Forget about prices or values of competitor products, here's a simple fact:

The network has gone from 1+ PH to 5+ PH in under 60 DAYS!!!!!!

Now unless anyone thinks that's people buying 4PH of GPU cards then it's clear there is a huge amount of ASICS being shipped or being privately mined. I suspect there are several very big miners who have been backed by serious money who have built and operate their own chips and tell no-one.

That's the threat, why buy AM at $100m, when you can duplicate them for $5m.