AXT (AXTI)
Market Price (8/23/2026): $69.52 | Market Cap: $4.3 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
AXT (AXTI)
Market Price (8/23/2026): $69.52Market Cap: $4.3 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% Megatrend and thematic driversMegatrends include Artificial Intelligence, 5G & Advanced Connectivity, and Advanced Materials. Themes include Data Centers & Infrastructure, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Expensive valuation multiplesP/SPrice/Sales ratio is 35x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 846x, P/EPrice/Earnings or Price/(Net Income) is 1,068x Stock price has recently run up significantly6M Rtn6 month market price return is 138%, 12M Rtn12 month market price return is 2409% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% High stock price volatilityVol 12M is 153% Key risksAXTI key risks include [1] revenue shortfalls and negative gross margins resulting from Chinese export restrictions on key materials, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, 5G & Advanced Connectivity, and Advanced Materials. Themes include Data Centers & Infrastructure, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 35x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 846x, P/EPrice/Earnings or Price/(Net Income) is 1,068x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 138%, 12M Rtn12 month market price return is 2409% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| High stock price volatilityVol 12M is 153% |
| Key risksAXTI key risks include [1] revenue shortfalls and negative gross margins resulting from Chinese export restrictions on key materials, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/19/2026
AXT (AXTI) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Overheated Valuation Led to Significant Profit-Taking.
AXT (AXTI) experienced an exceptionally strong rally in the preceding year, with returns of approximately 3700%. This surge pushed its valuation significantly above industry averages, with a Price-to-Earnings (P/E) ratio of 3,671.50 compared to an industry median of 40.22, and a Price-to-Sales (P/S) ratio of 42.1x versus an industry average of 7.2x. This elevated valuation created a high bar for sustained upside, making the stock susceptible to substantial profit-taking. The stock peaked above $140 on May 22, 2026, and subsequently began a pullback.
2. Broader Semiconductor Sector "Risk-Off" Sentiment.
Despite AXT's strong company-specific performance, the stock experienced a sharp decline due to a broader "risk-off wave hitting AI hardware names". On August 18, 2026, optics stocks, including AXT, sold off as investors reassessed companies that had already posted very large year-to-date gains. This sector-wide sentiment shift, impacting AI-related semiconductor and optical components, contributed to AXT shares falling 10.8% to $73.43 on August 19, 2026.
Show more
AXT (AXTI) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Overheated Valuation Led to Significant Profit-Taking.
AXT (AXTI) experienced an exceptionally strong rally in the preceding year, with returns of approximately 3700%. This surge pushed its valuation significantly above industry averages, with a Price-to-Earnings (P/E) ratio of 3,671.50 compared to an industry median of 40.22, and a Price-to-Sales (P/S) ratio of 42.1x versus an industry average of 7.2x. This elevated valuation created a high bar for sustained upside, making the stock susceptible to substantial profit-taking. The stock peaked above $140 on May 22, 2026, and subsequently began a pullback.
2. Broader Semiconductor Sector "Risk-Off" Sentiment.
Despite AXT's strong company-specific performance, the stock experienced a sharp decline due to a broader "risk-off wave hitting AI hardware names". On August 18, 2026, optics stocks, including AXT, sold off as investors reassessed companies that had already posted very large year-to-date gains. This sector-wide sentiment shift, impacting AI-related semiconductor and optical components, contributed to AXT shares falling 10.8% to $73.43 on August 19, 2026.
Show more
Updated on 8/19/2026
AXT (AXTI) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Overheated Valuation Led to Significant Profit-Taking.
AXT (AXTI) experienced an exceptionally strong rally in the preceding year, with returns of approximately 3700%. This surge pushed its valuation significantly above industry averages, with a Price-to-Earnings (P/E) ratio of 3,671.50 compared to an industry median of 40.22, and a Price-to-Sales (P/S) ratio of 42.1x versus an industry average of 7.2x. This elevated valuation created a high bar for sustained upside, making the stock susceptible to substantial profit-taking. The stock peaked above $140 on May 22, 2026, and subsequently began a pullback.
2. Broader Semiconductor Sector "Risk-Off" Sentiment.
Despite AXT's strong company-specific performance, the stock experienced a sharp decline due to a broader "risk-off wave hitting AI hardware names". On August 18, 2026, optics stocks, including AXT, sold off as investors reassessed companies that had already posted very large year-to-date gains. This sector-wide sentiment shift, impacting AI-related semiconductor and optical components, contributed to AXT shares falling 10.8% to $73.43 on August 19, 2026.
3. Uncertainty from Tongmei IPO Withdrawal and Export Permit Delays.
The withdrawal of the planned Initial Public Offering (IPO) for AXT's Chinese subsidiary, Tongmei, in July 2026, triggered redemption rights on approximately $49 million of redeemable noncontrolling interests, introducing a financial obligation. Furthermore, "persistent and unpredictable export permit delays and government-imposed trade restrictions in China" continue to pose a significant "source of uncertainty" for AXT's access to key international markets for its gallium arsenide and indium phosphide substrates, potentially limiting long-term revenue growth regardless of global demand trends.
Show less
AXT (AXTI) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Overheated Valuation Led to Significant Profit-Taking.
