On July 9, AXT Inc rose 8.12% in pre-market trading, trading at $64.85/share, with turnover of $7.83 million.

On the news front, AXT disclosed an SEC filing on July 8 confirming that its subsidiary Tongmei has formally withdrawn its IPO application from the Shanghai Stock Exchange STAR Market, eliminating the overhang of spin-off uncertainty. Simultaneously, the semiconductor equipment sector staged a broad-based rebound, with Applied Materials up 5.56%, KLA-Tencor up 5.53%, Teradyne up 5.86%, and Lam Research up 5.38%, providing systemic sector tailwinds.

The stock has also been supported by a recently announced three-year 6-inch indium phosphide wafer substrate development and supply agreement between its subsidiary Beijing Tongmei and Coherent, an NVIDIA CPO supply partner, with approximately $22.29 million in prepayment. With the global InP substrate supply-demand gap exceeding 70% and lead times extending beyond 24 weeks, the long-term agreement locks in upstream material supply and reinforces earnings visibility.

(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.)