Sivers Semiconductors: Insider Probe and Short Seller Onslaught Test the Staying Power of a 2,400% Rally
03.06.2026 - 16:15:02 | boerse-global.de
Sivers Semiconductors has become a case study in how quickly euphoria can be overtaken by suspicion. The Swedish chipmaker’s stock surged roughly 70% in a single session after announcing a strategic partnership with GlobalFoundries to develop silicon photonics for AI data centres — but the advance came just 48 hours after a scathing report from a short seller, and with two separate investigations now under way.
The technical heart of the deal is the integration of Sivers’ high-power laser arrays into GlobalFoundries’ SCALE platform. Both companies are targeting the rapidly expanding market for pluggable optics, forecast to reach $25 billion by 2030, as copper-based interconnects hit physical limits at 400 Gigabit per second. Production capacity for the relevant laser diodes is slated to double to roughly 50.7 million units per month by 2026. Yet the announcement contained no binding volume commitments, no specific contract values, and no timeline for revenue recognition — details that immediately fuelled scepticism among analysts and regulators alike.
The scepticism crystallised on 1 June, when the analysis firm Ningi Research published a report labelling Sivers a “retail-driven pump” propped up by speculative hyperscaler relationships and a manufacturing ramp that, according to Ningi, has been repeatedly delayed since 2018. The US-listed OTC depositary receipts lost 9.2% on the day. Hours later, Rosen Law Firm announced it was probing potential securities claims, alleging the company may have misled investors. Then, within 48 hours of the announcement of a planned US listing — and before the GlobalFoundries deal was made public — the stock had already begun to climb in Stockholm, prompting Swedish authorities to open an insider-trading investigation. Prosecutor Jonas Myrdal described the timing as “remarkable” and asked Nasdaq to review the trades under the EU Market Abuse Regulation.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Against that backdrop, the stock’s trajectory looks almost surreal. From a 52-week low of €0.27 in March, the share price accelerated to a fresh high of €10.23 on the day of the partnership news before profit-taking trimmed it back to €8.04 — a one-day loss of roughly 8%. At that level, the relative strength index stands at 35.6, suggesting an oversold condition in a stock whose annualised 30?day volatility has reached an eye?watering 247%.
Even the most optimistic analyst on the stock appears unmoved. The only brokerage with published coverage kept its target unchanged at 6.20 Swedish kronor — a fraction of the recent trading price, which briefly surpassed 100 kronor on the day of the rally. The underlying numbers do little to justify the exuberance. First?quarter 2026 revenue fell 22% year?on-year to 61.9 million kronor, while adjusted EBITDA swung to a loss of 13.8 million kronor and operating cash flow came in at minus 49.2 million kronor. The company blamed delayed US defence budgets and currency headwinds.
Short sellers have been piling in. According to S&P Global Market Intelligence, borrowable shares — those lent out to short sellers — accounted for 17% of the free float at the end of May, up from just 1.6% at the start of March. On the other side, index?driven buying is creating forced demand: Sivers entered the OMX Stockholm Benchmark Index on 1 June and was added to the MSCI Sweden Small?Cap Index at the end of May. Tracking funds must adjust their portfolios accordingly.
All eyes will now turn to the annual general meeting on 15 June, where two new board candidates will be proposed alongside a stock?option programme covering 7 million options — representing dilution of roughly 2%. The outcome will offer a rare gauge of institutional confidence in a stock that has delivered a year?to?date gain of more than 2,400% but is now fighting off short sellers, a regulatory probe, and a class?action investigation, all while trying to prove that its photonics partnership can deliver where past promises have fallen short.
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Sivers Semiconductors Stock: New Analysis - 3 June
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