Sivers Semiconductors: The $25 Billion Optics Prize That Has Failed to Convince Skeptics
03.06.2026 - 14:32:55 | boerse-global.de
The numbers are staggering, but so are the contradictions. In a single trading session on 2 June, Sivers Semiconductors saw its shares surge 60% to breach the 100 Swedish krona mark for the first time — some market reports even clocked the intraday gain at around 70%. The trigger was a strategic partnership with US chipmaker GlobalFoundries, placing the Swedish photonics specialist squarely in the path of the AI infrastructure boom. And yet, the rally sits on a foundation that looks anything but solid.
The agreement, announced on 2 June, calls for Sivers to integrate its advanced laser arrays into GlobalFoundries' silicon photonics platform. The joint effort will target reference designs for co-packaged optics, linear pluggable optics, and the SCALE platform for optical subsystems — all of which are considered critical to overcoming bandwidth bottlenecks in next-generation AI data centres. The addressable market for pluggable optics alone is forecast to reach $25 billion by 2030. But the announcement contained no financial terms, no binding purchase commitments, and no revenue guidance.
That lack of detail has not stopped the market from piling in. Sivers became the most heavily traded stock on the Stockholm exchange that day, with volume exceeding 1.3 billion krona and market capitalisation swelling to roughly 30 billion krona. Year-to-date, the rally now stands at more than 2,400%. Two index inclusions have added institutional tailwinds: Sivers entered the OMX Stockholm Benchmark Index on 1 June and recently joined the MSCI Sweden Small-Cap Index, forcing passive funds to take positions.
Yet on the other side of the trade, short sellers have been building their bets at a pace that suggests a profound lack of conviction in the rally. According to S&P Global Market Intelligence, around 17% of free-float shares were out on loan at the end of May, up from just 1.6% in March. The annualised 30-day volatility of the stock now sits at over 246%.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The negative sentiment was crystallised on 1 June, when US analysis firm Ningi Research published a report calling Sivers a "retail-driven pump" propped up by speculative hyperscaler relationships and a supply-constraint narrative that has never materialised. The OTC-listed shares fell 9.2% on the day. That report also prompted Rosen Law Firm to open an investigation into possible securities law violations, alleging that Sivers may have misled investors.
Meanwhile, Swedish authorities are examining a potential information leak. Prosecutor Jonas Myrdal has described the timing and trading patterns around the unofficial announcement of a planned US listing as "conspicuous" and has asked Nasdaq to review the matter under the EU Market Abuse Regulation. The source of the leak remains unknown.
The only analyst covering Sivers has left its price target unchanged at 6.20 SEK — a fraction of the current level — and the fundamental picture gives ammunition to the bears. First-quarter net sales fell 22% year-on-year to 61.9 million krona. Adjusted EBITDA came in at negative 13.8 million krona, and operating cash flow was negative 49.2 million krona. Management blamed delayed US defence budgets and currency headwinds.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
After the record closing high of 10.23 euro on 2 June, the stock retreated roughly 7% to 8.15 euro the following day. The company is preparing a potential dual listing on the Nasdaq New York and has aligned its 2024 and 2025 financial statements with PCAOB audit standards. All eyes will be on the annual general meeting on 15 June, where two new board candidates and a stock option programme for 7 million shares — representing dilution of about 2% — will be put to a vote. The outcome will show how much trust institutional investors still place in a stock that has become the most volatile in European semiconductors.
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