MEXC Futures is tightening terms around AXT (AXTI) trading, cutting maximum leverage on AXTIUSDT perpetual contracts from 50x to 20x during the Q3 2026 earnings window on October 29 between 19:00 and 22:00 UTC.
AXT’s share price has had a sharp run, with a 1-day share price return of 8.05% and a 90-day share price return of 31.59%. However, recent momentum has cooled, as the 30-day share price return declined 28.72%.
Scan beyond AXT and see how other fast-moving chip-related plays stack up using our hand-picked list of 55 AI infrastructure stocks.
AXT has surged over the past quarter but momentum has recently flipped hard. After that kind of whiplash, does the current price still pay investors enough for the earnings risk on the table?
Most Popular AXT Narrative: 39% Undervalued
Based on the most followed narrative, AXT’s fair value of $91.60 sits well above the last close at $56.27. This puts a lot of weight on how its AI and data connectivity story unfolds from here.
Accelerating global demand for high-speed data center connectivity and AI infrastructure is driving increased adoption of indium phosphide substrates, where AXT is a top supplier with 40% share. As export permit headwinds ease, this pent-up demand is expected to produce sharp revenue growth and improved utilization of manufacturing capacity.
See why 45 investors see AXT as 39% undervalued.
Result: Fair Value of $91.60 (UNDERVALUED)
Still, heavy reliance on Chinese customers and continued pressure on margins from export permit delays could quickly challenge the narrative that AXT is 39% undervalued.
Find out about the key risks to this AXT narrative.
Another View On AXT: Rich On Sales Multiple
The first narrative leans on future earnings and a fair value of $91.60 for AXT. On a simple P/S lens today, the picture looks very different. AXT trades at 28.8x sales versus 6.4x for the US Semiconductor group and a 3.8x peer average, while the fair ratio points to 24.8x.
That gap means buyers are already paying a heavy premium for each dollar of current revenue, with less margin for disappointment if forecasts or AI demand soften. Which story do you trust more: the optimistic earnings roadmap, or the richer sales multiple staring back at you today?
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Mixed signals like these often split opinion on AXT, so move quickly, review the full picture yourself, and weigh up the 2 key rewards and 3 important warning signs.
Looking for more investment ideas beyond AXT?
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