Investors actually tried the hardware before investing in this case, so it's a bit different.
They tried hardware. Whether they tried a product that the company had no hope of ever making practical and portable is the question.
Yep, they're betting that there is a hope of that. They're not investing in blue chips here. I think it's a bit much to jump to the conclusion that ML knows they're on a fools errand and are defrauding investors, just because they're secretive and they pump out hype.
Exactly my reading. Hungry capital and irrational exuberance.