$AAOI reports on Thursday. The stock is gapping 17% today, reversing sharply from under $80 last week, but still trading roughly 50% off ATH. If you own this stock, very special attention is required because revenue and earnings for Q2 will be largely immaterial, as the ramp was always inflecting in H2. Do not go in with the assumption AAOI's print will melt faces, that's not what asymmetric investors are watching. They will instead be glued to the management call, which is also what mattered in Q1. $AAOI stock dumped after the most recent Q1 ER dropped, but the management call raised guidance on top of what was already a mind bending ramp. One of the best pure equity swings I've called out, $AAOI reversed from $130 to over $200 in a matter of days. So here's what me and the team at @AsymmetricBets_ are looking for to see if the thesis is on track, such as: - One number in the Q3 guide that either confirms the back half or breaks it. - Whether the 800G unit ramp management promised actually showed up, and whether 1.6T starts shipping when they said it would. - And whether the year end margin target and the operating income guide survive the call fully intact. $AXTI sits at the very bottom of the InP chain and ripped 50% in a day after earnings. Photonics earnings season is officially a go. Get our pre-earnings prep report here: asymmetricalbets.substack.co…