AXT (AXTI) experienced an exceptionally strong rally in the preceding year, with returns of approximately 3700%. This surge pushed its valuation significantly above industry averages, with a Price-to-Earnings (P/E) ratio of 3,671.50 compared to an industry median of 40.22, and a Price-to-Sales (P/S) ratio of 42.1x versus an industry average of 7.2x. This elevated valuation created a high bar for sustained upside, making the stock susceptible to substantial profit-taking. The stock peaked above $140 on May 22, 2026, and subsequently began a pullback.
2. Broader Semiconductor Sector "Risk-Off" Sentiment.
Despite AXT's strong company-specific performance, the stock experienced a sharp decline due to a broader "risk-off wave hitting AI hardware names". On August 18, 2026, optics stocks, including AXT, sold off as investors reassessed companies that had already posted very large year-to-date gains. This sector-wide sentiment shift, impacting AI-related semiconductor and optical components, contributed to AXT shares falling 10.8% to $73.43 on August 19, 2026.
3. Uncertainty from Tongmei IPO Withdrawal and Export Permit Delays.
The withdrawal of the planned Initial Public Offering (IPO) for AXT's Chinese subsidiary, Tongmei, in July 2026, triggered redemption rights on approximately $49 million of redeemable noncontrolling interests, introducing a financial obligation. Furthermore, "persistent and unpredictable export permit delays and government-imposed trade restrictions in China" continue to pose a significant "source of uncertainty" for AXT's access to key international markets for its gallium arsenide and indium phosphide substrates, potentially limiting long-term revenue growth regardless of global demand trends.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -10.7% change in AXTI stock from 4/30/2026 to 8/22/2026 was primarily driven by a -27.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.22 | 70.74 | -10.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88 | 126 | 42.1% |
| P/S Multiple | 40.0 | 34.5 | -13.8% |
| Shares Outstanding (Mil) | 45 | 61 | -27.1% |
| Cumulative Contribution | -10.7% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| AXTI | -10.7% | |
| Market (SPY) | 6.5% | 33.5% |
| Sector (XLK) | 14.9% | 50.7% |
Fundamental Drivers
The 281.6% change in AXTI stock from 1/31/2026 to 8/22/2026 was primarily driven by a 283.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.54 | 70.74 | 281.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 126 | 38.9% |
| P/S Multiple | 9.0 | 34.5 | 283.8% |
| Shares Outstanding (Mil) | 44 | 61 | -28.4% |
| Cumulative Contribution | 281.6% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| AXTI | 281.6% | |
| Market (SPY) | 11.0% | 36.0% |
| Sector (XLK) | 27.6% | 47.8% |
Fundamental Drivers
The 3301.0% change in AXTI stock from 7/31/2025 to 8/22/2026 was primarily driven by a 3558.0% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.08 | 70.74 | 3301.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 96 | 126 | 30.7% |
| P/S Multiple | 0.9 | 34.5 | 3558.0% |
| Shares Outstanding (Mil) | 44 | 61 | -28.9% |
| Cumulative Contribution | 3301.0% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| AXTI | 3301.0% | |
| Market (SPY) | 22.2% | 35.7% |
| Sector (XLK) | 40.1% | 45.3% |
Fundamental Drivers
The 2174.6% change in AXTI stock from 7/31/2023 to 8/22/2026 was primarily driven by a 7416.0% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.11 | 70.74 | 2174.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 121 | 126 | 3.8% |
| Net Income Margin (%) | 7.7% | 3.2% | -58.0% |
| P/E Multiple | 14.2 | 1,068.4 | 7416.0% |
| Shares Outstanding (Mil) | 42 | 61 | -30.6% |
| Cumulative Contribution | 2174.6% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| AXTI | 2174.6% | |
| Market (SPY) | 73.2% | 30.1% |
| Sector (XLK) | 109.4% | 36.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AXTI Return | -8% | -50% | -45% | -10% | 653% | 347% | 664% |
| Peers Return | -10% | -49% | 24% | 118% | 37% | 54% | 163% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| AXTI Win Rate | 50% | 25% | 33% | 58% | 58% | 75% | |
| Peers Win Rate | 58% | 42% | 42% | 75% | 42% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AXTI Max Drawdown | -51% | -56% | -70% | -68% | -52% | -74% | |
| Peers Max Drawdown | -45% | -60% | -48% | -30% | -53% | -60% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COHR, WOLF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | AXTI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.5% | -18.8% |
| % Gain to Breakeven | 97.8% | 23.1% |
| Time to Breakeven | 62 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.1% | -7.8% |
| % Gain to Breakeven | 49.6% | 8.5% |
| Time to Breakeven | 401 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.9% | -9.5% |
| % Gain to Breakeven | 51.3% | 10.5% |
| Time to Breakeven | 114 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -56.3% | -6.7% |
| % Gain to Breakeven | 128.8% | 7.1% |
| Time to Breakeven | 907 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.5% | -24.5% |
| % Gain to Breakeven | 110.5% | 32.4% |
| Time to Breakeven | 1118 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.4% | -33.7% |
| % Gain to Breakeven | 114.8% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
In The Past
AXT's stock fell -49.5% during the 2025 US Tariff Shock. Such a loss loss requires a 97.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | AXTI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.5% | -18.8% |
| % Gain to Breakeven | 97.8% | 23.1% |
| Time to Breakeven | 62 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.1% | -7.8% |
