AXT (NasdaqGS:AXTI) FY Conference January 14, 2026 03:00 PM ET Company ParticipantsTim Bettles - VP of Business Development, Strategic Sales, and MarketingGary Fischer - VP and CFOConference Call ParticipantsNone - Analyst 3None - Analyst 1None - Analyst 4None - Analyst 5Charles Shi - Senior Analyst of Semiconductors and Semicap EquipmentNone - Analyst 2Charles ShiHello. Good afternoon. This is the 28th Needham Growth Conference. My name is Charles Shi. I'm the Semicap Analyst here at Needham. Joining me on ...

Core Insights - Marvell Technology is acquiring semiconductor startup Celestial AI for $3.25 billion, which is expected to enhance its capabilities in photonics technology and contribute to future revenue growth [1][5][6] Company Overview - Marvell anticipates total revenue of approximately $10 billion for the next fiscal year, with a projected 25% increase in data center revenue [3] - The company expects a 20% growth in its custom chip business revenue next year [4] Industry Context - The generative AI boom is accelerating chipmakers' development processes, leading to increased demand for custom chips tailored for advanced data centers [2] - Marvell and competitors like Broadcom are focusing on designing chips for cloud-computing companies, which has become a significant business segment [2] Acquisition Details - The acquisition of Celestial AI will provide Marvell access to photonics technology, which utilizes light for connections between AI chips and memory chips, positioning it against competitors like Broadcom and Nvidia [5] - The deal includes $1 billion in cash and 27.2 million shares of Marvell common stock valued at $2.25 billion [6] Future Projections - Marvell expects to see meaningful revenue contributions from Celestial AI starting in the second half of fiscal 2028, with an annualized run rate of $500 million by Q4 of fiscal 2028, potentially doubling to $1 billion by Q4 of fiscal 2029 [7] - The acquisition is projected to close in Q1 of calendar year 2026 [7] Strategic Partnerships - In relation to the Celestial acquisition, Marvell has issued a warrant to Amazon, allowing Amazon to purchase Marvell shares based on its acquisition of photonic fabric products until the end of 2030 [8]

Summary of LightwaveLogic Inc. Update Conference Call Company Overview - **Company**: LightwaveLogic Inc. - **Date of Call**: July 31, 2025 Key Industry Insights - **Industry**: Organic LED and Electro-Optic Polymer (EOP) technology - **Market Trends**: Significant investments in semiconductor companies integrating photonics into their solutions, particularly in AI connectivity and hyperscale data centers [14][15][20] Core Points and Arguments 1. **Recent Developments**: Announcement of Perkinamine polymer reliability and advanced encapsulation technique, marking a significant milestone for polymer materials [5][12] 2. **Challenges in Organic LED Industry**: Historical reliability issues related to operational lifespan, moisture, and oxygen sensitivity have been addressed over the years, leading to mainstream adoption [6][5] 3. **Polymer Reliability**: LightwaveLogic has developed unique structures (chromophores) to enhance temperature performance and has made breakthroughs in oxygen protection through atomic layer deposition (ALD) [7][8][12] 4. **Testing and Validation**: Successful completion of reliability tests on polymers under elevated temperature and humidity conditions, with plans to extend testing to devices like silicon photonics chips [10][11][29] 5. **Market Opportunities**: Emergence of co-package optics (CPO) as a new trend replacing copper connectivity with optical technology, requiring high bandwidth and low power solutions [15][16][17] 6. **Customer Engagement**: Active collaborations with tier one customers, including a Fortune 500 company, to validate performance and design of silicon photonics chips [21][22] 7. **Future Expectations**: Anticipation of having three to five customers at stage three of the design win cycle by the end of 2025, indicating readiness for high-volume production [25][24] Additional Important Content - **Continuous Improvement Philosophy**: Emphasis on ongoing enhancements to materials and processes to meet increasing reliability demands driven by new applications [27] - **Foundry Partnerships**: Collaboration with foundries to ensure compatibility and performance of processes, with a focus on transitioning to larger wafer sizes in the future [32] - **Technical and Commercial Milestones**: Acknowledgment of the complex design win cycle process, which can take 18 to 24 months, involving multiple stakeholders [33] - **CPO Ecosystem**: Active involvement in defining the role of EOP materials in the emerging CPO market, which is still in the early stages of development [35] This summary encapsulates the key points discussed during the LightwaveLogic Inc. update conference call, highlighting the company's advancements, market opportunities, and strategic direction in the evolving landscape of electro-optic technologies.

Investment Rating - The report maintains a "Buy" rating for Zhongji InnoLight with a target price reduced to CNY 125, implying a 54% upside from the closing price of CNY 81.19 on April 21, 2025 [5][26]. Core Insights - The company experienced significant revenue and earnings growth in FY24, with year-on-year revenue growth of 122.6% and earnings growth of 142.6%. However, 1Q25 revenue growth was subdued at 37.8% year-on-year due to a shortage of EML chips, while earnings rose 56.8% year-on-year, driven by better gross profit margins [1][2][19]. - Demand for 800G transceivers is expected to remain strong, while demand for 1.6T transceivers may slow down this year but is anticipated to ramp up next year. The easing of the EML chip shortage is expected to improve shipment volumes in the coming quarters [2][19]. - The report highlights that a temporary tariff exemption is currently easing margin pressure and may boost near-term shipments, although the risk of a tariff hike remains a concern [3][19]. Financial Summary - FY24 revenue was reported at CNY 23,862 million, with a projected revenue of CNY 37,228 million for FY25 and CNY 41,462 million for FY26. The normalized net profit for FY24 was CNY 5,171 million, with projections of CNY 8,202 million for FY25 and CNY 9,373 million for FY26 [4][10]. - The gross profit margin (GPM) is expected to improve slightly, with FY25-26F GPM raised by 0.1 percentage points due to a better product mix [16][19]. - The company is currently trading at a normalized P/E of 9.7x for FY26F, which is below the median P/E range of the China electronic/communication component companies [1][4][19].