BlackRock, Inc. filed a Schedule 13G/A with the SEC, reporting a passive 14.3% stake in AXT, Inc. (AXTI) as of September 30, 2026. BlackRock beneficially owns 9,359,639 shares of AXT common stock. It has sole voting power over 9,254,836 shares and sole dispositive power over its entire holding.
The disclosure comes as demand for AXT’s indium phosphide (InP) substrates rises with the expansion of AI data-center infrastructure. AXT reported record InP revenue in the second quarter of 2026. The company is expanding production capacity to meet strong customer demand and a backlog exceeding $100 million. AXT stock has significantly outperformed its sector year to date.