| % Gain to Breakeven | 49.6% | 8.5% |
| Time to Breakeven | 401 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.9% | -9.5% |
| % Gain to Breakeven | 51.3% | 10.5% |
| Time to Breakeven | 114 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -56.3% | -6.7% |
| % Gain to Breakeven | 128.8% | 7.1% |
| Time to Breakeven | 907 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.5% | -24.5% |
| % Gain to Breakeven | 110.5% | 32.4% |
| Time to Breakeven | 1118 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.4% | -33.7% |
| % Gain to Breakeven | 114.8% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.7% | -19.2% |
| % Gain to Breakeven | 80.8% | 23.8% |
| Time to Breakeven | 667 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.0% | -6.8% |
| % Gain to Breakeven | 26.6% | 7.3% |
| Time to Breakeven | 55 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -21.8% | -0.2% |
| % Gain to Breakeven | 27.9% | 0.2% |
| Time to Breakeven | 125 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.3% | -17.9% |
| % Gain to Breakeven | 67.4% | 21.8% |
| Time to Breakeven | 1947 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.9% | -53.4% |
| % Gain to Breakeven | 800.0% | 114.4% |
| Time to Breakeven | 507 days | 1085 days |
In The Past
AXT's stock fell -49.5% during the 2025 US Tariff Shock. Such a loss loss requires a 97.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AXT (AXTI)
AXT, Inc. (AXTI) is a technology company specializing in the design, development, manufacturing, and distribution of advanced semiconductor substrates. Utilizing proprietary vertical gradient freeze technology, AXT produces foundational materials that are critical components in a wide array of high-tech electronic and optoelectronic devices. Essentially, AXT provides the high-purity base materials upon which many modern semiconductor chips and light-emitting components are built.
The company's main products include Indium Phosphide (InP) substrates, which are vital for applications like data center connectivity, 5G communications, fiber optic lasers, and lidar for autonomous vehicles. AXT also produces Gallium Arsenide (GaAs) substrates, both semi-insulating for Wi-Fi, IoT, and power amplifiers, and semi-conducting for LEDs, 3-D sensing (VCSELs), and industrial robotics sensors. Additionally, Germanium (Ge) substrates are offered for multi-junction solar cells in satellites and infrared detectors. Beyond substrates, AXT supplies high-purity raw materials such as gallium and boron trioxide, along with specialized pyrolytic boron nitride (pBN) crucibles used in the manufacturing process.
AXT serves diverse, high-growth global markets, including telecommunications (5G, fiber optics), data centers, consumer electronics (Wi-Fi, IoT, displays, 3D sensing), automotive (lidar), aerospace (satellite solar cells), and industrial applications (robotics, laser machining). The company distributes its products through a direct salesforce in key regions like the United States, China, and Europe, and through a network of independent sales representatives and distributors across Asia and other international markets, supporting the advanced technology needs of a global customer base.
AI Analysis | Feedback
Here are 1-2 brief analogies for AXT (AXTI):
- Corning for advanced semiconductor materials. AXT provides specialized substrates (like indium phosphide and gallium arsenide) that are foundational components for high-tech devices, similar to how Corning provides specialized glass and ceramics for displays and fiber optics.
- Shin-Etsu Chemical or Sumco for compound semiconductor wafers. AXT specializes in producing high-performance compound semiconductor wafers for specific advanced applications (e.g., 5G, photonics, lidar), playing a role akin to Shin-Etsu Chemical or Sumco for standard silicon wafers.
AI Analysis | Feedback
AXT, Inc. (AXTI) provides the following major products:
- Indium Phosphide (InP) Substrates: Semiconductor substrates essential for data center connectivity, 5G communications, fiber optics, and various photonics and sensing applications.
- Gallium Arsenide (GaAs) Substrates: Semiconductor substrates (both semi-insulating and semi-conducting) used in Wi-Fi and IoT devices, power amplifiers, LEDs, laser applications, and solar cells.
- Germanium (Ge) Substrates: Semiconductor substrates primarily utilized for multi-junction solar cells in satellites, optical sensors and detectors, and infrared applications.
- Purified Gallium: High-purity metallic gallium, offered in 6N+ and 7N+ grades.
- Boron Trioxide: A chemical compound used as a raw material in various industrial processes.
- Gallium-Magnesium Alloy: A specific metallic alloy composed of gallium and magnesium.
- Pyrolytic Boron Nitride (pBN) Products: High-purity, high-temperature resistant materials provided as crucibles and insulating parts.
AI Analysis | Feedback
AXT, Inc. (AXTI) designs, develops, manufactures, and distributes semiconductor substrates and related materials, indicating it primarily sells to other companies (B2B).
Based on the provided description, AXT's products are critical components for businesses operating in a wide range of high-tech sectors, including:
- Companies involved in data center connectivity, 5G communications, and fiber optics (e.g., using light/lasers, silicon photonics, VCSELs).
- Manufacturers of Wi-Fi and IoT devices, transistors, direct broadcast television, power amplifiers, and satellite communications equipment.
- Producers of LEDs, screen displays, printer head lasers, 3-D sensing solutions (VCSELs), and near-infrared sensors.
- Enterprises focused on solar energy (terrestrial, multi-junction, and concentrated photovoltaic cells).
