On June 25, AXT Inc rose 8.85% overnight, trading at $74.94/share, with turnover of $452,300. The rebound follows a sharp pullback on June 23-24 driven by profit-taking after consecutive surges, and was accompanied by a broader semiconductor sector recovery.

On the news front, China's customs authorities have intensified scrutiny of metallic indium exports, with European buyers required for the first time to disclose end-user information and North American buyer approval timelines extended from same-day processing to several days. China supplies nearly 70% of global indium and holds 100% of 7N high-purity indium refining capacity domestically, with no scalable overseas alternative capacity available. The global indium phosphide supply-demand gap exceeds 70%, reinforcing the supply chain scarcity thesis.

As the leading US-listed InP substrate manufacturer, AXT Inc continues to benefit from material scarcity premiums. The semiconductor equipment sector broadly rallied overnight, with Applied Materials up 6.46%, Lam Research up 5.48%, and ASML up 5.12%, providing additional sector-level support.

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