To the extent there are other indicators of intent, this supports intent
It is indicative of attitude about the market they are attempting, intentionally, to capture
HDG is right in a super technical sense but not in a "texture" sense -- one could argue that it is just a fact and its presence on a slide does not "prove" intent. But "proving" intent is rarely about finding a voice recording where someone says "I intended to do that". "Proving" intent is almost always based on the weight of circumstantial evidence.
Like a guy who kills his neighbor, and you want to prove first degree murder instead of second degree or manslaughter. The indicia of planning go to that -- you rarely get a written note that says, "I'm planning to kill my neighbor."
This sort of thing could be compelling with the judge