原文：

原文：
It's getting much harder to support $AAOI when they keep dropping $500m or $600M ATMs left and right.

At a certain point, the operating outlook could be positive.

But the share structure/financing becomes increasingly shareholder unfriendly.

Really, really, dislike ATMs and incessant capital raises, even if they're building up capacity.

翻译：
当他们不断动不动就抛出 5 亿或 6 亿美元的 ATM 融资时，要继续支持 $AAOI 就越来越难了。

到了一定程度，经营前景可能会转为正面。

但股权结构/融资安排会变得越来越不利于股东。

真的，非常不喜欢 ATM 和没完没了的增发融资，即便他们是在扩产。