AXTI is trading 4.6% down at $60.56 as investors lock in gains following a sharp momentum spike driven by a significant supply agreement.
- The stock surged more than 17% on July 6 after announcing a three-year indium phosphide wafer supply deal with Coherent, which included a $22.3 million prepayment.
- Today's decline is characterized as a technical pullback and profit-taking, with broader volatility in the semiconductor and AI sectors adding to short-term trading pressure.