原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
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.
翻译：
围绕这笔 6 亿美元 ATM，很多解读都偏了。我对 $AAOI 依然看多，而且仓位很大（所以我更在意这件事）。
我一直保持一致的观点是，不喜欢过度使用 ATM / 稀释来融资。我之前对 $IREN 和 $POET 也这么说过。
而且我也会对自己持有的仓位保持一致，比如 AOI。
不过，为什么相比其他标的我现在还是更偏重 AOI（@Poet 你也在看）：
AOI 其实是产能受限，而且需求可见度很高。
从时机上看：
- AOI 本来应该等到 1.6T 认证完成后再做这件事（预计就在未来几周内）
- 也可以用其他结构，比如高于市价的可转债
但他们是在股价从 $220 跌到 $130 的过程中做的，而且一旦他们想启用这笔融资工具，短期内很可能都会有结构性的压制。
我不需要支持每一个商业决策，才能继续持有。
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.
翻译：
围绕这笔 6 亿美元 ATM，很多解读都偏了。我对 $AAOI 依然看多，而且仓位很大（所以我更在意这件事）。
我一直保持一致的观点是，不喜欢过度使用 ATM / 稀释来融资。我之前对 $IREN 和 $POET 也这么说过。
而且我也会对自己持有的仓位保持一致，比如 AOI。
不过，为什么相比其他标的我现在还是更偏重 AOI（@Poet 你也在看）：
AOI 其实是产能受限，而且需求可见度很高。
从时机上看：
- AOI 本来应该等到 1.6T 认证完成后再做这件事（预计就在未来几周内）
- 也可以用其他结构，比如高于市价的可转债
但他们是在股价从 $220 跌到 $130 的过程中做的，而且一旦他们想启用这笔融资工具，短期内很可能都会有结构性的压制。
我不需要支持每一个商业决策，才能继续持有。
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