· 个股论点
$AAOI提交了额外2.5亿美元的市价股票发行协议(ATM)，将总额提升至5亿美元。积极的信号是：$AAOI已完成其首个ATM。市场吸收了2.5亿美元的卖压（可能在股价涨至120美元前卖出了约1亿美元），但股价仍然上涨。修正案显示，截至2026年3月12日，根据销售协议已出售2,476,307股，获得总收益约2.49999983亿美元。然而，当涉及像$IREN或$POET这样公司的过度ATM时，我持极度看空态度，这并非针对$AAOI。如果5亿美元用于产能扩张，相比其他公司60亿美元的ATM，可能更有增值空间，人们可以等待结果。尽管如此，我对此并不满意，如果他们需要5亿美元，一开始就应该这么做。
$AAOI files for another $250 million USD ATM, upping the amount to $500 million. The positive note is: $AAOI has already finished their first ATM. Markets absorbed $250 million in selling pressure (likely ~$100 before the stock went to $120) and the stock increased anyway. “The amendment states that 2,476,307 shares have been sold for gross proceeds of approximately $249,999,983 under the sales agreement as of March 12, 2026” However, I’m extremely bearish when it comes to excessive ATMs for any company like $IREN or $POET, and it’s not inclusive to $AAOI. $500 million for capacity expansion is likely accretive compared to other $6 billion ATMs if people want to wait it out. That being said, not happy about it and if they needed $500 million, should have done it from the start.