Sivers Semiconductors has delivered one of the most staggering stock rallies of the year — up more than 3,100% from its March nadir of €0.27. Yet behind the headline-grabbing surge, the Swedish photonics group is reeling from a boardroom exodus, a Swedish insider-trading investigation, and a short-seller’s claim that nearly a third of its reported sales may be misclassified. The result is a stock that embodies both the promise and the peril of investing in the next wave of AI infrastructure.
The bull case rests on a technological argument. As hyperscale data centers push copper connections to their limits, the industry is pivoting to optical interconnects — and Sivers’ high-power lasers are critical components. The company’s products work across pluggable modules, scale-out and scale-up co-packaged optics (CPO), and near-packaged optics (NPO), making it a potential beneficiary of whichever architecture wins the race. Analysts expect deployment of 1.6-terabit modules and faster standards to accelerate sharply by 2027, with Sivers positioned at a key bottleneck in the AI supply chain.
The stock’s technical picture mirrors that thesis. Shares closed Friday at €8.65, a 36% gain over the past 30 days. That still leaves them roughly 15% below the year’s high of €10.23 set in early June. Annualized 30-day volatility stands at an eye-watering 236%, underscoring how speculative the rally remains. The relative strength index (RSI) of 60.5 is elevated but short of the conventional overbought threshold of 70, while the stock trades 62% above its 50-day moving average — leaving little margin for disappointment.
The corporate drama unfolding inside Sivers could easily derail that momentum. In mid-June, three board members resigned just before the annual general meeting, including the two founders. The remaining shareholders scrapped the planned Nasdaq listing vote at the last minute. The original proposal had called for issuing 53.8 million new shares, diluting existing holders by roughly 15%. The reconstituted board instead secured a general mandate to raise capital, putting the US listing on ice for now. Joakim Nideborn and Helena Svancar have filled two of the vacancies, with Nideborn taking on investor relations and Svancar bringing M&A experience; Bami Bastani remains chairman.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The abrupt departures have a specific trigger: Swedish authorities are investigating possible insider trading. The stock exhibited unusual price swings before the Nasdaq plans were publicly announced in April, and details had reportedly leaked online. Separately, US-based short seller Ningi Research has targeted the company, alleging that it booked public research grants as commercial revenue. The accusation touches almost a third of Sivers’ reported sales for 2025. Management has so far declined to respond.
The financials already show strain. In the first quarter of the company’s fiscal 2026, revenue fell 22% to SEK 61.9 million, and the adjusted operating loss widened. CEO Vickram Vathulya blamed delayed US defense budgets for the shortfall. A previously reported net loss for 2025 was restated upward to SEK 222.6 million following adjustments for US accounting standards. One bright spot: the order pipeline has swelled to nearly $800 million.
All eyes are now on the second-quarter results, due August 6. That report will test whether the delayed defense orders are actually converting into cash. Until then, the stock’s trajectory is hostage to the investigation and the short seller’s allegations — a volatile mix that has already produced one of the year’s most improbable rallies.
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