Sivers Semiconductors: Inside the 3,100% AI-Driven Rally That Defies Insider Probes and Board Turmoil

Sivers stock skyrocketed over 3,100% since March, but faces insider trading investigations, board resignations, a failed Nasdaq listing, and short-seller allegations of improper revenue recognition.

Sivers Semiconductors has been a study in extremes. The stock surged more than 3,100 percent from its March low to close Friday at €8.65, just 15 percent below the 52-week peak of €10.23 hit on June 3. Over the past 30 days alone, shares have climbed roughly 76 percent. Yet behind that blistering run lie a tangle of insider investigations, a board exodus, a failed Nasdaq listing, and a short-seller attack that has left the company scrambling to defend its accounting.

The boardroom shake-up came to a head at the annual general meeting on June 15. Three directors — including both co-founders — resigned just before the gathering. The remaining shareholders then pulled a vote on a planned US listing at the last minute. Management had originally proposed issuing 53.8 million new shares, a move that would have diluted existing holders by around 15 percent. Instead, the reconstituted board secured a broad capital-raising mandate, effectively delaying — but not cancelling — any Nasdaq debut.

Into the vacuum stepped a new leadership team. Joakim Nideborn was elected deputy chairman and will handle investor relations. Helena Svancar, a veteran of M&A, joined as a new board member. Bami Bastani remains chairman. Notably, the company also withdrew several agenda items related to employee compensation plans, saying it wants new directors to review existing schemes before putting forward a revised proposal.

The resignations have a concrete trigger. Swedish authorities are investigating possible insider trading, sparked by unusual share-price moves before the Nasdaq plans were officially announced in April. Meanwhile, in the US, the law firm Bronstein, Gewirtz & Grossman is probing Sivers after a June short-seller report from Ningi Research questioned revenue recognition and the status of customer contracts. The report alleged that nearly one-third of reported sales for 2025 may have been R&D grants booked as commercial revenue. Management has not responded publicly.

Operationally, the numbers tell a mixed story. First-quarter 2026 revenue fell 22 percent year on year to 61.9 million Swedish kronor, and the adjusted operating loss widened. CEO Vickram Vathulya blamed delayed US defence budgets. US accounting standards also forced restatements, pushing the net loss for 2025 up to 222.6 million kronor. On the brighter side, the company’s pipeline of potential orders has swelled to nearly $800 million.

The technology story remains Sivers’ strongest card. Together with Jabil, it is developing an energy-efficient optical transceiver module capable of 1.6-terabit transmission, aimed at alleviating data bottlenecks in large AI data centres. The company relies on indium phosphide laser technology. A separate partnership with GlobalFoundries integrates its laser-array designs into silicon photonics platforms. The optical transceiver market is projected to grow to $25 billion by 2030.

All this has not protected shareholders from extreme volatility. The stock’s annualised volatility stands at 236 percent. The relative strength index now reads 60.5, down from overbought territory, and the share price is still 62 percent above its 50-day moving average of €5.34. Investors’ next major data point comes on August 6, when Sivers reports its half-year results. That report will be a critical test of whether the delayed US contracts can be converted into real revenue — and whether the barrage of investigations will start to weigh on a rally that has so far defied gravity.