# Applied Optoelectronics (AAOI) — Axion Equity Dossier

**Verdict.** **AVOID-leaning vs QQQ.** Axion P(beat QQQ) = 0.33 (curiosity loop 0.42). Real demand, but a rich and dilutive entry (ATM + Amazon warrant overhang).

Full published report: https://aaoi-dossier.us-east-1.gists.org