Exellent points Adrian, the author has done a pretty good job of hitting some key areas, and some information I hadn't seen very well articulated before.  And agreed, valuation seems conservative considering potential capabilities outside the JV.

Plenty of good info, just a couple of things I've cherry picked (but definitely more to see):

I don't recall ever seeing the POET co-packaged optics configuration diagram, perhaps something I missed in one of their presentations, but obviously points to networking customers.  "In this example, by co-packaging the equivalent of 8 100G transceivers in a single Optical Engine, POET’s solution would use only 64 total fibers (FR8) coming in and out of the switch blade, compared to 512 fibers in designs now being considered".  I recall DL saying POET was working on an FR8 solution for their Tier-1.

Adding to the high performance computing piece: "Taking advantage of a flexible platform for hybrid device integration, the optical interposer enables co-packaging of a variety of analog, digital, electronic, and photonics devices into a chip-level, self-contained computing accelerator. Its performance can match or exceed traditional processors from NVIDIA and others, but consumes a fraction of the power and can be manufactured for a fraction of the cost."