AM have a limited number of devices for sale. Previously they could charge 50 BTC per device. Soon they will only be able to charge 2 BTC per device. In order for profits to remain the same, AM would have to sell 25x more devices at the lower price. It can't do that though because those extra devices are needed for its mining operation. The obvious conclusion (and it is blatantly obvious if you just open your eyes and look at the situation objectively) is that income from selling hardware decreases.
Same mistake here ,again and over again. You assumption is based on AM will selling same Blade all the time, and based on this assumption you assume the share price of AM will decrease.
Let's me explain clear to you , KNC will probably ships its product by September and unknow how many they could produce by that day. may be 1 or 2 just like BFL. ,before that time did you agree that AM still has no comparative competitor in the market? other things ,AM is focus on mining ,the majority of dividend is coming from mining. Since last week, the dividend come from hardware selling is already drooped. why its share price goes up? the reason is AM still the best assets produce positive value, so investors has no other opportunity, as long as there are no other assets could produce a annul yield above 20% without loss its principle.
We should be clearly understand AM is not rely on Hardware sales as well as mining.
The correct assumption should be if AM loss its capability to remains its share in mining , then I agreed its price will be dump so quickly, So far , I didn't see any clue shows AM will loss its mining share, and considering of the low cost of produce device to mining and low cost of electricity in China, this ensure its potential ability to catch up with the increasing of mining difficulty.
Other wrong point in your assumption is , your use old blade spec to compare with something come out six month later, as AM is currently being R&D in its new blade and its wafer. you argument is trying to see that AM has not capable to provides similar products as KNC.
This assumption is fully non-sense, I think it will be better if you wait util FC release the spec of new blade then posted a comparison at that time will be more realistic.