The downside I see to a merger is that POET's TAM (Total Addressable Market) immediately shrinks to that of the acquirer.  Even if the acquirer has the largest share of data center / AI markets, competitive companies focused on the same markets would be excluded.

If POET can remain independent, their TAM could extend well beyond networking to other markets such as LIDAR (automotive), medical devices, IOT, etc.  I believe Suresh has previously referred to a strategy of going after the biggest fish first (e.g. data centers / AI), but then going after smaller markets.

I hope they can remain independent and use the cash flow from currently targeted markets to fund going after others that may be smaller but still significant opportunities.