Let's talk about FN first. Revenue, profit, EPS, and guidance are all solid.

The core sell-off is mainly due to free cash flow turning negative.

However, the spending was on capacity expansion and inventory buildup; more importantly, it reflects expectation realization and chip clearing.

Bullish in the mid-to-long term. No rush to bottom-fish now; wait two or three days for sentiment to cool down.

That said, for TFC (Tianfu), this undoubtedly adds to future imagination space.

If there's a sentiment-driven dip, it could be a good opportunity to cover shorts, potentially filling the gap near 250.

Still, risk warning for Tianfu: positive news has been fully priced in, with significant recent gains.

If FN's mention of supply chain diversification is interpreted as a major headwind...

$Fabrinet(FN.US)$TFC(300394.SZ)