Sivers Semiconductors: The Deal, the Dump, and the Doubts

Sivers stock plunges 6.48% after insider and institutional sell-offs, while short-seller report and legal probe add to volatility despite GlobalFoundries AI optics partnership.

Just days after Sivers Semiconductors unveiled a game-changing partnership with GlobalFoundries, the stock has been battered from two sides: a short-seller ambush and an insider exodus. The result is a level of volatility rarely seen even in the high-octane semiconductor sector — annualised 30-day swings exceeding 242 percent.

The company’s head of wireless, Harish Krishnaswamy, has sold his entire stake, generating proceeds of roughly 100 million Swedish kronor. At the same time, Cicero Fonder, a major institutional investor, liquidated its full holding — 5.75 million shares, or about 1.8 percent of Sivers’ share capital — in a transaction valued at an estimated 452 million kronor. The dual exits hit the market on Thursday, sending the stock down 6.48 percent to close at €7.87 — a sharp retreat from the 52-week high of €10.23 set just a day earlier.

That high was fuelled by the June 2 announcement of a strategic collaboration with GlobalFoundries. The two companies plan to develop advanced silicon-photonics solutions for the AI data-centre market, integrating Sivers’ high-performance laser arrays into reference designs built on GlobalFoundries’ SCALE platform, which targets co-packaged optics. As AI models grow more complex, optical data transmission within GPU clusters has become a bottleneck, and Sivers claims a pipeline worth nearly $800 million for its lasers.

But the euphoria was short-lived. On June 1, research firm Ningi published a critical report questioning the reliability of Sivers’ revenue recognition and customer contracts, casting doubt on the pipeline’s substance. The Rosen Law Firm followed on June 2, launching an investigation into possible securities-law violations on behalf of shareholders, focusing on whether Sivers provided misleading business information. The combination of partnership-driven optimism and legal scrutiny explains the extreme price swings.

Meanwhile, the cost of betting against the stock has skyrocketed. On June 3, Nordea Bank raised the base interest margin on all bear certificates and mini-future shorts on Sivers — for some products to as high as 228.5 percent — citing poor liquidity in the lending market and rising costs for the underlying. The relative strength index stands at 63.2, approaching overbought territory but not yet there.

Operationally, the gap between ambition and reality remains large. In the first quarter of 2026, Sivers generated revenue of just 62 million kronor and posted a net loss of 42.7 million kronor. The long-term story hinges on the co-packaged optics market, which analysts expect to exceed $80 billion by 2027, and Sivers has already secured key production capacity.

Shareholders now face a critical month. The annual general meeting on June 15 is expected to provide the first official responses to the allegations — and possibly an update on the planned dual listing on the Nasdaq in New York, which would give the company access to a much larger investor base. Since the start of June, the stock has also been admitted to the OMX Stockholm Benchmark Index, adding to the shifting dynamics.