Sivers Semiconductors: Index Funds Forced to Buy as Short Sellers Circle and Auditor Flags Doubts
Veröffentlicht: 27.06.2026 um 03:23 Uhr, Redaktion boerse-global.de
Sivers Semiconductors is caught in a crossfire that has turned its stock into one of the most volatile plays in the Nordic market. The company’s shares have shed more than 30% over a single week, yet index funds are mechanically accumulating the stock while short sellers have pushed their bets to 17% of outstanding shares. The result is a daily tug-of-war that sent annualised 30-day volatility past 224%.
The rout was not confined to Sivers alone. On 26 June, heavyweights in the photonics and semiconductor space — including Applied Optoelectronics and Coherent — suffered double-digit drops. South Korea’s KOSPI index fell 8%, triggering trading halts, while the US tech sector wrestled with reports of price hikes from major suppliers and delayed AI initial public offerings. The negative sentiment cascaded across the entire AI infrastructure chain, and Sivers, with its silicon photonics focus for data centres, was fully caught in the downdraft.
Behind the price action is a thicket of fundamental concerns. Short seller Ningi Research published a report alleging that Sivers inflated its revenue by booking sales before shipping products, improperly classifying US CHIPS Act grants as commercial income, and exaggerating customer relationships that never led to series orders. The company has not publicly responded to the allegations. Separately, the Swedish Economic Crime Authority and the financial watchdog are investigating a suspected information leak in which precise details of Sivers’ planned Nasdaq listing appeared on an anonymous account roughly 48 hours before the official announcement. Two US law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — are exploring potential shareholder claims. Sivers has not commented on any of the probes.
Compounding the pressure, the company’s external auditor expressed substantial doubt about Sivers’ ability to continue as a going concern. A revaluation under US PCAOB standards, required for the Nasdaq listing, widened the net loss for 2025 from an originally reported SEK 186.5 million to SEK 222.6 million, driven by revenue recognition adjustments, inventory corrections and write-downs of capitalised development costs.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Yet the pipeline tells an entirely different story. The project backlog has swelled to nearly $799 million, a 77% increase since the start of the year. A collaboration with GlobalFoundries aims to develop silicon photonics solutions for AI data centres, with the company pegging the addressable market at $25 billion by 2030. In June, Sivers secured an $8.2 million order from satellite communications provider ALL.SPACE for Ka-band beamforming chips, with production commitments extending through 2027. The catch: meaningful revenue from the biggest partnerships is not expected before late 2026.
The current financials are stark. First-quarter net sales slipped to SEK 61.9 million from SEK 78.9 million a year earlier. Adjusted EBITDA was negative, and operating cash flow came in at minus SEK 49.2 million. The market capitalisation stands at roughly $1.9 billion — a far cry from the 52-week high of €10.23 reached in early June.
On the governance front, the board shake-up that preceded the annual general meeting saw vice chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resign. A vote on the Nasdaq listing was pulled from the agenda; it would have required issuing about 53.8 million new shares, diluting existing holders by roughly 15%. Instead, shareholders granted a general capital authorisation for the same number of shares, giving the new board flexibility. Joakim Nideborn was elected vice chairman and Helena Svancar joined the board, while Bami Bastani remains chairman.
Technically, the stock closed at €5.97 on Friday — just above its 50-day moving average of €5.90. A separate data point pegged the close at €5.78, underscoring the erratic intraday swings. The relative strength index sits at 41.6, not yet in oversold territory but trending lower. Support at €5.78 will be closely watched; a breach could open the door to the 100-day average near €3.28.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Despite the turmoil, some analysts remain constructive, pointing to a partnership network that includes GlobalFoundries, Ayar Labs, POET, Jabil and O-Net as strategic assets in the expanding AI photonics ecosystem. The On Semiconductor acquisition of Synaptics, announced the same day, signals continued consolidation in the sector — yet it was not enough to stem the selling pressure on Sivers.
All eyes now turn to 6 August, when Sivers releases its second-quarter interim report. For a company sitting on a $799 million pipeline but burning cash, the new board faces its first real test: proving that its blue-chip collaborations can eventually convert into hard revenue.
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