POET Technologies (POET) saw its shares surge approximately 27% in late morning trading on Friday, April 24, 2026, reaching $14.93 and briefly touching $15.21. The sharp rally reversed a portion of the prior day's losses and underscored the stock's volatile trajectory as the AI-photonics firm continues to attract retail attention. The catalyst was a statement from Chief Financial Officer Thomas Mika, who disclosed that the company had received a purchase order involving Marvell Technology (MRVL). However, Marvell has not publicly confirmed any such order.
The excitement around this development is amplified by Marvell's recent acquisition of Celestial AI, completed on February 2, 2026. Mika noted that POET supplies high-bandwidth, multi-frequency light sources to Celestial AI's photonic fabric, a key component for enabling communication between GPUs and memory in AI data centers. Marvell projects Celestial AI will generate revenue in the second half of fiscal 2028, targeting an annual run rate of $500 million by Q4 of that year and $1 billion by Q4 fiscal 2029.
Further fueling the rally was a Reuters report that Alphabet's Google (GOOGL) is in talks with Marvell to develop two new AI chips, even as Broadcom (AVGO) remains Google's long-term partner for custom AI chips through 2031. While POET has not disclosed any direct deal with Google, traders are speculating on supply-chain implications that could benefit the company.
POET's underlying financials highlight the early stage of its transition from development to production. The company reported fourth-quarter revenue of just $341,202, accompanied by a net loss of $42.7 million, which included a $30.6 million non-cash fair-value adjustment for derivative warrant liabilities. Chairman and CEO Suresh Venkatesan described the quarter as a pivotal shift "from development to execution," noting that POET raised over $225 million during the quarter and an additional $150 million in January. He also mentioned a production order exceeding $5 million for its Infinity optical engines, with plans to ship more than 30,000 units this year.
The broader market context adds to the narrative: as AI models scale, data centers are increasingly turning to optical interconnects—light-based links that replace copper—to handle data transfer between chips, memory, and servers. POET's Optical Interposer platform, which integrates electronic and photonic elements on a single chip using wafer-level processes, aims to reduce costs and simplify scaling. This technology positions the company as a potential beneficiary of the AI infrastructure buildout, though execution risks remain significant.
Analysts remain cautious. James Foord of Seeking Alpha described POET as an "early and unproven" AI play, citing risks around scalability, technology validation, and adoption timelines. Short seller Wolfpack Research has labeled the stock an "obvious stock promote," warning that it could be classified as a passive foreign investment company (PFIC), which would impose unfavorable tax treatment on U.S. investors. POET has indicated it will provide the necessary documentation for a qualified electing fund (QEF) election, and Mika stated the company expects not to be a PFIC in 2026. The board is also considering redomiciling to the U.S., with a potential shareholder vote at the June 26 meeting.
Thursday's selloff, which saw POET drop as much as 15.7% before closing down 7.3%, was attributed to broader tech caution following ServiceNow's results rather than any company-specific news. The stock's behavior increasingly resembles a leveraged bet on the future of AI-ready optical infrastructure, with all eyes on whether the company can convert its purchase orders into meaningful revenue. The next major test will be the execution of those shipments, some of which could occur as early as next quarter.
