www.theguardian.com/business/2024/feb/09/sp-500-stock-index-5000?CMP=Share_iOSApp_Other

True but if you have valuable ip in the worlds hottest new economic sector needed funding will find a way. might not be a classic funding round. maybe merger of some description.

ive not heard of recent staff reductions/defections so staff think worth hanging about in spite of extreme personal marketability right now.

I assume he has the funding needed sewn up if he has time for a tour

“Also, Nvidia faces more competition from AI chip startups Cerebras, Sambanova and Graphcore”

https://www.investors.com/news/technology/artificial-intelligence-stocks/

At least Graphcore gets a mention as in the ring. Graphcore is down to only 21.3 m on our books from 113m March 2022. From there centre of gravity is almost certainly upside. Only needs to be bought out for it’s IP and staff to be worth more than our 21m. Even remotely as a going concern able to take on NVIDIA and it will be worth many times what we currently have it on our books for.

Sang thanks

“Median seed pre-money valuation up 33% in past two years“

https://files.pitchbook.com/website/files/pdf/2023_Annual_US_VC_Valuations_Report.pdf

Our pre seed and seed funds have not been by necessity written down and yet we have a bigger discount to funds that have no seed. Makes little sense to me.

YOur benchmarking of Aiven with Confluent welcome. We actually sold around 10m pounds worth of Aiven on the market in the last half so our NAV on the reminder (83.1m) on that is recently tested and solid.

Director buys and no director sells a good thing.

Also means there is no take private or take over in the works or they would not be allowed. I fear either as it would lock in our low price in exchange for a minor SP boost of 50% or so. I am holding all until at least a 500% boost and expect that within 3 years if not sooner.

For my money I think the NAV/share is accurate and the market for late round fundraising and IPO’s will in due course confirm. Ambiguity and thus suspicion on valuations without market price discovery is overdone.

As soon as a representative sample of our core portfolio achieves fund raising at NAV’s at or above what they are on the MV books for we will soar fast. All fundraising thus far has been at or above our NAV assumed. There is no evidence of the discount the SP assumes is needed.

Anyhow big gains for the patient investor here. 4x over a 2 year horizon quite doable.

Uber posts first operating profit as public company

Ride-hire company Uber has reported its first full-year of operating profits since it floated on the stock market five years ago.

Uber has reported it made income from operations of $1.11bn in 2023, up from a loss of $1.832bn in 2022, beating expectations.

Revenues grew 17% last year, lifted by a 24% jump in trips in Uber vehicles.

“2023 was an inflection point for Uber, proving that we can continue to generate strong, profitable growth at scale,” said Dara Khosrowshahi, CEO, adding:

Https://www.theguardian.com/business/live/2024/feb/07/uk-house-prices-interest-rates-mps-criticise-bank-of-england-over-qt-plan-business-live?CMP=Share_iOSApp_Other

Yes we have done nothing but drop since we joined the FTSE 25o and renamed ourselves.

Over 2.5 years now since drop started and 1.5 years since this bottom (more or less) reached. So if a U shaped recovery it’s taking it’s time to get going on the recovery leg.

Nothing fundamental has happened to portfolio itself. Average of core portfolio growing sharply in sales year by year and sales are the key metric of value for unlisted tech. No core holding gone bust -which in modest numbers is normal enough.

The end of the pipeline (listed profitable tech) in rude health and at record highs. At some point money will pivot towards the better value to be had earlier in the pipeline of tech companies. When precisely unknowable but I suspect soon. Hold.

Https://files.pitchbook.com/website/files/pdf/Q2_2023_Global_Fund_Performance_Report_(with_preliminary_Q3_2023_data).pdf

Nothing would jump our sp more sharply ahead of year end preliminary results more than good news coming out of Graph-core. Such a wide range of outcomes from being worth zero (what the current market appears to assume) to being worth much more than we have it on our books for paving he way for a sharp increase in NAV/share on year end results (year end March 31 2024). As enclosed article indicates it is a big boys game determining the shape of the biggest tech companies for the future. Even a respectable small piece of that market through having created a better processing chip would be massive. Graphcore have sold successfully into top research universities but needs to move into the commercial markets and fast before core staff get poached in a sector that is paying pretty ordinary programing staff million dollar salaries.

https://news.futunn.com/en/post/37559609

Third, chip design startups established in the past five years, such as companies such as Tenstorrent, Cerebras, Graphcore, Etched, Extropic, and MATX, may use the new wave of AI to drive rapid growth in sales of their products.

However, The Information is not optimistic that so many AI chip companies will continue to exist in the future.

Also bought circa 9000 shares

nice to see directors buying.

Martin davis at 2.38

Https://sifted.eu/articles/adams-street-european-vc