Unlike AHB which shares buses for Read/Write, AXI has dedicated channels. A Read and a Write can happen at the exact same time.
Write Channels:
1. Write Address Channel (AW) -> Master sends Address & Control
2. Write Data Channel (W) -> Master sends Data
3. Write Response Channel(B) -> Slave sends Status (OKAY/SLVERR)
Read Channels:
4. Read Address Channel (AR) -> Master sends Address & Control
5. Read Data Channel (R) -> Slave sends Data & Status