Sentiment around $SIVE seems overwhelmingly negative right now. It reminds me of the old sentiment analysis days, when a model would classify: “The stock is down 20%, but the business is executing better than it was three months ago.” - as negative because it couldn’t understand the actual intent of the statement. Back then, people criticized AI for being stupid. Now I’m observing humans do the same thing. I can’t emphasize this enough: fundamentally, very little has changed from last quarter. If anything, we have received more positive developments than negative ones. The CEO explained the situation quite well in the interview: $SIVE is a small company and, in many cases, is at the mercy of its customers. If a major customer says: “If you mention us publicly, we’re done.” Sivers cannot exactly respond: “Yeah, well, fuck you. I’m mentioning you anyway because it might pump our share price.” And with today’s search capabilities, even a tiny disclosure can be enough for people to connect dots, trace relationships and potentially identify customers that were supposed to remain confidential. So yes, the secrecy makes sense to me. That does NOT mean I will blindly defend the company forever. If Sivers eventually comes out and says: “Our qualification didn’t go according to plan…” or we get concrete evidence that major opportunities have disappeared, customers have walked away, or management has materially misled investors, then I will reassess the thesis. If necessary, I will sell/write the investment off. I’m not delusional. I’m an investor. I want my wealth to grow. If a company can no longer deliver on the reason I invested or I conclude management has been misleading me then I move on to the next opportunity.