High conviction long-term holding: $AAOI I believe this stock can triple next year. Nvidia recently funded $COHR, which produces 800G/1.6T optical transceivers in Malaysia. $LITE is using FN for mass production in Thailand and also has a manufacturing base in Thailand. I want to emphasize one point: Applied Optoelectronics ($AAOI) is currently the only purely "Made in America" optical transceiver player. The other two so-called "American" optical companies have outsourced production to Asia, while $AAOI has quietly built factories and expanded capacity in Texas over the years. Nvidia's recent funding of $COHR and $LITE is aimed at establishing an American supply chain to isolate geopolitical risks affecting its most critical supply chain. But who has really built the supply chain and been ahead for several years? It is $AAOI. $LITE (market cap $55B) is estimated to have revenue of about $2.91B in fiscal year 2026. $AAOI (market cap $7.1B) is projected to have $4.35B ARR (annual recurring revenue) by the second half of 2027. If the management team executes well (with a gross margin of about 40%), $AAOI will actually directly surpass Lite's entire revenue forecast for fiscal year 2026. Once again: $AAOI (market cap $7B) will directly exceed $LITE (market cap $55B) in the estimated revenue for the entire year of 2026 if it meets its forecast. On the other hand, Asia's $FN is actually projected to have revenue similar to AAOI in 2026, about $4.39B, but with a gross margin of only 12.4%, and a market cap as high as $20B (with a much lower gross margin). Even if $AAOI only achieves 70% of its target, its stock price is likely to be significantly revalued, far exceeding its current market cap. In summary: At the current price level, $AAOI is unlikely to see significant downside risk, especially since there are likely to be 3-4 super large cloud customers (most likely $GOOGL, $MSFT, $AMZN) competing to buy all the capacity it can produce in the coming years. Moreover, $GOOGL is currently not pursuing the CPO route. $AAOI will significantly outperform companies like $CRDO, $ALAB, and $LITE in terms of growth and will benefit from the photonics theme (compared to the copper cable solutions of the former two). As long as the management team can deliver on its promises, $AAOI remains the most asymmetric and high-conviction investment target within a year.