AXT

AXT makes the specialized wafers that exotic chips are built on, rather than the chips themselves. Its business is producing compound-semiconductor substrates, the base material for parts made from indium phosphide, gallium arsenide and germanium, which are used where ordinary silicon falls short: in fiber-optic lasers, high-frequency wireless chips and certain sensors. Interest in the company has picked up because indium phosphide is central to the optical components that connect AI accelerators inside data centers, tying this small materials firm to the AI-infrastructure theme. Founded in 1986 and headquartered in Fremont, California, with much of its manufacturing in China, AXT sits awkwardly in the middle of US-China trade tensions, since export controls on critical materials can cut both ways for it. The stock is small, thinly traded and volatile, a niche bet on demand for the compound-semiconductor substrates that go into next-generation optics and communications.

On MyRWA, AXTI trades tokenized across 17 on-chain venues - see the listings below.