AXT’s recent results showed stronger demand for its indium phosphide substrates used in AI data centers, with revenue improving and net losses narrowing, supported by a US$632.5 million equity raise to expand capacity and fund research and development. The company’s backlog tied to AI infrastructure and management’s guidance for an earnings inflection, combined with easing export constraints, highlight how closely AXT’s fortunes are now linked to the build-out of high-speed data...