Has it? Look at the risk/cost/benefits and the competitive landscape prior to gen 1, compare it to the situation now. The cost of a gen 4 maskset alone would have allowed you develop, build,  and deploy enough gen 1 miners to rule 90+% of the network back in the day. Also, back then, missing specs by a factor 3x or more was no big deal. If they miss gen 4 power efficiency by as little as 30%, they are pretty much hosed.

So anyone who thinks a share today is worth the same as during its IPO, Ive got a cloudhashing contract to sell to you.