SX1012 link LED flashes red.

I have SX1012 in a test setup. Eth1/1 is connected to Connect-X3 56GbE NIC on Intel Xeon GPU server. I am using a split cable on eth1/2 and it is configure to have 4x10GbE, to which a custom FPGA board send data to the switch. However the LED corresponding to Eth1/2 blinks red, and so is the LED labelled "!" - is this a problem? I do see the packets send by the FPGA board on my server though.

Thanks!