On July 9, AXT Inc rose 8.58% in regular trading, trading at $63.885/share, with turnover of $170 million. The rally was driven by multiple catalysts including a sector-wide rebound and company-specific positive developments.

On the news front, AXT disclosed an SEC filing on July 8 confirming that its subsidiary Tongmei formally withdrew its IPO application from the Shanghai Stock Exchange STAR Market, eliminating overhang uncertainty related to a potential spin-off listing. Concurrently, the semiconductor equipment sector saw broad-based strength, with KLA up 10.34%, Applied Materials up 9.07%, Lam Research up 9.0%, and Teradyne up 6.59%, providing systematic sector tailwinds.

Additionally, optical communications stocks rallied broadly as Meta announced up to $145 billion in AI infrastructure spending this year, boosting demand expectations for photonic materials. AXT further benefits from its previously announced three-year 6-inch indium phosphide wafer substrate supply agreement with Coherent, which included approximately $22.29 million in prepayments, reinforcing earnings visibility amid a global InP supply gap exceeding 70%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)