AXT shares rise 19.72% intraday as GaAs wafer market growth driven by 5G, VCSEL, and satellite expansion boosts core business.

AXT surged 19.72% intraday, driven by a January 2026 market report projecting 11.8% CAGR growth in the GaAs wafer market through 2026, fueled by 5G infrastructure, VCSEL systems, and satellite communications expansion, and the appointment of Leonard LeBlanc as independent audit committee chair, enhancing governance and compliance with Nasdaq and SEC requirements.