On August 7, AXT Inc rose 5.94% in regular trading, trading at $83.55/share, with turnover of $145 million. The stock marked its third consecutive day of rebound following two sessions of profit-taking declines of 9.13% and 9.65%, extending its oversold recovery in resonance with broader semiconductor equipment sector strength.

The rally continues to be driven by the company's Q2 earnings report released on July 30, which massively exceeded expectations. Revenue came in at $47.59 million, far surpassing the consensus estimate of $34.09 million, while adjusted EPS of $0.19 beat estimates by 171%. Indium phosphide substrate revenue reached $30.70 million in a single quarter, a record high, with management characterizing the quarter as a business inflection point driven primarily by data center applications. On the capacity side, the company signed a 3-year primary supply agreement with Coherent and a 6-year long-term agreement with Lumentum, pushing InP backlog above $100 million.

Within the Semiconductor Equipment sector, peers traded broadly higher, with ASML up 3.26%, Lam Research up 2.67%, Applied Materials up 2.80%, KLA Corporation up 4.00%, and Onto Innovation up 15.36%.

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