IMO, Sid's most recent comments at the Cowen conference about blue are both revealing and incoherent. Unfortunately, there is no transcript, but it is the first few questions of the replay. The analyst did a good job of continuing to try and get answers on blue.

wsw.com

- This is the first time I have heard management acknowledge the idea that customers have better access to host materials to create emitter layers. He says that customers can get better results than UDC can get in their own labs.

- He continues to say that the emitter doesn't hit "commercial specs" today but if lifetime is the issue and the choice of hosts can make a >10x difference in lifetimes, then what does that mean? If Samsung finds a host that increases lifetime by 50x, would that still fail to hit the required lifetimes? 100x?

- The emissions peak is right around 460nm which has been the goal for years. Maybe that has changed? Sid stated that power efficiency is the least important of the three primary specs (lifetime, color, and efficiency).

Overall, he says that customers are all sampling blue and trying to optimize it for their own stacks but also says that customers are waiting for the emitter to hit commercial specs. I have trouble squaring that circle.

Also of note, he acknowledges how conservative the guidance is.