May. 16 at 10:22 AM
$IQEPF AXT vs IQE shows how much structure matters. AXT has ~50M shares, IQE ~1B—so AXT can swing 20% easily.
The bigger issue with IQE is execution. Over multiple cycles (3G, 5G, EV, now AI), they haven’t translated their technology into consistent shareholder returns. Management often points to weak end markets like RF or EV/GaN, but those don’t fully explain the long-term underperformance.
IQE likely has strong engineering, but weak commercial execution, heavy competition, and limited pricing power. After decades of poor stock performance, it’s fair to question whether this is just cyclical—or a structural issue.
Only hope now is that since they have cleared their debt and they get more orders and have a plan for long term. But I won't be surprised to see then increasing their flot to 1.2B from 1B just like that.
19p is like a floor now.
Long term
