Sivers Semiconductors: Payroll Tax Hit and Insider Disclosure Questions Cloud AI Optics Momentum

Sivers stock drops 16% weekly amid SEK 42.9M payroll tax provision, shareholder disclosure concerns, and shifting short positions, but AI optics program advances.

The recent slide in Sivers Semiconductors' share price tells only part of the story. Yes, the stock dropped 9.8 percent on Tuesday to close at SEK 3.30, extending the weekly decline to 16 percent. But beneath that surface-level retreat lies a tangle of accounting charges, regulatory scrutiny, and shifting short-seller positions that together paint a far more complex picture of where the company stands.

At the heart of investor unease is a non-cash payroll tax provision of SEK 42.9 million slated for the second quarter. The charge stems from the stock's remarkable run-up — from SEK 10.71 to SEK 63.15 over the course of the quarter — which triggered employee program obligations. While purely a balance-sheet matter with no operational impact, the provision will weigh on the headline numbers when the company reports on August 27.

A Major Shareholder Under Scrutiny

Adding to the uncertainty are media reports suggesting that Bootstrap Europe, a significant shareholder, may have sold down a substantial portion of its stake without meeting mandatory disclosure requirements. Following a conversion of loans into shares, Bootstrap Europe's holding reportedly crossed the 5 percent reporting threshold — a trigger that should have prompted public disclosure but apparently did not.

The timing is awkward. Just three weeks ago, Bootstrap Europe exercised all its warrants, subscribing for 1,659,015 new ordinary shares at SEK 4.53 each, injecting SEK 7.5 million into the company and lifting the total share count to 356,740,332. The suggestion that the same investor may have then quietly trimmed its position without proper notification raises transparency questions around the capital raise.

Short Sellers Come and Go

The short-selling landscape around Sivers has been unusually fluid. Jane Street emerged as a new short seller roughly two weeks ago but vanished from public position filings within days. D. E. Shaw, which had been registered as a short seller, has since reduced its position below the 0.5 percent reporting threshold and is no longer subject to disclosure requirements.

Meanwhile, Arrowstreet Capital has opened a new short position representing 0.57 percent of share capital, and Citadel Securities has appeared as a public short seller with a 0.7 percent position. Since these positions became known, the stock has retreated 4.3 percent.

The churn among speculative players underscores just how closely the stock is being watched — and how quickly sentiment can shift. With annualized volatility running at roughly 170 percent over the past 30 days, this remains a vehicle for investors with a high tolerance for swings.

AI Optics Ambitions Remain Intact

Operationally, the news flow has been more constructive. The company announced a program with SemiNex, initially valued at around $3.4 million, focused on next-generation indium phosphide light sources. These components are destined for optical interconnects in AI data centers — a segment that has captured growing investor attention amid the broader artificial intelligence boom.

That said, not everything is running smoothly on the operational front. A portion of revenues originally expected in the first half of 2026 has been pushed into the second half, owing to customer project timelines and delays in US budget approvals.

The stock currently trades roughly 31 percent below its 50-day average of SEK 4.78, a sign that short-term momentum has stalled even as the shares remain well above their March lows. Since the warrant exercise three weeks ago, the stock has gained 20 percent.

When the company delivers its interim report on August 27, it will need to address multiple fronts: the extent to which the payroll tax provision dents reported earnings, whether the SemiNex program is already generating tangible traction, and — perhaps most pressing for investors — what happens next with Bootstrap Europe's stake and whether any regulatory consequences follow.