POET Technologies Inc. (NASDAQ:POET) is one of the 10 Stocks With Remarkable Resilience.
POET Technologies saw its share prices increase by 11.29 percent on Wednesday to close at $15.38 apiece, as investors positioned their portfolios in optical companies, helped by Nvidia Corp.’s highly optimistic outlook for its counterpart.
In his onstage appearance at the Computex Week in Taipei, Taiwan, on Monday, Nvidia CEO Jensen Huang said that Marvell Technology—one of POET Technologies Inc.’s (NASDAQ:POET) counterparts—could become the “next trillion-dollar company.”
Photo from POET Technologies website
Investors were quick to position themselves in the stock, alongside key players in the industry.
Further supporting the rally were earlier announcements that POET Technologies Inc. (NASDAQ:POET) is looking to expand its wafer manufacturing capabilities by 10x by 2027 amid the strong demand for its products.
POET Technologies Inc. (NASDAQ:POET) said that it is currently in the process of expanding capacity “by roughly tenfold” in both wafer production and optical engine assembly.
“This expansion is being driven by the agreement we announced last week with Lumilens, as well as other high-volume opportunities that are near fruition. In parallel with our manufacturing scale-up, we have accelerated the hiring of engineering, technical, and management talent, bringing our total headcount to more than 115 globally. We have also expanded our Singapore lab and office footprint by nearly three times compared to last year and now have 20,000 square feet of assembly space in Malaysia,” POET Technologies Inc. (NASDAQ:POET) Chairman and CEO Suresh Venkatesan.
The company recently bagged a new supply deal with Lumilens Inc. with the potential to generate $500 million in revenues over the next five years.
It is also setting its sights on acquiring and partnering with companies that could help strengthen its engineering capabilities, broaden its product portfolio, and enhance strategic technologies and components.
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