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Discussion: The Entire AI Buildout (Google, NVDA, MSFT) Is dependent on this $700m Monopoly - $15 -> $150 PT.
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uh it's probably one of the hardest things in the world to produce indium phosphide and InP substrate.
There's only two companies (AXTI and Sumitomo) that produce the substrate at scale right now (with JX at like 10%).
InP is like EXTREMELY hard. Laser-grade feedstock must be at least 6N (99.9999%) pure. Even trace amounts of impurities (Silicon, Sulfur, Zinc), cannot be used like they do in other segments like LED.
It takes years to set up this supply chain and everyone started to pivot to photonics in 2025. So yeah, there's no way around AXTI for the next 2 years.