Key Takeaways:
Shares of Poet Technologies skyrocketed 108% this week, bringing the stock's year-to-date gain to 138.5 percent after the company confirmed a major purchase order from a subsidiary of Marvell Technology.
"The purchase order from Celestial AI now exceeds the $5 million level that was previously disclosed," Poet CFO Thomas Mika said in an interview with Stocktwits. Marvell completed its acquisition of Celestial AI in February.
The surge in Poet's stock contrasts with broader market performance, as the S&P 500 gained just 0.5% and the Nasdaq Composite rose 1.5% over the same period. The confirmation of the order from a Marvell-linked company signals growing demand for Poet's fiber-optics technology.
This integration into Marvell's artificial intelligence ecosystem is a significant step for Poet's commercialization efforts. With Marvell and Nvidia recently strengthening their partnership, there is potential for Poet to see accelerated growth and scale its business at a much faster pace.
This article is for informational purposes only and does not constitute investment advice.
