Sivers Semiconductors: Index Entry Brings Passive Buyers as Short Seller Report Stirs Volatility

Sivers Semiconductors joins OMX Stockholm Benchmark Index; shares drop 12% after short seller questions revenue. Passive funds buy while shorts bet on decline.

The Swedish chipmaker Sivers Semiconductors stepped into the OMX Stockholm Benchmark Index on Monday, a move that typically triggers forced buying from passive funds. But the same week, a critical research report from short seller Ningi Research sent the stock into a tailspin, with shares plunging 12% on June 1 before partially recovering. The resulting trading frenzy saw more than 560 million Swedish kronor change hands — dwarfing even the second-most-active stock, Saab, at roughly 350 million kronor.

Ningi Research, which disclosed a short position, alleged that Sivers may have booked revenue aggressively, pointing to 97 million kronor — approximately 31% of the company’s reported 2025 revenue — as potentially questionable. The firm claimed some of those sales related to products not yet manufactured or to government research subsidies. The accusations are precisely the kind that hit hardest when a company’s financial discipline is already under scrutiny, and they landed just days after Sivers published its first-quarter report.

That Q1 release, on May 29, showed net revenue of 61.9 million kronor, down 22% year on year. Adjusted EBITDA was negative 13.8 million kronor, and operating cash flow came in at minus 49.2 million kronor. Sivers blamed a U.S. government shutdown in late 2025, delayed defense budgets and unfavorable exchange rates for the stumble. Management is now building out its sales force to handle a growing project pipeline — but near-term cash burn remains a concern.

The index inclusion, meanwhile, adds a powerful countercurrent. Sivers’ stock had rallied sharply ahead of the benchmark entry, driven by demand for its optical and wireless components used in AI data centers. The company’s market capitalization had reached 23.5 billion kronor (roughly $2.5 billion), and it also gained entry into MSCI’s Small-Cap indices, offering further visibility to institutional investors. But short interest has climbed dramatically, hitting 17% of free-float shares — up from just 1.6% at the start of March. The result is a tug-of-war: passive funds must buy, while shorts bet on a decline.

Sivers is pushing ahead with its strategic ambitions despite the pressure. It completed a capital raise of approximately 125 million kronor in May, with investors including DNB Disruptive Opportunities and Hudson Bay Capital. The funds are earmarked for a planned dual listing on a U.S. exchange. The company also stressed that its opportunity pipeline has grown 77% since year-end 2025, reaching $799 million. Product milestones include a 1.6-terabit transceiver module in cooperation with Jabil and a planned LiDAR production start in the fourth quarter of 2026.

The market’s focus has now shifted from the long-term AI narrative to the immediate quality of reported revenue and the gap between pipeline promises and booked sales. With the annual general meeting scheduled for June 15, investors expect clarity on the U.S. listing strategy and any response to the allegations. For now, Sivers shares remain a battleground between index-driven inflows and skeptical short sellers — a volatile mix that will likely persist until concrete commercial results land.