Applied Optoelectronics is experiencing hypergrowth, driven by surging demand for 800G/1.6T optical transceivers and aggressive capacity expansion. AAOI raised full-year revenue guidance to $1.1B, with management projecting sequential quarterly growth and a potential $6B annualized run rate by mid-2027. Despite margin compression and significant dilution, AAOI's valuation remains attractive at under 10x NTM sales for a company targeting 120% CAGR through FY28.