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Rubicon Technology (RBCN) is a US based producer of sapphire crystals and wafers which it supplies to the global LED and semiconductor industry. This small company saw a spectacular run during 2010 and 2011 when a demand spike from the LED industry drove the company's revenues and profits upwards. The company sales fell by almost half in 2012, as Chinese overcapacity sharply drove down sapphire prices and pushed RBCN into losses. The LED industry saw sharp growth as backlighting in notebooks, TVs, cell phones etc., is driving a growth in demand for LEDs. However, that market has more or less saturated with new demand coming from general lighting purposes. Apart from the LED market, sapphire is starting to...

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