Management emphasized that indium phosphide is the key driver of recent investor interest. Fischer said AXT has “the best product in the market for indium phosphide,” and argued that the market has become more aware of indium phosphide’s role in data center infrastructure. He described indium phosphide as “one of the first items in the value chain” for AI data centers.Bettles said gallium arsenide is the material the company was founded on, with applications including industrial lasers, VCSELs used in data ...