Sivers Semiconductors: A Tale of Two Narratives as Short Sellers Tighten and Long-Term Orders Build
10.06.2026 - 20:33:10 | boerse-global.de
The past week has delivered a brutal lesson in market timing for Sivers Semiconductors investors. After vaulting from a 52-week low of €0.27 to a high of €10.23 on June 3, the stock has shed roughly a third of its value in rapid-fire succession — a collapse punctuated by a fresh production order and a wave of bearish bets that refuses to let up.
Short Positions Keep the Pressure On
Sweden's Finansinspektionen registry reveals that Voleon Capital Management trimmed its net short position to 1.78 percent as of June 9, down from 1.87 percent, but the overall bearish footprint remains heavy. Open short positions across the stock total 6.45 percent, with Two Sigma Investments holding 2.20 percent and Qube Research & Technologies 0.56 percent as of June 3. That sustained selling pressure helps explain why the stock closed at €6.71 on Wednesday, marking an eight percent single-day drop and roughly a 20 percent decline over seven trading days.
A Q1 Miss Provides the Ammunition
The bears found ample fuel in the first-quarter numbers released on May 29. Revenue came in at SEK 61.9 million, a 22 percent year?on?year decline. Adjusted EBITDA swung to negative SEK 13.8 million, while operating cash flow landed at minus SEK 49.2 million. Management cited delays in the US defense budget, order?timing shifts, and currency headwinds — with expected income from the first half of 2026 pushed into the back half. Higher costs from sales hiring and preparations for a possible US listing added further strain.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
AI Cooperation Fails to Hold the Rally
Just days before the sell?off intensified, Sivers had ignited a frenzy by announcing a partnership with GlobalFoundries on June 2. The two companies plan to co?develop laser arrays for AI infrastructure, integrating them into GlobalFoundries’ silicon photonics platform for co?packaged optics and linear pluggable optics in data centers. That narrative drove the stock to its 52?week high of €10.23 the very next day — a level from which it has now retreated 34 percent.
Meanwhile, a Production Order Offers Little Short?Term Relief
On June 9, Sivers disclosed an $8.2 million production order from ALL.SPACE for Ka?band beamforming ICs destined for next?generation tactical satellite communications terminals. ALL.SPACE counts the US military, the Royal Canadian Navy, and operators such as Telesat, SES, and Viasat among its customers; York Space Systems has announced plans to acquire the company. The order strengthens Sivers’ defense?sector positioning, but delivery is explicitly scheduled for 2027 — meaning no immediate revenue impact. The market acknowledged the news with a 3.84 percent decline, pushing the stock to €7.02 that day.
Volatility as a Constant Companion
The annualized 30?day volatility stands above 250 percent — extreme even by small?cap semiconductor standards. Over the past month the stock still shows a 48 percent gain, and it trades 56 percent above its 50?day moving average of €4.28, underscoring how far the valuation had run. Profit?taking has systematically overwhelmed every positive catalyst.
The AGM as a Pivotal Checkpoint
All eyes now turn to the annual general meeting in Stockholm on June 15, where the agenda includes a proposal on convertible bonds. The session will be the first formal opportunity for management to frame the 2027 order pipeline and outline concrete steps from design wins to series production. Given the current tug?of?war — short sellers entrenched, a Q1 miss in the rearview, and long?term orders and AI partnerships pointing forward — the AGM’s tone may well determine whether the next big move is up or down.
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