- Developers of advanced technologies for robotics, autonomous vehicles (lidar), and infrared thermal imaging.
- Suppliers for aerospace and defense applications.
However, the provided background information does not explicitly name any specific major customer companies or their public symbols. Therefore, a list of individual customer companies cannot be provided.
AI Analysis | Feedback
null
AI Analysis | Feedback
Morris S. Young, Ph. D. Chief Executive Officer and Chairman of the Board
Morris Young co-founded AXT in 1986 and has served as a director since 1989. He held the roles of Chairman of the Board, President, and Chief Executive Officer from 1989 to May 2004, and then as Chief Technology Officer from 2004 until his retirement in 2006. Dr. Young was reappointed as Chief Executive Officer on July 16, 2009, and as Chairman of the Board of Directors on August 12, 2021. Prior to founding AXT, he worked as a physicist at Lawrence Livermore National Laboratory from 1985 to 1989 and as a member of the technical staff at AT&T Bell Labs.
Gary L. Fischer Vice President and Chief Financial Officer
Gary Fischer joined AXT as Vice President and Chief Financial Officer in August 2014. He is responsible for AXT's global finance and accounting organization. Mr. Fischer has extensive experience in Silicon Valley, including work in Asia and Europe. In 1993, he became the Chief Financial Officer of ISSI, an advanced memory solutions company, which he took public in 1995, later becoming its President and Chief Operating Officer. He also served as VP and CFO at Shaman-Labs and as President & COO, CFO, and Board Member at Integrated Silicon Solution Inc. In 2005, he joined eRide, a fabless semiconductor company, which was acquired in 2009. Following this, he consulted for various growth companies on finance and M&A projects.
Dr. Wei Gao Chief Technical Officer
Dr. Wei Gao oversees AXT's critical research and development efforts in compound semiconductor substrates. Dr. Gao is also the founder of Axcel Photonics, Inc. His past experience includes roles as Senior Engineer in the Optoelectronics Division at Nortel Networks, VP of Sales and Marketing at Precision Digital Corporation, VP of Engineering at Raydex Technology Inc., and Principal at Lasertron, Inc., Peking University, and Multiplex, Inc.
Timothy Bettles Vice President of Business Development
Timothy Bettles focuses on market expansion and strategic partnerships for AXT.
AI Analysis | Feedback
Here are the key risks to AXT, Inc.'s business:
- Export Control Regulations and Geopolitical Tensions: AXT's operations are significantly exposed to geopolitical risks, particularly concerning China's export control regulations. China has placed indium phosphide, a critical material for AXT, on its export control list, requiring government permits for every overseas shipment. This introduces considerable uncertainty into revenue forecasting and can lead to opaque and volatile shipment interruptions, directly impacting the company's ability to recognize revenue and deliver products to international customers. The company's strong operational base in China exacerbates its vulnerability to these trade policies.
- Volatile Revenue and Profitability / Cyclical Demand: AXT has experienced significant volatility in its revenue and margin performance. The company's revenue has seen substantial year-over-year swings, including a near 50% drop between 2022 and 2023 due to softer demand in compound semiconductor end markets. AXT faces financial challenges, including negative earnings and declining margins, and operates within the semiconductor industry, which is inherently subject to cyclical demand.
- Execution Risks Related to Capacity Expansion and Operational Efficiency: AXT is undertaking ambitious plans to double its indium phosphide production capacity. Such large-scale capacity expansion inherently carries execution challenges. The company has previously faced issues with production yields in certain gallium arsenide products and challenges related to underutilized manufacturing capacity, indicating ongoing operational efficiency risks.
AI Analysis | Feedback
null
AI Analysis | Feedback
Addressable Markets for AXT's Main Products
AXT, Inc. (AXTI) manufactures and distributes compound and single element semiconductor substrates, including indium phosphide, gallium arsenide, and germanium. The addressable markets for these main products are global.Indium Phosphide (InP) Substrates
The global indium phosphide (InP) wafer market was valued at approximately USD 198.17 million in 2025 and is projected to reach USD 385.65 million by 2031, growing at a compound annual growth rate (CAGR) of 11.73% from 2026 to 2031. Another estimate places the global InP Wafer Market at USD 211.3 million in 2025, with a projection to reach USD 627.7 million by 2035 at an 11.5% CAGR. Demand for InP substrates is driven by high-speed optical communication infrastructure, 5G and emerging 6G networks, photonic integrated circuits (PICs), data center connectivity, and advanced sensing applications like LiDAR.Gallium Arsenide (GaAs) Substrates
The global gallium arsenide (GaAs) substrate market is estimated at USD 1.5 billion in 2025 and is projected to reach approximately USD 2.8 billion by 2033, growing at a CAGR of 8% from 2025 to 2033. More specifically, the global gallium arsenide wafer market size is estimated at USD 1.46 billion in 2026, with projections to reach USD 2.48 billion by 2031, exhibiting an 11.27% CAGR over 2026-2031. Semi-insulating GaAs substrates accounted for 53.15% of the gallium arsenide wafer market share in 2025. This growth is fueled by increasing demand in wireless communication, 5G technologies, optoelectronic devices, and high-frequency applications for devices like RF amplifiers and optoelectronic components.Germanium (Ge) Substrates
The global germanium wafer (Ge Wafer) market size was valued at approximately USD 250 million in 2023 and is projected to reach around USD 450 million by 2032, expanding at a CAGR of 6.5% during the forecast period. This market growth is primarily driven by the increasing demand for advanced semiconductor materials and optoelectronic devices, particularly for high-efficiency solar cells (including multi-junction solar cells for satellites and terrestrial concentrated photovoltaics), high-speed electronics, and infrared optics.Other Materials
For purified gallium, boron trioxide, gallium-magnesium alloy, pyrolytic boron nitride (pBN) crucibles, and pBN insulating parts, specific addressable market sizes are not readily available in the provided information.AI Analysis | Feedback
AXT, Inc. (AXTI) is poised for future revenue growth over the next two to three years, driven by several key factors in the compound semiconductor market.
