Sivers Semiconductors: Insider Exodus and Short-Squeeze Crosscurrents Whipsaw the Stock

Sivers Semiconductors stock rallies 70% in a month despite 22% drop from peak, insider exits, and accounting probe. High volatility and short-selling costs create a tug-of-war.

A stunning 2,900% rally over three months has given way to a tug-of-war between bullish AI optics believers and a wave of insider exits. Sivers Semiconductors shares, which hit a 52-week high of €10.23 on June 3, have since retreated 22.29% to close at €7.95 on Thursday. Yet the stock still carries a 70.97% gain over the past 30 days and a 28.23% advance over the past week — a volatility profile that hints at deeper structural forces at play.

The most striking signal of shifting sentiment came from within the company itself. Harish Krishnaswamy, head of the wireless division, sold his entire stake, unloading shares worth roughly SEK 100 million. The complete exit of a top-tier insider has rattled investors already on edge. Adding to the pressure, Cicero Fonder liquidated its position entirely, dumping 5.75 million shares — approximately 1.8% of the total share capital — in a transaction valued at an estimated SEK 452 million.

Those sell orders landed in a lending market that is increasingly constrained. Nordea significantly hiked the base rate margin on bear certificates and mini-future short products linked to Sivers on June 4, citing tight liquidity in the securities lending market and rising costs for borrowed stock. On some bear certificates the margin has climbed as high as 228.5%. With annualized 30-day volatility at 242.21%, the cost of maintaining short positions has become a powerful counterweight to bearish bets.

Operationally, the company presents a mixed picture. The opportunity pipeline has swelled 77% year-to-date to $799 million, driven by silicon photonics and laser arrays for AI data centers. Sivers has secured production capacity through partnerships with GlobalFoundries and Win Semiconductor to meet expected demand. The co-packaged optics (CPO) market alone is projected to exceed $80 billion by 2027, and analysts see Sivers as a potential key player.

The first quarter of 2026 told a less glamorous story. Revenue came in at just SEK 62 million, while the net loss reached SEK 42.7 million. Those numbers underscore the gap between lofty expectations and current profitability, a gap that short sellers have been quick to exploit. On June 1, Ningi Research published a report alleging issues with revenue recognition, prompting Rosen Law Firm to investigate potential securities law violations and consider a class-action lawsuit on behalf of damaged investors.

The collision of a high-growth AI narrative with allegations of accounting irregularities has made Sivers one of the most hotly contested names in the Swedish small-cap space. The relative strength index sits at 62.9, indicating the stock is no longer technically overheated but hardly at ease.

Shareholders now have two key events on the horizon. The annual general meeting on June 15 will include a vote on the 2025 financial statements and preparations for a potential dual listing in the United States. A Nasdaq listing would give the company access to a much deeper investor base for its semiconductor business. Meanwhile, the stock began trading on the OMX Stockholm Benchmark Index earlier this month, a move that broadens its institutional appeal even as the insider exits and legal scrutiny inject fresh uncertainty. Every new piece of news — whether about the lending market, the investigation, or management’s next move — now carries the potential to send the shares sharply in either direction.