All articles tagged with #poet technologies
POET Technologies’ shares tumbled about 50% in intraday trading, dropping from around $15 to $7.55 after Marvell Technology canceled its purchase orders, signaling a weaker revenue outlook as POET trades on the Nasdaq Capital Market.
POET Technologies’ stock fell sharply after Marvell’s Celestial AI canceled a purchase order POET had disclosed, triggering volatility linked to confidentiality breaches. The company highlighted other deals and ongoing focus on AI and optical networking, while trading volume surged and analysts maintained a cautious Neutral stance with a $15.50 target.
POET Technologies announced the cancellation of all Celestial AI purchase orders after Marvell provided a cancellation notice citing confidentiality obligations. The company will focus on its AI and optical networking product development and fulfill other orders, including a separate roughly $5 million purchase order from another technology customer.
POET Technologies' shares jumped nearly 28% in premarket trading after rising over 19% the prior session to a 52-week high, helped by chatter about a data-center photonics order pipeline, a Marvell-linked purchase order, and rising AI demand; the stock has surged about 48% over the last five sessions.