Why Poet Technologies Stock More Than Doubled This Week
Key Points
Poet's CFO confirmed that the company has a product order from a tech specialist connected to Marvell.
The product order is now larger than the $5 million level that was previously confirmed.
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Poet Technologies (NASDAQ: POET) stock posted massive gains this week. The optics-technologies specialist's share price rocketed 108% higher in the week. Meanwhile, the S&P 500 gained 0.5%, and the Nasdaq Composite gained 1.5%.
Poet posted big gains this week in conjunction with news that the company has received a contract order from Marvell. With the huge rally, the stock is now up 138.5% year to date.
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Poet shareholders recently got some great news
Earlier this week, Poet CFO Thomas Mika conducted an interview with Stocktwits in which he confirmed that his company had received a purchase order from Celestial AI. While the interview didn't directly confirm an order for Marvell, the tech hardware specialist completed its acquisition of Celestial AI in February -- so Mika's comments were effectively a confirmation that Poet's fiber-optics tech is being integrated into Marvell's artificial intelligence (AI) ecosystem.
What's next for Poet?
Mika confirmed that the purchase order from Celestial AI now exceeds the $5 million level that was previously disclosed. Ramping demand is a very positive indicator as the company proceeds with commercialization scaling initiatives this year, and confirmation that Marvell is using Poet's tech is a very promising development. With Marvell and Nvidia recently strengthening their partnership, it's possible Poet could see knock-on benefits that allow for the business to scale at a dramatic pace.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Marvell Technology and Nvidia. The Motley Fool has a disclosure policy.
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