Here are 3-5 expected drivers of future revenue growth for AXT:
- Surging Demand for Indium Phosphide (InP) in AI Data Centers and Optical Connectivity: AXT is a foundational supplier of Indium Phosphide (InP) substrates, which are critical for high-speed optical connections essential in advanced artificial intelligence (AI) data centers and communication networks. The accelerating build-out of AI infrastructure is significantly increasing the demand for these specialized wafers.
- Expansion of Indium Phosphide (InP) Manufacturing Capacity: To meet the robust demand for InP, AXT is actively expanding its manufacturing capabilities. The company aims to more than double its Indium Phosphide production capacity by the end of 2026 compared to 2025 levels, utilizing proceeds from recent public offerings to fund this expansion.
- Broadening Customer Base with Tier-1 Companies: AXT is strategically broadening its customer base to include Tier-1 companies, particularly within the AI infrastructure sector, where it previously had limited exposure. This expansion to larger, high-volume customers is expected to drive significant revenue growth.
- Growth in Gallium Arsenide (GaAs) and Germanium (Ge) Substrates and Raw Material Joint Ventures: Beyond InP, AXT anticipates continued healthy demand across its other product categories, including semi-insulating and semi-conducting Gallium Arsenide (GaAs) and Germanium (Ge) substrates. The company's consolidated raw material joint ventures also contribute positively, ensuring a stable supply chain and supporting overall revenue.
- Resolution and Improved Efficiency of Export Permit Processes: Recent revenue has been impacted by delays in export permits from China for Indium Phosphide shipments. However, AXT expects the permit issuance process to improve, allowing them to fulfill a substantial backlog of orders and achieve sequential revenue growth in early 2026. This improved predictability in export logistics is crucial for consistent revenue streams.
AI Analysis | Feedback
Share Issuance
- AXT completed an underwritten public offering in December 2025, raising approximately $87 million in gross proceeds from the sale of 7,098,492 shares of common stock at $12.25 per share.
- The company also granted the underwriter an option to purchase up to 1,064,773 additional shares, which, if fully exercised, would bring the total gross proceeds to approximately $100 million.
- The net proceeds from this offering are primarily designated to increase the manufacturing capacity of its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., for indium phosphide substrates, as well as for research and development and general corporate purposes.
Capital Expenditures
- AXT Inc. invested $2.2 million in capital expenditures during Q3 2025, marking a 679.6% increase from the prior quarter.
- Capital expenditures for fiscal year 2025 amounted to $5.8 million, impacting free cash flow.
- The company plans to more than double its indium phosphide manufacturing capacity in the second half of 2026, driven by strong demand from AI infrastructure build-out and high-speed optical connectivity markets.
Peer Outperformance in Semiconductor Materials & Equipment
AXTI has outperformed 96% of its 26 Semiconductor Materials & Equipment peers over 5Y. Semiconductor Materials & Equipment ranks 2nd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Semiconductor Materials & Equipment constituents that AXTI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 27 industry peers · 2408.5% return
3Y
100%
of 27 industry peers · 2872.3% return
5Y
96%
of 26 industry peers · 677.4% return
No Semiconductor Materials & Equipment peer with a comparable growth profile has beaten AXTI by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductor Materials & Equipment is AXTI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.5% | 200.4% | 341.0% | FLEX 746% · TTMI 687% · JBL 432% |
| Semiconductor Materials & Equipment ← | 27 | 137.0% | 74.6% | 125.0% | AEHR 1645% · AXTI 677% · KLAC 488% |
| Technology Distributors | 9 | 21.8% | 61.4% | 77.5% | CLMB 340% · AVT 153% · SNX 113% |
| Electronic Components | 26 | 54.5% | 61.3% | 57.7% | CLS 3221% · BELFA 1309% · LPTH 617% |
