$AAOI has now completed the entire $600M ATM they filed on August 21. 5.69M shares sold at an average price of $105.36, raising ~$588M net. AAOI specifically points to growing demand for high-speed optical connectivity in AI data centers and says the proceeds will support manufacturing expansion for data center optical devices. And since the ATM was filed, we have watched them: • Add significant manufacturing space in Houston • Buy another Houston facility for $26.8M cash • Lease a new ~412k sq ft manufacturing facility in China • Expand in-house InP laser production They didn't file a $600M ATM just to have the option. They used the whole thing in roughly six weeks. Now I want to know what they are building all this capacity for.