Overview
- Poet Technologies shares fell sharply in midday trading, down about 18% as investors reacted to the loss of a key fiber-optics order tied to artificial intelligence uses.
- Poet said Marvell canceled the purchase after the supplier disclosed information that Marvell said violated confidentiality terms.
- The order had been arranged through Celestial AI, which Marvell recently bought, adding weight to the reversal for Poet’s commercialization plans.
- The company said it still has a separate purchase order of roughly $5 million with another technology customer, though it remains early in generating sales.
- Poet reported about $430 million in cash last quarter and a market value near $1 billion, with 2026 gains trimmed to roughly 3.5% and shares about 57% below their high.