Fellow regards,

Shit hit the fan today with POET. The CFO made a serious and incomprehensible blunder by breaching a confidentiality agreement with their most important customer (Marvell/MRVL via Celestial AI). He publicly named them and shared order/shipping details, which apparently violated the NDA. All he had to do was stfu and wait, but instead Marvell canceled the orders, the stock cratered ~34-50% today, and the whole thesis took a massive hit and is at risk.

Leadership matters more than tech sometimes — even if the company’s Optical Interposer is solid and ultimately necessary for AI infrastructure, trust and credibility with partners/investors are everything. This was an uncontrollable, unforeseeable own-goal that no one saw coming. Fortunately, the stock is basically back to where it was before last week’s run, before we knew the CFO would be a dumbass.

I’m glad I trimmed some on the way up.…