I keep this all over X:Stop trying to model bottlenecks with traditional metrics like P/S or P/E…For $AXT(AXTI.US):It’s like you found a restroom after eating 20 Tacos with Pinto Beans from Taco Bell.You’re out of the toilet paper… but it’s urgent.A random guy next to you offers you toilet paper for $20. But the toilet paper raw cost is $1 from Amazon.But because there’s no supply, and you need that Toilet Paper:You’re happy to pay $20.That’s $AXT(AXTI.US) with the InP substrate + feedstock supply chain and hyperscalers.Source: Serenity