$AAOI's biggest risk: customer concentration. Their top 10 customers make up 96.6% of revenue. Just two customers made up 82% of total revenue last year. But that's true for almost every company in the AI bottleneck trade. There are really only five or so hyperscalers buying at this scale. The other risk is Chinese vendors who can make these modules much cheaper. "That's the biggest risk AOI has."
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