$AAOI file another $600M ATM...after hours on a Friday. Fact - There has been increased interest from hedge fund managers I know to short AAOI this week (historically v. easy money). They now have their short positions laid out right in front of them. The timing of this is extremely sneaky too. Not only AH on a Friday, but also post-Rosenblatt summit where they dropped some bullish commentary. Fatten investors up before chucking them in the oven? It's a very bad look for management overall. I will be re-assessing my personal position over the weekend. There is only so much patience I have, and we all know the AAOI management's "shady" track record in the past.

SOL long-dated ATM has not moved in two weeks: 41.2 pct, inside a 3-point band. The 7d lifted about 7 points over the same window. Same asset, same surface. Nearly all the vol-of-vol lives in the front, and almost nobody prices that asymmetry.