Quick Note - Global AI Trend Tracker - AI expert call 69 takeaways – InP / Epi wafer

研报英文原文证据摘录

Quick Note - Global AI Trend Tracker - AI expert call 69 takeaways – InP / Epi wafer

Global Markets Research

1 July 2026Global AI Trend Tracker

EQUITY: TECHNOLOGY

AI expert call 69 takeaways – InP / Epi wafer Research Analysts

China Technology

Bing Duan - NIHKQuick Note bing.duan1@nomura.com

+852 2252 2141We hosted our AI Expert Call Series #69 on 30 June with an expert specialized in optical

laser chips. The expert discussed the technology barriers, competitive landscape, price

dynamics for InP and Epi (epitaxial) wafer, and also talked about the supply-demand gap

for upstream materials, as well as EML/CW laser chip output. Our key takeaways are

below:

Technology barriers for producing InP wafer and Epi wafer

• The core challenges of InP wafer fabrication are the transition from polycrystalline to

monocrystalline, as well as cleaning and surface treatment on the wafer, reducing metal

residues or impurities as much as possible, according to the expert.

• The key technology barriers of epitaxial growth include: 1) MOCVD equipment

performance; 2) the quality of the InP wafer; and 3) the industry know-how regarding

materials, processes, and epitaxial structure design. Moreover, epitaxial growth on large-

size wafer (i.e. 6-inch) is more challenging, with stricter requirements for equipment and

process parameters, according to the expert.

Competitive landscape of InP wafer and Epi wafer fabrication

• The top tier of global InP wafer makers include Sumitomo Electric (5802 JP, covered by

Yuji Matsumoto, Buy), JX Metal (5016 JP, covered by Daiki Ban, Neutral), and AXT (AXTI

US, Not rated), according to the expert. In the China market, Yunnan Germanium (002428

CH, Not rated) and Vital Materials (Unlisted) are leading players among peers. China