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More ... latest change: 2025-02-04

Culper Research is Short Applied Optoelectronics, Inc. (AAOI)

We are short Applied Optoelectronics ("AAOI", "Applied", "the Company"), a manufacturer of optical transceivers and networking components used in data centers and cable television equipment. AAOI claims its next-generation 800G transceivers have been undergoing qualifications representing "more than $500 million or even $600 million" in revenues, but our research – including 20+ interviews with former AAOI employees, competitors, hyperscalers, and industry experts, as well as our visits to AAOI's facilities – suggests that AAOI has wildly misrepresented its 800G prospects, cannot scale 800G production as claimed, and has already squandered its chances with potential customers.