Overview
- Shares edged higher in premarket trading after a roughly 52% slide over the prior week that followed sharp swings in April.
- Marvell canceled purchase orders linked to Celestial AI after POET disclosed the relationship, which Marvell said violated confidentiality terms.
- The stock’s surge earlier in April followed CFO Thomas Mika’s public comments that seemed to confirm a Celestial AI order tied to Marvell, before the reversal set in once the cancellation emerged.
- POET says it still has a separate order of about $5 million from another customer, and it also says there is no assurance it can rebuild the Marvell business.
- The company sells optical engines built on a platform called an Optical Interposer that combines photonic and electronic parts on one chip for AI data centers, so the lost orders could slow its shift from trials to steady production revenue.