| Communications Equipment | 35 | 29.8% | 82.4% | 42.0% | AAOI 1755% · LITE 905% · ANET 715% |
| Semiconductors | 54 | 31.6% | 30.5% | 31.0% | POET 1926% · MU 1282% · NVDA 881% |
| Technology Hardware, Storage & Peripherals | 22 | 31.2% | 76.3% | 22.5% | STX 976% · SMCI 936% · WDC 891% |
| Internet Services & Infrastructure | 6 | 13.9% | 38.3% | 15.1% | DOCN 109% · GDDY 36% · VRSN 34% |
| Electronic Equipment & Instruments | 27 | -7.9% | 17.2% | -3.6% | PI 215% · SOTK 138% · NSSC 125% |
| IT Consulting & Other Services | 28 | -25.2% | -7.3% | -18.3% | CHRN 627400% · APLD 1844% · TSSI 695% |
| Application Software | 123 | -19.6% | -10.4% | -42.5% | VIDA 394900% · INLX 5338% · PLTR 625% |
| Systems Software | 69 | -7.8% | 14.7% | -51.2% | QNC 845% · PANW 476% · PAYS 446% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 70.74 |
| Mkt Cap | 4.3 |
| Rev LTM | 665 |
| Op Inc LTM | 5 |
| FCF LTM | -308 |
| FCF 3Y Avg | -115 |
| CFO LTM | -6 |
| CFO 3Y Avg | 206 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 34.2% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 33.7% |
| QoQ Delta Rev Chg LTM | 7.8% |
| Op Inc Chg LTM | 95.0% |
| Op Inc Chg 3Y Avg | 58.7% |
| Op Mgn LTM | 4.2% |
| Op Mgn 3Y Avg | -2.4% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | -4.6% |
| CFO/Rev 3Y Avg | -0.5% |
| FCF/Rev LTM | -15.6% |
| FCF/Rev 3Y Avg | -9.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Substrates | 59 | 68 | 47 | 111 | 103 |
| Raw Materials and Other | 29 | 32 | 28 | 30 | 34 |
| Total | 88 | 99 | 76 | 141 | 137 |
| $ Mil | 2002 | 2001 | 2000 |
|---|---|---|---|
| Opto-electronics Division | -34 | ||
| Subtrates Division | -40 | 20 | 34 |
| Visible Emitter Division | -13 | -19 | |
| Total | -73 | 8 | 15 |
| $ Mil | 2002 | 2001 | 2000 |
|---|---|---|---|
| Subtrates Division | 121 | 194 | 216 |
| Opto-electronics Division | 25 | ||
| Visible Emitter Division | 33 | ||
| Total | 146 | 194 | 249 |
Price Behavior
Price Behavior
| Market Price | $70.74 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 05/21/1998 | |
| Distance from 52W High | -49.8% | |
| 50 Days | 200 Days | |
| DMA Price | $66.74 | $51.69 |
| DMA Trend | up | down |
| Distance from DMA | 6.0% | 36.8% |
| 3M | 1YR | |
| Volatility | 171.0% | 153.3% |
| Downside Capture | 731.44 | 256.18 |
| Upside Capture | 338.85 | 587.54 |
| Correlation (SPY) | 42.6% | 36.0% |
AXTI Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 10.74 | 6.19 | 4.66 | 4.70 | 4.32 | 2.38 |
| Up Beta | 22.22 | 9.03 | 4.90 | 4.02 | 3.99 | 1.09 |
| Down Beta | 1.64 | 1.58 | 1.00 | 2.89 | 4.62 | 2.56 |
| Up Capture | 1089% | 795% | 750% | 3180% | 11736% | 69063% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 31 | 67 | 139 | 362 |
| Down Capture | 826% | 500% | 430% | 248% | 165% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 32 | 59 | 110 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXTI | |
|---|---|---|---|---|
| AXTI | 2,756.1% | 153.2% | 2.91 | - |
| Sector ETF (XLK) | 41.9% | 26.0% | 1.31 | 45.6% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 35.6% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 7.2% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 0.1% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | -7.1% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 21.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXTI | |
|---|---|---|---|---|
| AXTI | 46.5% | 101.7% | 0.83 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 37.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 32.2% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 4.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 4.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 14.3% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXTI | |
|---|---|---|---|---|
| AXTI | 32.1% | 86.0% | 0.71 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 37.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 33.1% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 4.6% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 9.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 17.9% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 21.2% | 36.9% | 38.3% |
| 2/19/2026 | 24.7% | 55.9% | 127.8% |
