What happened Shares of Applied Optoelectronics (NASDAQ: AAOI) fell 11.5% in June, according to data from S&P Global Market Intelligence. So what On June 9, analyst firm Goldman Sachs issued a warning that high-growth tech stocks looked overheated and could use a big correction. Tech giants and upstarts plunged on that report, and Applied Optoelectronics' stock fell as far as 15.2% that day. Image source: Getty Images. Now what Applied Optoelectronics set itself up for that quick plunge by posting strong gains in the previous 52 weeks. At the start of June, investors could look back at a thrilling one-year return of 586%, and it's not easy to hang on to market-crushing gains like these. Moreover, about half of the company's sales come from supplying fiber-optic components to Amazon.com and its sprawling network of data centers. Amazon shares plunged as much as 8.2% on June 9, dragging Applied Optoelectronics deeper into the red. That being said, Applied Optoelectronics has earned its big gains the hard way. Quarterly sales nearly doubled year over year in the recently reported first quarter, and earnings jumped from near-breakeven to $1.10 per share. If anything, the June correction looks like a serious buying opportunity. 10 stocks we like better than Applied OptoelectronicsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Applied Optoelectronics wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of July 6, 2017Anders Bylund owns shares of AMZN. The Motley Fool owns shares of and recommends AMZN. The Motley Fool has a disclosure policy.