On June 18, AXT Inc rose 5.31% in pre-market trading, trading at $97.0/share, with turnover of $4.1422 million.

On the news front, AXT's subsidiary Beijing Tongmei Xtal Technology entered into a long-term supply agreement with Nanjing Casela Technologies on June 11. Under the agreement, Casela committed to purchasing indium phosphide wafer substrates from Tongmei for a total price of 173 million Chinese renminbi from January 1 through December 31, 2027, with a minimum purchase requirement of 80% of the fixed aggregate quantity. This locks in a stable revenue source for the company.

Simultaneously, China's export controls on indium phosphide and upstream high-purity indium remain stringent, with rejection rates on export applications from US and Japanese companies exceeding 80%, creating a supply-demand gap of over 70% globally. As the leading US-listed InP substrate producer, AXT Inc continues to benefit from supply chain scarcity premiums. Within the Semiconductor Equipment sector, Applied Materials rose 4.61%, Lam Research rose 5.03%, KLA-Tencor rose 4.44%, and ASML rose 2.9%.

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