| 10/30/2025 | 8.6% | 21.2% | 60.7% |
| 7/31/2025 | -7.7% | -1.0% | 39.4% |
| 5/1/2025 | 3.0% | -3.0% | 16.3% |
| 2/20/2025 | -31.0% | -27.9% | -26.6% |
| 10/31/2024 | -18.1% | -18.1% | -14.2% |
| 8/1/2024 | -18.5% | -24.3% | -19.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 9.8% | 11.9% | 34.2% |
| Median Negative | -8.2% | -11.0% | -8.8% |
| Max Positive | 69.3% | 88.2% | 127.8% |
| Max Negative | -31.0% | -27.9% | -37.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 21.2% | 36.9% | 38.3% |
| 2/19/2026 | 24.7% | 55.9% | 127.8% |
| 10/30/2025 | 8.6% | 21.2% | 60.7% |
| 7/31/2025 | -7.7% | -1.0% | 39.4% |
| 5/1/2025 | 3.0% | -3.0% | 16.3% |
| 2/20/2025 | -31.0% | -27.9% | -26.6% |
| 10/31/2024 | -18.1% | -18.1% | -14.2% |
| 8/1/2024 | -18.5% | -24.3% | -19.5% |
| 5/2/2024 | 20.8% | 17.8% | 17.2% |
| 2/22/2024 | 69.3% | 88.2% | 117.1% |
| 11/2/2023 | 9.8% | 1.0% | -1.0% |
| 8/3/2023 | -1.4% | -10.1% | -10.8% |
| 4/27/2023 | -14.7% | -11.2% | 16.9% |
| 2/16/2023 | -17.3% | -23.7% | -37.1% |
| 10/27/2022 | 2.0% | 4.2% | 14.6% |
| 7/28/2022 | 24.9% | 32.5% | 30.2% |
| 4/28/2022 | -0.8% | -1.3% | -2.7% |
| 2/16/2022 | -4.0% | -8.6% | -8.6% |
| 10/27/2021 | -8.2% | 2.0% | -5.0% |
| 7/27/2021 | 8.0% | 6.0% | -1.3% |
| 4/28/2021 | -7.6% | -15.9% | -8.9% |
| 2/18/2021 | 27.1% | 5.3% | 8.4% |
| 10/28/2020 | 9.2% | 2.3% | 79.3% |
| 7/22/2020 | 0.8% | -10.8% | -5.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 9.8% | 11.9% | 34.2% |
| Median Negative | -8.2% | -11.0% | -8.8% |
| Max Positive | 69.3% | 88.2% | 127.8% |
| Max Negative | -31.0% | -27.9% | -37.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/23/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Leblanc, Leonard J | Direct | Sell | 8192026 | 96.07 | 4,000 | 384,280 | 10,868,314 | Form | |
| 2 | Leblanc, Leonard J | Direct | Sell | 8192026 | 88.31 | 2,000 | 176,630 | 10,344,248 | Form | |
| 3 | Leblanc, Leonard J | Direct | Sell | 8192026 | 89.59 | 500 | 44,795 | 10,672,767 | Form | |
| 4 | Chen, Jesse | Direct | Sell | 6172026 | 115.24 | 6,172 | 711,284 | 5,793,877 | Form | |
| 5 | Chang, David C | Direct | Sell | 6172026 | 111.17 | 8,333 | 926,392 | 7,244,491 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Leblanc, Leonard J | Direct | Sell | 8192026 | 96.07 | 4,000 | 384,280 | 10,868,314 | Form | |
| 2 | Leblanc, Leonard J | Direct | Sell | 8192026 | 88.31 | 2,000 | 176,630 | 10,344,248 | Form | |
| 3 | Leblanc, Leonard J | Direct | Sell | 8192026 | 89.59 | 500 | 44,795 | 10,672,767 | Form | |
| 4 | Chen, Jesse | Direct | Sell | 6172026 | 115.24 | 6,172 | 711,284 | 5,793,877 | Form | |
| 5 | Chang, David C | Direct | Sell | 6172026 | 111.17 | 8,333 | 926,392 | 7,244,491 | Form | |
| 6 | Chen, Jesse | Direct | Sell | 6152026 | 95.77 | 13,000 | 1,245,059 | 5,406,144 | Form | |
| 7 | Chen, Jesse | Direct | Sell | 6152026 | 88.55 | 9,000 | 796,933 | 6,149,400 | Form | |
| 8 | Chen, Jesse | Direct | Sell | 6102026 | 86.73 | 9,000 | 780,580 | 6,803,795 | Form | |
| 9 | Chen, Jesse | Direct | Sell | 6102026 | 93.30 | 1,500 | 139,950 | 8,158,805 | Form | |
| 10 | Chen, Jesse | Direct | Sell | 6102026 | 94.00 | 6,000 | 564,007 | 8,361,125 | Form | |
| 11 | Chen, Jesse | Direct | Sell | 6052026 | 108.28 | 6,133 | 664,074 | 10,199,105 | Form | |
| 12 | Chen, Jesse | Direct | Sell | 6052026 | 111.36 | 4,000 | 445,440 | 11,172,303 | Form | |
| 13 | Young, Morris S | CEO | Direct | Sell | 6032026 | 113.33 | 123,601 | 14,007,590 | 243,604,640 | Form |
| 14 | Chen, Jesse | Direct | Sell | 6032026 | 111.03 | 2,000 | 222,065 | 11,583,577 | Form | |
| 15 | Young, Morris S | CEO | Direct | Sell | 6032026 | 112.39 | 73,897 | 8,305,336 | 254,152,237 | Form |
| 16 | Chen, Jesse | Direct | Sell | 6032026 | 111.56 | 3,200 | 356,997 | 11,861,888 | Form | |
| 17 | Chen, Jesse | Direct | Sell | 3162026 | 50.25 | 8,083 | 406,168 | 5,503,649 | Form | |
| 18 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 3162026 | 51.13 | 37,905 | 1,938,018 | 116,333,653 | Form |
| 19 | Fischer, Gary L | CFO | Direct | Sell | 3162026 | 50.64 | 80,776 | 4,090,715 | 9,686,834 | Form |
| 20 | Chen, Jesse | Direct | Sell | 3162026 | 48.95 | 6,003 | 293,871 | 5,757,443 | Form | |
