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Aaoi

Decide whether Applied Optoelectronics' vertically-integrated 800G/1.6T optical-transceiver ramp justifies buying the stock here, or whether the datacenter-optics demand is already more than priced in.

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AVOID-leaning vs QQQ. Axion P(beat QQQ) = 0.33 (curiosity loop 0.42). Real demand, but a rich and dilutive entry (ATM + Amazon warrant overhang).

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