On June 2, Applied Optoelectronics rose 5.29% in pre-market trading, trading at $196.37/share, with trading volume of approximately $14.66 million.

On the news front, prominent investor Serenity publicly stated that AAOI is their most favored US photonics stock, suggesting it could be the next SanDisk. Serenity noted that photonics companies are approaching a revenue acceleration inflection point, expected around the first half of next year, with the industry currently still in capacity building phase. Serenity, who began accumulating shares around $28, emphasized that the core question is no longer demand but rather how much the company can produce, as AI data center demand for high-speed optical interconnect surges.

The stock had previously pulled back from mid-May highs due to Q1 EPS of -$0.12 missing expectations and a $600 million ATM financing plan weighing on sentiment. However, the company's Xinbei factory 800G optical module capacity recently received hyperscale customer production approval, with year-end monthly capacity projected to exceed 100,000 units. Serenity's bullish stance combined with capacity expansion progress is driving the ongoing rebound.

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