$FN is down 18.59% YTD. Look at this chart. Latest quarter → Revenue up 45% YoY → Data-center revenue up 68% YoY → Adjusted EPS up 55% YoY Data centers now account for 51% of sales. Communications infrastructure grew 40% too, so the growth is coming from more than one part of the business. At $370, they’re trading at ~26.3x the $14.09 of adjusted EPS they earned in FY2026. Management’s next-quarter outlook was for another sequential revenue record. The selling has come alongside a sharp reset in optical valuations. B. Riley (tends to lean quite bearish on optical) cut its target from $598 to $431 citing that multiple compression. And FN’s expansion is consuming cash. After funding inventory and capacity, FY2026 free cash flow was only about $4M.