AXTI is trading 4.3% down at $60.80, experiencing profit-taking and a technical correction after a significant, momentum-driven rally. The rally was notably driven by a three-year supply agreement with Coherent, announced on July 6th, which saw AXTI shares jump over 17%. Analysts have highlighted valuation concerns following the stock's recent surge, and insider selling was also reported in mid-June. Elevated pre-earnings volatility across AI-adjacent semiconductor names continues to amplify pullbacks after significant recent gains.