stock drop News & Analysis

Poet Technologies (POET) Stock Falls 44% Amid Marvell Feud

Poet Technologies (NASDAQ: POET) saw its stock price drop 44% following reports of a dispute with Marvell Technology (NASDAQ: MRVL) over a purchase order from Celestial AI. Poet announced that all purchase orders from Celestial AI, including those disclosed earlier, have been canceled due to allegations of breaching confidentiality obligations. Despite a recently disclosed purchase order worth approximately $5 million, which is five times its previous year's sales of $1 million, investor confidence remains low. The company has faced losses for 20 consecutive years, with analysts predicting continued losses through 2027.