China's control over InP exports threatens AI data centre rollout (Reuters).
With 70%+ control over global output.Just as a reminder on beneficiaries:-> JX Advanced Metals: ~10% InP share-> $AXT(AXTI.US): InP >50% Q1'26 rev-> $Lumentum(LITE.US): maybe the cleanest large cap beneficiary-> $Coherent Corp.(COHR.US): ~1 yr early to 6-inch InP production-> $IQE: InP is "material growth driver throughout 2026 and beyond"Sumitomo Electric win in non-Chinese InP but they're so huge that InP revenue is basically a rounding error to them.Personally treating $AXT(AXTI.US) as a trading vehicle separately to my core hold rn after taking decent profits over the past few weeks.As core holds, I have preference to $Lumentum(LITE.US) / $Coherent Corp.(COHR.US) / $IQE over $AXT(AXTI.US) for InP-thematic exposure w/ less regulator risks. - $Lumentum(LITE.US) for lower China supply beta.- $Coherent Corp.(COHR.US) for higher InP permit torque if u want it.- $IQE for the most asymmetry
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