Sivers Semiconductors: GlobalFoundries AI Hopes Sour as Q1 Miss and Short Sellers Pile On
10.06.2026 - 18:25:33 | boerse-global.de
The shares of Swedish chipmaker Sivers Semiconductors have been on a white-knuckle ride this week, shedding 7.6% on Wednesday after a near-20% slump over the past seven days. The sell-off comes just days after the stock hit a 52-week high of 10.23 euro on the back of a high-profile partnership with GlobalFoundries, underscoring just how fast sentiment can flip in the volatile semiconductor space.
Thursday’s closing price of 6.75 euro leaves the equity 34% below that June 3 peak — and the pain may not be over. A flood of fresh short-selling disclosures has added pressure, with Sweden’s Finansinspektionen recording a combined 6.45% of outstanding shares held by short sellers as of early June. Voleon Capital Management LP declared a net short position of 1.78% on June 9, slightly trimmed from 1.87%. Two Sigma Investments LP and Qube Research & Technologies Ltd held 2.20% and 0.56% respectively as of June 3.
The bearish bets gained momentum after Sivers reported a steep 22% drop in first?quarter revenue to 61.9 million Swedish kronor, against a net loss of 42.7 million kronor. Management blamed delayed US defense budgets from last year, order timing shifts, and an unfavourable currency environment that pushed operating cash flow deep into the red at minus 49.2 million kronor. The adjusted EBITDA came in at minus 13.8 million kronor.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
None of this was supposed to happen so soon after the GlobalFoundries announcement on June 2, which had sent shares soaring. The two companies plan to co-develop laser arrays for AI infrastructure using GlobalFoundries’ silicon?photonics platform, targeting applications such as co?packaged optics and linear pluggable optics in data centres. That deal, combined with the broader AI narrative, had propelled Sivers from a multi?year low of 0.27 euro to double digits in a matter of weeks.
But the fundamentals are pushing back. The annualised 30?day volatility has blown out to over 250%, a statistical freak even by small?cap semiconductor standards. The stock still trades 56% above its 50?day moving average of around 4.29 euro, a sign that the recent rally was stretching valuation far beyond what the underlying business supports.
Management nevertheless insists the pipeline is robust. Since the end of 2025, the project backlog has ballooned 77% to nearly $800 million. Much of that growth comes from delayed US defence orders that are now expected to convert into revenue in the second half of 2026. The company also cited higher selling costs and preparatory work for a potential US listing as additional drags on cash flow.
The big question is whether the second half will deliver. Sivers needs to turn that swollen pipeline into actual sales, and fast. If the promised revenue shift fails to materialise, the next resistance level may well be this year’s lows. For now, the market is betting heavily on the bears — and the next major price trigger is likely to be the half?year report.
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