AXT, Inc. is a semiconductor substrate material manufacturer: Core business and products: AXT does not produce final chips, but produces semiconductor substrates for chips. Specifically, two key materials: Gallium Arsenide (GaAs) substrates: This is AXT's traditional strength and core business. GaAs has excellent properties such as high frequency, high speed, and radiation resistance, widely used in: Wireless communication: Power amplifiers (PA) and RF switches in smartphones and base stations. This is the largest market. Optoelectronics: LEDs, lasers (used in fiber optic communication, facial recognition, data centers, etc.)...