Research Reports
Monthly analysis tracking capital flows through the AI ecosystem. From hyperscaler investments to fundamental resource producers.
December 2025
FreeThe Silicon Ceiling and the Indium Key: A Strategic Analysis of AXT Inc.
The AI "Growth" Story Ends in 2026. Unless We Fix the Physics. Our latest deep dive uncovers the single most obscure, yet critical bottleneck in the AI supply chain: Indium Phosphide (InP), essential for the photonics shift. AXT Inc. ($AXTI) controls ~30-35% of the world's substrate capacity and access to raw materials, making it a critical choke point for hyperscalers like Google, Microsoft, and Nvidia. As AI compute scales, securing InP becomes a multi-trillion dollar imperative.
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