On July 21, AXT Inc rose 8.42% in pre-market trading, trading at approximately $52.89/share with turnover of $7.04 million, extending gains from the prior session.

On the news front, the indium phosphide (InP) substrate supply-demand gap continues to widen as hyperscale cloud providers accelerate AI data center buildouts, pushing the optical communication supply chain into a tight supply phase. Institutions project 2-inch InP substrate prices to rise 42% to 76%, and 3-inch substrates approximately 78%. The company recently signed a master development and supply agreement with Coherent effective June 25, and its subsidiary Tongmei entered a 173 million RMB long-term supply contract with Nanjing Casela Technologies for InP wafer substrates, significantly enhancing order visibility.

The broader semiconductor equipment sector traded higher, with Teradyne up 7.97%, Applied Materials up 7.29%, Lam Research up 6.92%, KLA-Tencor up 5.73%, and ASML up 3.48%, providing additional sector-wide momentum.

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