OpinionAAOI
Applied Optoelectronics' $600 million ATM just changed the AI optics trade
AAOI's demand story is real, but the $600 million ATM turns capacity expansion into a dilution and return-on-capital problem. With a 14.49x sales multiple and a -9.6% net margin, the stock is priced for flawless execution before the new shares even arrive.
Aug 25, 20262 MIN