New York, June 9, 2026, 15:40 EDT
- POET sank roughly 13% late Tuesday, caught in a broader drop for AI chip names.
- Fresh class-action notices kept attention on April’s Marvell/Celestial AI order cancellation.
- Investors look at the $50 million Lumilens deal and $400 million in new funding, but some are worried about how it will be executed, possible share dilution, and legal risks.
POET Technologies dropped about 13% to $10.65 late Tuesday in New York, hit by a wave of legal notices and pressure across AI chip stocks. Shares started at $12.25, reached $12.77 at the session high, then fell to $10.12. Volume topped 36 million shares.
POET’s valuation now depends more on the future of its optical interposer tech than on what it’s selling today. The company’s optical interposer combines electronic and photonic elements in one module, aimed at speeding up data in AI and data centers. POET posted Q1 revenue of $503,389 and a net loss of $12.3 million.
The stock tends to move when risk appetite shifts. On Tuesday, the Invesco QQQ Trust, which tracks large tech names, dropped around 1.9%. The iShares Semiconductor ETF slipped close to 4%. Marvell Technology gave up almost 11%. Applied Optoelectronics sank about 18%. Reuters said Wall Street’s big indexes lost ground as tech selling picked up, geopolitical worries increased, and traders watched for inflation numbers.
Law firms kept up pressure on POET Technologies investors this week, reminding them of class-action deadlines after the company’s April slump. Portnoy Law on Tuesday told investors who bought shares from April 1 to April 27 they have until June 23 to try for lead-plaintiff. Rosen Law said on Monday its own deadline is June 29. The Rosen suit claims POET and CFO Thomas Mika made misleading statements about the company’s PFIC tax status, which can increase taxes and paperwork for some U.S. holders. None of the claims have been tested in court.
POET’s legal troubles started April 27 when it said Marvell Technology, which had bought Celestial AI, called off all Celestial-related purchase orders—including first production units POET had talked about last year. Marvell, according to POET, said the company broke confidentiality rules by sharing info about those orders and shipments. POET also said it’s still working on key goals and is aiming to deliver on another customer order worth about $5 million.
May’s Lumilens deal is still the big reason bulls stick with POET. The company said Lumilens made an initial $50 million order under a supply and joint-development deal that could reach over $500 million in five years. Ankur Singla, founder and CEO of Lumilens, called GPU interconnects “the defining bottleneck for scaling AI.” POET CEO Suresh Venkatesan said the tie-up would push the Optical Interposer platform into co-packaged optics. GlobeNewswire
POET wrapped up a $400 million registered direct offering in May, selling around 19.05 million shares and warrants to one institutional investor. The warrants give the investor the right to buy the stock in the future at a fixed price. POET said it plans to use the money for more manufacturing, research and development, corporate projects, and to shore up working capital. CEO Venkatesan said the new funds would let the company boost capacity “by roughly ten-fold.” GlobeNewswire
But risk is still on the table. Lumilens revenue counts on hitting key milestones—developing the product, qualifying it, then scaling up manufacturing. Engineering samples are planned for late 2026, with full production targeting 2027 and hyperscaler rollouts. Delays in those steps, legal trouble shaking investor nerves, or inflation lifting rate bets could keep POET’s rich valuation under strain.
Why This Matters Now
- POET is acting more like a name investors weigh on execution, not just another AI trade.
- Investors are still focused on the April order cancellation between Marvell and Celestial AI. It’s a key part of current risk discussions.
- New legal notices have again brought PFIC and disclosure claims to shareholders’ attention.
- Chip stocks and AI names are sliding, adding to the pressure.
- POET’s $400 million raise brings new capital to ramp up growth, but it also means dilution and a continued warrant overhang are sticking points for investors.
What to Watch Tomorrow
- Investors are watching for the U.S. May consumer price index numbers set for June 10 at 08:30 ET. A higher print could hit long-duration growth names.
- Traders get May U.S. producer price numbers June 11 at 08:30 ET, another check on rate bets.
- Investors are looking to see if semiconductor ETFs and AI-linked names like Marvell and Applied Optoelectronics can steady after selling hit these stocks on Tuesday.
- Traders will be watching Oracle’s results after the bell on Wednesday for signals on AI infrastructure and data-center spend.
- POET will hold its virtual annual general meeting on June 26 at 1:00 p.m. Eastern.
Investor Takeaway
What happened? POET shares dropped hard as new class-action notices landed during a wider slide in AI and semiconductor names.
Why investors care? The stock trades on future orders, tech qualification, and scaling up, since current revenue is still limited.
Main bullish argument? POET secured a big Lumilens order, has possible longer-horizon AI interconnect demand, and now extra cash to boost capacity.
Main bearish argument? The Marvell/Celestial deal cancellation, open legal claims, fears of dilution, and an untested production ramp all keep execution risk high for investors.
