Look, there is a divergence in AXT's own disclosures about how many InP substrate suppliers exist, and it is worth holding both halves. Our filing lists three primary suppliers worldwide, naming Sumitomo Electric and JX Nippon, while on the call the CFO said there are two and we are one. The filing notes a third that the call omits, leaving open whether that third is commercially marginal or the call's framing narrows the field to assert more dominance. Both statements stand as management’s; neither has been reconciled. Okay?

Look, we raised $632.5 million gross in April to fund our InP roadmap. First doubling to ~$35M/quarter by end-2026 is funded and committed in a repurposed Beijing site. Next step to $65-70M by end-2027 is planned and funded but not yet contracted; 2028 is direction. Management frames demand at roughly 10x that first doubling — their claim — but cautions adding capacity versus delivering wafers are two different things. Long-term agreements with larger customers and hyperscalers discussed, not signed. No customer named. Okay?

Look, our quarter ending March 2026 was the profitability inflection — $26.9 million revenue, up 39% year over year, non-GAAP gross margin 29.9% from negative territory. InP hit $13.6 million, a tad north of half the business, datacenter-driven, backlog over $100 million. Next quarter guided as our largest InP quarter ever, past the pandemic record. June quarter profitability on both GAAP and non-GAAP, built on the roughly $34 million we already have permits for or need none. Okay?

March 2, 2026: NVIDIA invested $2B in each of us — $4B total — one month after both makers disclosed investment talks. Coherent secured a multiyear CPO deal through the decade. Lumentum's capex 2.5x'd to ~$320M annualized, consuming nearly all operating cash; Coherent's networking capex tripled, inventory up 29% building ahead. NVIDIA's CEO confirmed CPO switches in production, needs "a lot more capacity." Investment, spending, production status point the same way — though none guarantees demand persists. The biggest buyer's checkbook matches the queue.