Investment thesis
    Chips & fabs · Optical networking

    Chip & optics minerals

    Grams, not tons: gallium, germanium, indium and high-purity silicon inside accelerators and optical links.

    Chips and the lasers that link GPUs together depend on byproduct metals produced mostly in China and now under Chinese export licensing. Volumes are tiny, so there are almost no pure-play miners. The investable exposure sits with refiners, smelters that recover byproducts, and wafer makers.

    This is the highest-criticality, least-liquid bucket. Price spikes outside China have been extreme, but listed exposure is indirect, and some of the best performers are downstream users rather than suppliers.

    Context: Reuters — Niche metals test West's resilience (Sep 2026) · Asia Times, Sep 2026

    Bull case

    • Export controls have created a two-price market, with Western prices far above Chinese ones.
    • Governments are funding ex-China recovery at existing refineries (alumina, zinc smelters), which favors incumbents with plants already running.
    • AI networking (optics) is one of the fastest-growing hardware segments.

    Bear case

    • Byproduct metals are a small share of revenue for most listed suppliers.
    • If China eases licensing, Western price premiums can collapse quickly.
    • Downstream names carry semiconductor-cycle and valuation risk unrelated to mineral supply.
    The basket

    9 stocks and funds in this bucket

    Grouped from diversified majors to developers and funds. Market data as of October 6, 2026.

    UMI.BRUS: UMICYRefiner / processor

    Umicore

    HQ: Belgium

    Belgian materials and recycling company covering battery cathodes, catalysts and specialty metals, including germanium products.

    Price
    €21.1
    Mkt cap
    $5.7B
    1 yr
    +39.5%
    YTD
    +18.1%
    WCH.DERefiner / processor

    Wacker Chemie

    HQ: Germany

    German chemicals group and one of the few non-Chinese makers of hyper-pure polysilicon for semiconductor wafers.

    Price
    €90.6
    Mkt cap
    $5.1B
    1 yr
    +37.2%
    YTD
    +36.2%
    AXTIRefiner / processor

    AXT Inc

    HQ: United States

    Maker of indium phosphide and gallium arsenide wafers. Indium phosphide is the base material for the lasers inside data-center optical links. Much of its production sits in China.

    Price
    $84.06
    Mkt cap
    $4.3B
    1 yr
    +1539%
    YTD
    +447%
    VNP.TOUS: FPLSFRefiner / processor

    5N Plus

    HQ: Canada

    Canadian specialty-semiconductor maker that produces high-purity germanium wafers, used mainly in space solar cells, plus other specialty-metal compounds.

    Price
    C$32.42
    Mkt cap
    $2.1B
    1 yr
    +84.4%
    YTD
    +77.1%
    GSMRefiner / processor

    Ferroglobe

    HQ: United Kingdom

    One of the largest Western producers of silicon metal and ferroalloys, the upstream raw material for polysilicon and silicones.

    Price
    $4.34
    Mkt cap
    $817M
    1 yr
    -13.9%
    YTD
    -8.1%
    COHRDownstream user

    Coherent

    HQ: United States

    Downstream photonics company that makes indium-phosphide lasers and silicon-carbide materials for AI networking and data-center power. It is a buyer of critical minerals rather than a producer.

    Price
    $338.36
    Mkt cap
    $66B
    1 yr
    +198%
    YTD
    +76.5%
    Compare

    Side-by-side

    Company / fundMineralsTypeHQ12 mo
    COHR
    Coherent
    InSiCDownstream userUS$66B+198%+76.5%
    TECK
    Teck Resources
    CuZnGeInProducerCA$32B+55.2%+40.3%
    010130.KS
    Korea Zinc
    ZnPbInSb+4Refiner / processorKR$17B+20.7%-13.9%
    AA
    Alcoa
    AlGaProducerUS$11B+25.1%-20.4%
    UMI.BR
    UMICY
    Umicore
    CoNiGePtRefiner / processorBE$5.7B+39.5%+18.1%
    WCH.DE
    Wacker Chemie
    SiRefiner / processorDE$5.1B+37.2%+36.2%
    AXTI
    AXT Inc
    InGaGeRefiner / processorUS$4.3B+1539%+447%
    VNP.TO
    FPLSF
    5N Plus
    GeTeBiRefiner / processorCA$2.1B+84.4%+77.1%
    GSM
    Ferroglobe
    SiMnRefiner / processorGB$817M-13.9%-8.1%
    9 of 9 shown. Size is market cap for companies and net assets for funds, in USD.

    Not investment advice. Critical-Minerals.si is an independent research site. Baskets and model allocations are illustrative frameworks for exploring exposure, not recommendations to buy or sell any security. Mining and commodity equities are volatile, and many names listed here are small, foreign-listed or pre-revenue. Do your own research and consider a licensed adviser. Market data as of the date shown; prices change constantly.