Poet Technologies stock plunged 17.8% Wednesday after Marvell canceled an AI optics order, erasing last week's 108% surge.

Poet Technologies shares fell 17.8% in Wednesday trading following news that Marvell had canceled a contract order for the company's hardware. The order had been secured through Celestial AI, a company Marvell acquired earlier this year.

Last week, Poet stock rallied 108% after CFO Thomas Mika apparently confirmed the order. Marvell cited Poet's disclosure of confidential order information as the reason for the cancellation.

Poet has a roughly $1 billion market capitalization and minimal revenue history. The company has been developing high-performance optics technologies for AI applications, but the contract cancellation has created uncertainty about near-term commercialization prospects.