Sivers Semiconductors: The Photonics Rally That Lured Speculators — and Triggered a Margin Squeeze
03.06.2026 - 21:23:02 | boerse-global.de
Sivers Semiconductors has become the latest stock to capture the AI imagination. When the company revealed that its laser arrays would be integrated into GlobalFoundries’ silicon photonics platform, the market response was explosive. On June 2, shares surged more than 50% to a record high, making Sivers the most traded stock on the Stockholm exchange that day, with turnover exceeding SEK 1.3 billion. Over the past 30 days, the share price has gained 67.86%, rising from as low as €0.27 in March to above €10 in early June before pulling back to €8.28.
But as the retail frenzy built, the conditions for leveraged bets on Sivers suddenly tightened. Nordea has raised the base interest margins on its bear certificates — products that profit from falling prices — three times in a matter of days. The margin for a -1x leverage certificate now stands at 76.5%, for -2x at 152.5%, and for a -3x product at an eye-watering 228.5%. The previous increase on May 28 had set those levels at 51.5%, 102.5%, and 153.5%. The bank cited poor liquidity in the underlying stock and rising credit costs. For speculators using borrowed money to ride the rally, this is a clear warning that the market for Sivers shares is becoming dangerously illiquid.
The GlobalFoundries partnership itself is heavy on promise but light on financial detail. Sivers’ laser arrays are designed to power optical connections inside data centers — covering co-packaged optics, linear pluggable optics, and advanced interconnects. The technology is being embedded in GlobalFoundries’ Silicon Photonics Co-packaged Advanced Light Engine, which combines photonic components, wavelength multiplexing, and advanced packaging to deliver higher bandwidth per area. The addressable market for pluggable optics is projected to reach $25 billion by 2030. Yet Sivers has disclosed no order value, no revenue timeline, and no minimum purchase commitment. The hype has sprinted far ahead of the numbers.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Those numbers, meanwhile, reveal a company still in the early and costly phase of scaling. In its most recent quarter, Sivers posted group revenue of SEK 61.9 million, down 22% year-on-year. Adjusted EBITDA came in at minus SEK 13.8 million. The photonics segment, where the GlobalFoundries deal sits, saw revenue fall 32% to SEK 17.8 million, and segment EBITDA swung from a loss of just SEK 0.6 million a year earlier to a shortfall of SEK 7.7 million. The company blamed currency effects and delays in defense budget approvals for the weakness.
Cash is also an acute concern. At the end of March, Sivers held available funds of only SEK 26.6 million, while operating cash flow burned SEK 49.2 million in the quarter alone. To shore up the balance sheet, the company completed a directed share issue of 8.62 million shares after the quarter, raising around SEK 125 million before expenses. That brought the total share count to nearly 320 million. In addition, Sivers secured a secured credit facility worth $17 million, split between a $5 million term loan and a $12 million convertible note, used to refinance existing debt.
The fresh capital is also earmarked for a more ambitious goal: a secondary listing on the Nasdaq in New York. Sivers must restate its 2024 and 2025 annual reports to meet US PCAOB auditing standards — a process that has taken longer than expected. Its 2025 annual report was published only in mid-May, and the annual general meeting has been postponed to June 15. At that meeting, shareholders will vote on new board members with US and M&A experience, and management is expected to field questions about the Nasdaq preparations.
Despite the stock’s retreat from the June peak, the relative strength index sits at a neutral 65, suggesting room for further gains. Yet the distance to the 52-week high of €10.23 is still 19%, and the opportunity pipeline of $799 million — up 77% since the start of the year — offers a glimmer of future revenue. Management has flagged that meaningful product deliveries should begin from 2027. For now, the stock is caught between a stunning photonics narrative and the cold reality of a company that is still burning through cash, dependent on leverage-hungry speculators, and racing to satisfy US listing requirements. The AGM on June 15 may well decide which force wins.
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