AAOG is trading at $2.05, with a -3.80% change, as renewed Iran tensions and rising oil prices revive inflation concerns after President Trump rejected Iran’s proposal to reopen the Strait of Hormuz. - U.S. futures are lower; Nasdaq-100 futures were down 0.60%. - Applied Optoelectronics (AAOI), AAOG’s underlying stock, was down about 12.3% pre-market. AAOG targets 2x AAOI’s daily move, though its supplied pre-market decline is smaller.