$AAOI AAOI’s plan to exceed 1 million high-speed optical transceivers a month has a power constraint at the factory level. In its November 5 earnings release, the company said its 2027 U.S. capacity expansion will take longer because obtaining electrical power is taking longer than expected, alongside other construction issues. AOI still targets enough installed equipment to support more than 500,000 800G and 1.6T units a month by end-2026, and manufacturing capacity above 1 million a month by end-2027. We see a second layer to the AI power bottleneck. The factories supplying data-center networking also need electricity to expand. That means a utility connection can affect when manufacturing investment starts generating shipments and revenue. For AAOI, the next useful milestone is confirmation that the delayed U.S. expansion has secured the power it needs, followed by commissioning and the production ramp. The capacity targets make those execution milestones worth watching.