Applied Optoelectronics: Bubble Or Bottleneck? I'm Long Anyways

My read is bottleneck: CEO Thompson Lin told analysts on May 7 that actual demand is $1.4-1.5B while the $1.1B FY2026 guide is capped by production capacity. I'm bullish, and I hold a mid single-digit position in AAOI. My conviction is conditional on Q3 2026 confirming the revenue acceleration narrative. In a four-week stretch from March to April 2026, AAOI announced more than $324 million of new 800G and 1.6T orders from a major hyperscale customer.