| 21 | Fischer, Gary L | CFO | Direct | Sell | 3162026 | 50.20 | 8,256 | 414,431 | 13,656,431 | Form |
| 22 | Chen, Jesse | Direct | Sell | 3122026 | 47.13 | 15,000 | 706,941 | 5,825,759 | Form | |
| 23 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 3122026 | 45.60 | 30,832 | 1,405,908 | 105,481,112 | Form |
| 24 | Chang, David C | Direct | Sell | 3122026 | 46.00 | 20,000 | 919,918 | 3,345,926 | Form | |
| 25 | Chen, Jesse | Direct | Sell | 3122026 | 46.15 | 14,000 | 646,106 | 6,396,999 | Form | |
| 26 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 3102026 | 36.51 | 125,893 | 4,596,656 | 85,587,439 | Form |
| 27 | Chen, Jesse | Direct | Sell | 3102026 | 37.69 | 12,452 | 469,335 | 5,752,175 | Form | |
| 28 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 3102026 | 39.65 | 8,300 | 329,063 | 97,924,449 | Form |
| 29 | Chen, Jesse | Direct | Sell | 3102026 | 36.63 | 2,000 | 73,260 | 6,046,294 | Form | |
| 30 | Chang, David C | Direct | Sell | 3052026 | 38.42 | 20,000 | 768,476 | 3,563,577 | Form | |
| 31 | Chen, Jesse | Direct | Sell | 3052026 | 38.26 | 11,147 | 426,511 | 6,392,270 | Form | |
| 32 | Chang, David C | Direct | Sell | 3052026 | 38.53 | 20,000 | 770,638 | 4,344,241 | Form | |
| 33 | Chen, Jesse | Direct | Sell | 3052026 | 38.83 | 8,800 | 341,685 | 6,919,541 | Form | |
| 34 | Chen, Jesse | Direct | Sell | 3032026 | 40.49 | 11,007 | 445,694 | 7,572,431 | Form | |
| 35 | Chen, Jesse | Direct | Sell | 3032026 | 45.59 | 11,320 | 516,116 | 9,028,294 | Form | |
| 36 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 3032026 | 43.32 | 159,536 | 6,911,466 | 107,527,595 | Form |
| 37 | Fischer, Gary L | CFO | Direct | Sell | 3032026 | 41.45 | 405,233 | 16,798,934 | 11,620,251 | Form |
| 38 | Chang, David C | DAVID C CHANG TTEE DAVID C.CHANG REVOCABLE TRUST | Sell | 12092025 | 14.84 | 25,000 | 371,025 | 1,970,054 | Form | |
| 39 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 12092025 | 12.46 | 37,160 | 462,902 | 30,624,339 | Form |
| 40 | Young, Morris S | CEO | Young Family Trust DTD | Sell | 12082025 | 12.05 | 35,000 | 421,750 | 30,071,546 | Form |
| 41 | Chang, David C | DAVID C CHANG TTEE DAVID C.CHANG REVOCABLE TRUST | Sell | 12022025 | 12.33 | 25,000 | 308,250 | 1,944,984 | Form | |
| 42 | Chang, David C | DAVID C CHANG TTEE DAVID C.CHANG REVOCABLE TRUST | Sell | 12022025 | 10.72 | 25,000 | 268,000 | 1,959,016 | Form | |
| 43 | Young, Morris S | CEO | Direct | Sell | 11182025 | 10.39 | 33,130 | 344,386 | 25,741,762 | Form |
| 44 | Fischer, Gary L | CFO | Direct | Sell | 11132025 | 10.14 | 101,297 | 1,026,949 | 3,669,926 | Form |
| 45 | Leblanc, Leonard J | Direct | Sell | 11102025 | 8.41 | 3,637 | 30,587 | 999,739 | Form | |
| 46 | Fischer, Gary L | CFO | Direct | Sell | 11062025 | 8.87 | 22,675 | 201,177 | 4,110,437 | Form |
| 47 | Chang, David C | Direct | Sell | 11062025 | 8.94 | 100,000 | 894,040 | 1,857,314 | Form | |
| 48 | Fischer, Gary L | CFO | Direct | Sell | 11052025 | 9.21 | 52,515 | 483,600 | 4,475,191 | Form |
| 49 | Fischer, Gary L | CFO | Direct | Sell | 11052025 | 8.09 | 27,720 | 224,183 | 4,354,936 | Form |
| 50 | Young, Morris S | CEO | BY YOUNG FAMILY TRUST DTD | Sell | 11042025 | 8.65 | 80,000 | 691,848 | 21,096,953 | Form |
Investor Activity (13F)
Updated Aug 23, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| E20 Capital Ltd | $117.9 Mil | 11.1% | 22 | New | 13F |
| Monolith Management Ltd | $16.0 Mil | 6.2% | 31 | TRIM -37.1% | 13F |
| Anatole Investment Management Ltd | $26.4 Mil | 3.7% | 15 | New | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $19.1 Mil | 2.1% | 37 | TRIM -76.0% | 13F |
| Anther Capital Ltd | $74.5 Mil | 1.9% | 31 | New | 13F |
| WT Asset Management Ltd | $76.8 Mil | 1.6% | 32 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| E20 Capital Ltd | $117.9 Mil | 11.1% | 22 | New | 13F |
| WT Asset Management Ltd | $76.8 Mil | 1.6% | 32 | New | 13F |
| Anther Capital Ltd | $74.5 Mil | 1.9% | 31 | New | 13F |
| Anatole Investment Management Ltd | $26.4 Mil | 3.7% | 15 | New | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $19.1 Mil | 2.1% | 37 | TRIM -76.0% | 13F |
| Monolith Management Ltd | $16.0 Mil | 6.2% | 31 | TRIM -37.1% | 13F |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 8/22/2026