· 个股论点
相关概念： Pluggable 可插拔光模块
关于$6亿自动取款机(ATM)融资，到处都有误读。我依然看多$AAOI，且持仓较重（所以我更在意）。 我一直坚持的观点是：不喜欢过度使用ATM/稀释股权进行融资。此前在$IREN和$POET上我也这么说过。 我会对自己的持仓如AOI保持一致性。 然而，我超配AOI而非其他（看着你Poet）的原因是： AOI确实面临产能瓶颈，且需求可见度高。 关于时机： - AOI本应等到1.6T光模块认证完成（预计未来几周） - 本可使用高于市价的可转债等其他结构 但他们在股价从$220跌至$130时操作，且未来每次使用ATM都可能带来短期结构性抛压。 我不必支持每一个商业决策，才能继续做多。
Lot of misinterpretations flying left and right around the $600m ATM. I'm still bullish on $AAOI and I have large positions (which is why I care more). What I've been consistent with is not being a fan of overusing ATMs/dilution for financing. I've said this before with $IREN + $POET. And I'll be consistent with my own positions like AOI. However, the reason I'm still overweight on AOI vs. the rest (looking at you Poet): Is that AOI is actually capacity constrained with high demand visibility. In terms of timing: - AOI should have waited until completion of 1.6T qualifications (expected in the next few weeks) - Could have used other structures like convertible notes above market prices. But they did it on the drop from $220 -> $130, and it's likely there will be short term structural overhang whenever they want to tap into it. I don't have to support every single business decision to remain long.