### @InP-supply — Confirmed — from the filing and earnings call; the two-vs-three gap noted
Indium phosphide is the foundational wafer material for datacenter optics: the lasers that carry data between AI chips are grown on it. Whether two or three suppliers globally — AXT's filing says three, its CEO says two — every commercially significant maker sits in China or Japan. No substrate manufacturing exists in the United States or Europe. The light starts here, and the permits decide where it goes.
- tier: Confirmed (✓)
- source: InP-supply / Two suppliers or three - either way, none in the West
- receipt: https://ticker.thevixguy.com/p/p-day-20260717-inp-supply-src-inp-supply-concentration-conversation
- posted: 2026-07-17T01:23:25.345Z