AXT Inc. Stock Surges 5,100% While Bitcoin and Ethereum Drop 40% in a Year
Over the past 12 months, Bitcoin and Ethereum lost nearly 40% and 35% respectively, while AXT Inc. (AXTI) surged over 5,100%, making it one of the top-performing AI-linked stocks. AXT is a California-based semiconductor company specializing in Indium Phosphide substrates, critical for AI data center optical interconnects. Its stock rose from $1.74 in June 2025 to $89 by June 2026, briefly hitting an all-time high of $140. The rally was driven by explosive AI infrastructure demand from hyperscalers like Google and Amazon, with AXT controlling about 40% of the global Indium Phosphide supply. In Q1 2026, AXT reported $26.9 million revenue (up 39% YoY) and a record backlog over $100 million. Meanwhile, Bitcoin dropped from $110,000 to $60,700, with ETF outflows exceeding $1.7 billion in a single week, and Ethereum fell from $2,685 to $1,560. The contrast highlights how specialized 'picks and shovels' suppliers in the AI supply chain can outperform major crypto assets, though AXT remains volatile due to valuation and China exposure risks.
Key facts
- AXT Inc. stock surged 5,100% in 12 months, from $1.74 to $89.
- AXT controls ~40% of global Indium Phosphide supply for AI data centers.
- Bitcoin dropped ~40% to $60,700; Ethereum fell ~35% to $1,560.
- Bitcoin ETF outflows exceeded $1.7 billion in a single week.
- AXT Q1 2026 revenue rose 39% YoY to $26.9M with record backlog.