Thanks for clarification. I understand we have to differentiate CWL and DML:

Functional: Continous wave lasers (with silicon or lithium niobate modulator). POET will show a transmit product with silicon niobate modulator at CIOE. Nice but obviously not what POET really aims at.

Much better: directly modulated lasers (what material ever) that are turned on/off. Advantages are pretty clear even to me. POET is securing supply these days but says nothing about succesful products. You might think it only makes sense to care for supply if the technology is proven, so it seems fair to think of it as done.

But again: A proven technology alone would be the chance to propel share price and warrant exercising. A follow up announcement about secured supply would improve the effect. POET must be aware of this so I for one don´t believe it is already done. But SV is extremely confident that it will be done so he cares for supply already. That´s my view.

For now we can only guess, but as long there is no statement I see no reason to believe in a done 400G DML Transciever.