The forces that sent Sivers Semiconductors to a record high this week were as technical as they were fundamental. A partnership with US chipmaker GlobalFoundries ignited a 60 percent single-day surge on Tuesday, propelling the stock to 10.23 euros on Wednesday — only for it to careen back down by 11 percent the following day to 7.49 euros. The whipsaw leaves investors caught between an AI-driven optics narrative and a thicket of regulatory and financial risks that the company must confront at its annual meeting on June 15.
The GlobalFoundries tie-up puts Sivers’ laser arrays onto a silicon photonics platform aimed at data-centre interconnects, a market projected to reach $25 billion by 2030. The technology promises to boost bandwidth and cut power consumption in AI clusters — a tempting pitch in a boom cycle. Yet the announcement lacked binding volume commitments or revenue guidance, and neither company has elaborated on expectations. Redeye analyst Jacob Benon called the news positive but not transformative, setting a price target of 6.20 euros — roughly 26 percent below the recent high. Affärsvärlden went further, noting that GlobalFoundries had already disclosed the collaboration a month earlier, calling the subsequent hype overblown.
Behind the euphoria, the stock’s trajectory had already been bent by short sellers. According to S&P Global Market Intelligence, nearly 17 percent of the free float was out on loan by the end of May, up from just 1.6 percent in March. Institutional shorts such as Voleon Capital and Two Sigma were squeezed when the GlobalFoundries news broke, forcing them to cover and amplifying the rally. That technical scramble explains some of the explosive gains — and the fragility that followed.
Pressure from the short side is not the only cloud. On June 1, Ningi Research published a report accusing Sivers of dubious revenue recognition and hollow contracts, claiming that roughly 97 million Swedish kronor of last year’s revenue — about 31 percent — may stem from research grants or undelivered products. Ningi disclosed a short position, and Rosen Law Firm has announced it is investigating possible securities violations. Separately, the Swedish Prosecution Authority is probing a potential information leak: an anonymous account on X tweeted about a possible US dual listing two days before the company made it official. Prosecutor Jonas Myrdal described the timing as suspicious and has asked Nasdaq to review the matter under EU market-abuse rules. No charges have been filed.
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All this unfolds against a sobering set of financials. In the first quarter of 2026, revenue fell 22 percent to 61.9 million kronor. Adjusted EBITDA came in at minus 13.8 million, the operating loss at 41.5 million, and operating cash flow at minus 49.2 million. Management attributed the weakness to delayed US defence spending after the 2025 government shutdown and unfavourable currency moves. The annual report for 2025 has yet to be published as the company transitions to the US PCAOB accounting standard — a prerequisite for the planned secondary listing on Nasdaq.
That Nasdaq ambition is part of the capital-raising plan that shareholders will vote on in Stockholm. The meeting will decide on two new board candidates, a stock option programme covering 7 million shares (roughly 2 percent dilution), and — more significantly — an authorisation to issue up to 53.8 million new shares, representing a potential dilution of about 15 percent. The proceeds are earmarked for organic growth, acquisitions, and the New York listing.
For now, the stock’s valuation rests entirely on expectations of future revenue from partnerships that have yet to produce concrete orders. The journey from a March low of 0.27 euros to a record above 10 euros represents a more-than-thirtyfold increase in just three months. The shareholder meeting on June 15 may determine whether that run has any solid ground beneath it, or whether the weight of investigations, short attacks, and dilution will pull the shares back to earth.
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