Why Poet Technologies Stock Is Skyrocketing Today
Key Points
The extension of the ceasefire with Iran is helping to support strong gains for growth stocks today.
Poet's CFO recently confirmed in an interview that the company has secured an order from Marvell.
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Poet Technologies (NASDAQ: POET) stock is posting another day of monster gains on Wednesday. The optical-technologies player's share price was up 20.9% as of 2 p.m. ET. The S&P 500 had risen 0.8% at the same point in the session, and the Nasdaq Composite was up 1.4%.
Major indexes are setting new highs in today's trading as investors react positively to news that the U.S. and Iran have extended their ceasefire agreement. In addition to bullish momentum for the broader market, Poet is getting a huge valuation boost in response to the company's latest order guidance.
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Poet investors are feeling bullish about the latest Iran news
News that the U.S. and Iran will maintain their ceasefire as proposals to end the war are worked on is powering bullish momentum for the market today, and some growth-dependent tech plays are seeing particularly strong gains. As a speculative artificial intelligence (AI) optics technology bet, Poet stock will tend to fare better in a lower interest rate environment -- and a potential resolution to the Iran war could reduce inflationary pressures from rising energy prices and make it less likely that the Federal Reserve will move to raise interest rates to curb inflation.
Poet just served up a big order update
In a recent interview with Stocktwits, Poet's chief technology officer Thomas Mika confirmed that the company had received an order from Celestial AI -- a company that was acquired by Marvell earlier this year. The news suggests that Poet's technology is being integrated into Marvell's tech ecosystem. Even better, the news seems to support recent speculation that Poet could see significant wins connected to Nvidia's tech product stack because Marvell and Nvidia have been expanding their partnership. As of this writing, Poet stock is now up 80% over the last week.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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