中文翻译
我其实对大盘是看空的。 不过像 $AAOI 这种个股，我觉得即使宏观环境不好也会跑赢。 如果大家都缺货——即便超大规模客户削减 capex，你在瓶颈环节里还是会遇到同样的问题。 而且光收发器在 BOM 里的占比其实不算其他东西那么高，比如内存，所以他们会愿意付钱。 一句话总结就是挺复杂，但我个人确实觉得 $AAOI 会跑赢宏观环境。
· 个股论点
认为 AAOI 在宏观不利时也能跑赢，因供给瓶颈和客户会付费。
涉及标的： $AAOI
英文原文
I'm actually bearish on the market. However, there's some individual stocks like $AAOI that I expect to outperform despite macro climate. If you're sold out because nobody can make enough... even if hyperscalers cut back capex, you have the same problem in the bottleneck. Also BOM share of optical transceivers is actually not that much compared to others like memory, so they'd happily pay. TLDR pretty nuanced, but I do think $AAOI outpetforms macro climate personally.