中文翻译
谢谢。我们可能暂时看不到磷化铟(InP)衬底瓶颈，但随着超大规模云服务商ASIC（TPU、Trainium、Maia等）放量，预计2026年中将出现类似存储的供应紧张。这并不意味着材料供应商应像$LITE那样估值，但整个未来AI建设存在单一故障点，且源自$AXTI这样一家市值仅6亿美元的小公司，这很有趣。
· 供应链分析
AI ASIC放量或致InP衬底短缺，AXTI成关键瓶颈。
英文原文
Thanks, we might not see a InP substrate bottleneck yet, but we’ll likely see it when hyperscaler ASICs (TPU, Trainium, Maia, etc.) ramp up -> supply strains like memory mid-2026. That doesn’t quite mean material providers should be valued like $LITE, but the fact that the entire future AI buildout has a single point of failure that comes from a small $600m company like $AXTI is amusing.