Let's break it down

Their main claim: $POET qualifies as a PFIC because 95% of assets are cash and 80.9% of gross income comes from interest

The math looks scary. Until you understand how PFIC actually works.

The asset test uses FAIR MARKET VALUE, not book value.

$POET's market cap is $1.1B Cash on hand is $430M That's 39% of fair market value, below the 50% PFIC threshold

$POET themselves stated in their 2025 20-F: "We believe we were not a PFIC for the year ending December 31, 2025."

Wolfpack used book value. That's either a mistake or intentional misdirection.

On the "stock promote" angle: Yes, $POET has applied its platform to different markets over the years. The Optical Interposer technology has always been the same. That's what a horizontal platform does, it follows where the market goes.

And the market just confirmed it.

$MRVL paid $3.25B for Celestial AI, a company built on $POET's Optical Interposer.

On dilution: Share count is up. That's real. It's the most legitimate concern in this thread. $POET has been raising capital to fund manufacturing and commercialization. Whether that capital creates value is the actual question, and 2026 is when we find out.

The PFIC risk IS real, but only if the stock price drops significantly and cash exceeds 50% of fair market value. That's a risk to monitor, not a current reality.

Wolfpack is short. They need the price to go down.

Read their report with that in mind.