There's usually an information gradient between when employees & early adopters realize a company is turning around and when Wall Street realizes they're turnin

There's usually an information gradient between when employees & early adopters realize a company is turning around and when Wall Street realizes they're turning around. It'll be subtle signs like: the company's hiring again, and hiring back people who aren't idiots. Prominent ex-employees who left go back to work there. The products don't suck anymore, and you actually get excited when they announce something. The product strategy starts to make sense again, and isn't an unfocused mess. Microsoft under Nadella is a good example. Nvidia or OpenAI I'd argue might be an anti-example: most of the excitement for their stock seems to be because of the hype around AI, and they're already incredibly richly valued, while a true sleeper hit usually has much more subtle signs. (When I went to work for Google in 2009, my previous boss told me "Didn't you miss the boat already on that one?")