Sivers Semiconductors' Stock Rally Comes at a Price: Options Costs Surge 3,300% Ahead of Q1 Earnings
Published on 05/28/2026 at 16:28 | Redaktion boerse-global.de
The stock that had soared more than 2,100% in six months gave back more than 15% of its value on Tuesday, sliding to 73.40 SEK as investors weighed a toxic mix of spiraling employee compensation expenses, an insider trading investigation, and a growing short seller presence. The selloff arrives just days before Sivers Semiconductors publishes its first-quarter results on Friday, May 29 — a report that will test whether the company's fundamentals can support a market capitalization of roughly 21.9 billion SEK.
Behind the plunge lies a startling cost escalation: expenses tied to employee stock option programs have jumped 3,300% year-over-year, a direct byproduct of the stock’s own meteoric rise. That feedback loop is now eating into earnings. Adding to the unease, a regulatory probe into possible insider trading is underway, though no details have been made public. Short sellers have piled in accordingly: the proportion of shares sold short has climbed from 1.6% in early March to 6.43% currently.
Analysts expect the first quarter to show a loss of 0.10 SEK per share, an improvement from the -0.19 SEK reported a year earlier, but revenue is forecast to dip nearly 6% to 74.0 million SEK from 78.5 million SEK. For the full year 2026, the consensus points to a loss of 0.34 SEK per share on turnover of around 360 million SEK. Those numbers leave the company firmly in the red, even as its valuation prices in rapid expansion.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Sivers is nonetheless pressing ahead with structural moves to broaden its investor base. On June 1, the stock will join the OMX Stockholm Benchmark Index, having already secured a spot in the MSCI Small-Cap Index. More significantly, it is preparing a secondary listing on the Nasdaq, which has forced a shift to U.S. accounting standards — a change that also delayed the first-quarter report. Two new board members have been nominated, and the company recently released an adjusted 2025 annual report to align with American norms.
The investment thesis hinges on Sivers’ role in the optical networking supply chain for artificial intelligence. Its subsidiary Sivers Photonics supplies DFB lasers for Ayar Labs’ SuperNova light source, which powers optical I/O chiplets. Ayar Labs recently partnered with server maker Wiwynn, a supplier to major cloud providers, and each rack configuration could require more than 512 SuperNova light sources — a potentially massive addressable market. The broader AI server market is expected to double by the end of 2026, with bottlenecks now emerging in networking and cooling components rather than just memory. Partnerships with POET and Jabil aim to accelerate high-volume production of external light sources for data communications.
Yet the stock’s extraordinary rally has also been amplified by social media. An X account called “Serenity,” which previously ignited a 77% surge in French chipmaker X-Fab, issued a bullish call on Sivers. Such recommendations can inject short-lived momentum but often leave stocks vulnerable to sharp reversals when fundamentals fail to catch up. With the Q1 report due Friday and the Nasdaq listing on the horizon, Sivers faces a critical test — whether its operational trajectory can sustain a valuation buoyed by both genuine AI excitement and speculative froth.
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