AAOI is trading 5.6% down at $130.74 as investors reassess the stock's lofty valuation following a rapid run-up. - The pullback is compounded by analyst concerns over delays in the company's crucial 800G product ramp and doubts about near-term execution. - The selloff is also fueled by a broader risk-off mood in optical networking and AI infrastructure names, with traders locking in profits on high-multiple stories.