FREMONT, Calif. — Shares of AXT Inc. jumped more than 15% on Wednesday as investors piled back into artificial intelligence hardware stocks. The rally lifted the maker of specialty semiconductor substrates used in high-speed data center networking.

AXT rose $6.04, or 15.37%, to $45.35 in morning trading, giving the company a market value of about $2.94 billion. Volume reached about 3.9 million shares early in the session.

No company-specific announcement was immediately apparent. The move came as AI-related stocks rallied broadly after cloud provider CoreWeave reported strong third-quarter results and raised its outlook, easing fears of a slowdown in data center investment. Chipmakers, memory makers and AI infrastructure........

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