POET Shares Plummet 47% Following Marvell's Order Cancellation

POET shares experienced a significant decline, dropping 47% to $7.95 on April 27. According to NS3.AI, this downturn followed Marvell's decision to cancel purchase orders that were inherited from Celestial AI. The cancellation notice was sent by Marvell on April 23, after POET's CFO, Thomas Mika, publicly discussed the relationship and shipment outlook, which Marvell considered a breach of confidentiality. Despite the setback, POET has stated that it remains committed to advancing its product development in the AI and optical networking sectors.