What AI bubble is AAOI in?

Applied Optoelectronics, Inc. (AAOI) is mapped to the Networking / Optical bubble on QuantAbundancia. Applied Optoelectronics - datacenter optical transceivers (400G/800G); hyperscaler bandwidth-buildout pure play.

What sector is AAOI in?

Applied Optoelectronics, Inc. is classified under GICS Information Technology (Communications Equipment).

What is AAOI's last close price?

AAOI last closed at $135.69 on 2026-06-26.

AAOI

NASDAQNext earnings·Aug 6AnalystsBuy·5+12%

Applied Optoelectronics, Inc.

Information Technology · Communications Equipment

$135.69last close

+388.6%~252d

Price

+388.62% over 1Y

Fib key $102.49

Thesis

as of 2026-06-26

AI optical transceiver vendor for hyperscaler datacenter networks (400G/800G interconnect). FY25 revenue $456M (+83% YoY), Q1 FY26 $151M (+51% YoY) on 5 sequentially-accelerating quarters; Amazon ~50% historical concentration. Trades 24x P/S on $12.4Bn mcap with +50% YoY share dilution overhang.

•2026-03-31 Q1 FY26 - revenue $151.1M (+51% YoY vs Q1 FY25 $99.9M); 5th consecutive sequentially-accelerating quarter (SEC EDGAR 10-Q)
•2025-12-31 FY25 - revenue $455.7M (+83% YoY vs FY24 $249.4M). The inflection year (SEC EDGAR 10-K)
•Quarterly trajectory: Q1'25 $99.9M → Q2 $103.0M → Q3 $118.6M → Q4 $134.2M → Q1'26 $151.1M
•Product line: 400G + 800G optical transceivers (LR4 / FR4 / DR4 form factors) for hyperscaler datacenter AI compute clusters
•Customer concentration: Amazon Web Services historically ~50% of revenue; Microsoft + Cisco material; specific quarterly customer mix not disclosed
•Capital structure: shares outstanding 80.24M (+49.96% YoY from ~53M base). +50% YoY dilution material to per-share economics; per-share revenue growth ~22% in FY25 vs 83% topline
•2026-05-28 read-through - DELL Q1 FY27 print disclosed $24.4Bn AI orders booked + raised FY27 AI server guide to ~$60Bn (+144% YoY). Every $1 of AI server revenue carries embedded optical interconnect spend; AAOI is the dominant US-listed 400G/800G pure-play
•Snapshot 2026-05-29: spot $154.66 (−8.54% session), 30% off ATH ~$220-230. Market cap $12.42Bn, EV $13.40Bn. TTM revenue $506.9M = P/S 24.5x, EV/Sales 26.4x. Peer comp: CRDO ~14x, LITE ~3.5x, CIEN ~2.2x
•Setup tension: hypergrowth (+50%) + hyperdilution (+50%) + customer concentration (~50% on Amazon). Bull case is sustained sequential acceleration through FY26 toward $700-750M revenue + hyperscaler capex confirmation from DELL/MSFT/META capex disclosures. Bear case is Amazon capex revision, continued dilution outpacing topline, or competitive pressure from Coherent + CRDO scaling. Next print Q2 FY26 ~early August 2026.

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Frequently asked questions

What AI bubble is AAOI in?: Applied Optoelectronics, Inc. (AAOI) is mapped to the Networking / Optical bubble on QuantAbundancia. Applied Optoelectronics - datacenter optical transceivers (400G/800G); hyperscaler bandwidth-buildout pure play.
What sector is AAOI in?: Applied Optoelectronics, Inc. is classified under GICS Information Technology (Communications Equipment).
What is AAOI's last close price?: AAOI last closed at $135.69 on 2026-06-26.