Sivers Semiconductors: Short Sellers Retreat and Nasdaq Ambition Set the Stage for a Make-or-Break Earnings Report

Sivers Semiconductors faces pivotal week: short sellers retreat as stock surges 2,000%, Nasdaq listing nears, and Q1 results on May 29 will test operational reality vs AI-driven hype.

Swedish chipmaker Sivers Semiconductors enters its most consequential week of the year with short sellers scrambling for cover, a Nasdaq listing within reach, and first-quarter results due on Friday that will test whether the company’s operational reality can match the hype. The convergence of these forces has turned the stock into a battleground between momentum-driven bulls and cautious bears.

The bears are losing ground. Aggregated short interest in Sivers had fallen to 7.23% of share capital as of May 27, according to the Swedish Financial Supervisory Authority, down from 8.64% just a week earlier. Anson Advisors and Anson Funds Management both dropped their net short positions below the mandatory reporting threshold of 0.5%, leaving only two short sellers above that level — Voleon Capital Management with a 2.44% stake and Two Sigma Investments with 2.01%. The retreat marks a sharp reversal after Sivers spent weeks among the most shorted stocks on the Stockholm exchange.

The short squeeze has been fueled by a spectacular rally. Sivers shares have surged more than 2,000% over the past twelve months, buoyed by speculative enthusiasm for its indium-phosphide lasers and copackaged optics — technologies seen as critical for next-generation AI data-center infrastructure. On May 25 alone, the stock jumped 17% after news broke that it would be added to a Nasdaq index. By May 26, the shares closed at 86.85 Swedish kronor, up another 1.52%.

But the fundamental picture is more complex. Sivers is preparing for a secondary listing on the Nasdaq New York exchange, a move that has forced the company to restate its consolidated accounts for 2024 and 2025 to align with U.S. PCAOB audit standards. This “audit elevation” caused a delay in the Q1 2026 report originally scheduled for early May; the numbers will now be released on May 29.

The earnings release will be the first real test of whether the company’s operational momentum can justify its sky-high valuation. Investors will scrutinize revenue trends, order intake, and cash flow — metrics that have been overshadowed by the short-term frenzy around AI and photonics.

Beyond the quarterly numbers, Sivers is advancing several strategic projects. The company recently secured a $6.6 million award for the second year of the EW STAR electronic warfare program under a U.S. microelectronics initiative. Management also expects to ramp up series production of its LiDAR technology and SATCOM terminals in the second half of 2026, signaling that commercial applications beyond AI are moving closer to reality.

Governance changes are also on the horizon. The annual general meeting, originally set for May 27, has been postponed to June 15 and will be held at the company’s headquarters in Kista. The nomination committee has proposed a major board reshuffle, including Joakim Nideborn as the new vice chairman and Helena Svancar as a new director — both bringing experience in capital markets and strategic development.

With short interest now at 7.23%, the immediate technical pressure on the stock has eased. But the next catalyst will determine whether that relief is temporary. The Q1 report on Friday must show that the AI-driven narrative is backed by tangible progress. The half-year report is due on August 6, but for now, all eyes are on May 29.