AAOI has been falling pretty hard despite the business looking stronger than ever. Revenue is growing fast, 800G/1.6T demand looks strong, and they’re expanding capacity aggressively.
Is this drop mainly because of the new $600M ATM/dilution, or are investors starting to worry about something deeper?
Would really like to hear the bull and bear cases from people who’ve actually followed AAOI closely. What am I missing? And will it go further down?