Sivers Semiconductors: The 3,000% Surge That Collapsed Into a Short Seller Ambush and Insider Probe
Published on 06/04/2026 at 12:44 | Redaktion boerse-global.de
A stock that had multiplied its value thirtyfold in just a few months came crashing back to earth on Thursday, as a devastating short-seller report punctured the euphoria surrounding Sivers Semiconductors. The Swedish photonics company saw its shares tumble more than 15% to €7.09, wiping out a significant chunk of the gains that had carried it to a 52-week high of €10.23 just a day earlier.
The rally that preceded the collapse was nothing short of spectacular. From a March low of €0.27, the stock had surged over 3,000%, with much of the acceleration coming after the announcement of a partnership with US chipmaker GlobalFoundries on Tuesday. That news alone propelled the stock 50-60% higher in a single session, fueled by visions of optical chips powering AI data centers in a market projected to reach $25 billion by 2030. Sivers will supply laser arrays for reference designs on GlobalFoundries’ silicon photonics platform, a technology designed to boost bandwidth while cutting energy consumption.
But the party was cut short by Ningi Research, a short seller that issued a blistering attack on the company. Ningi labeled Sivers a speculative bubble built on fabricated supply shortages and a vague order pipeline. The market reacted with alarm, and the selling pressure was compounded by the emergence of US law firms — including the Rosen Law Firm — that began exploring legal action on behalf of shareholders. The rapid reversal erased much of the week's gains and left investors questioning whether the underlying business justified the sky-high valuation.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Analysts, for their part, had already been sounding cautious notes. Redeye’s Jacob Benon assigned a price target of €6.20 per share — roughly 26% below the stock's peak — calling the GlobalFoundries deal positive but hardly transformative. Swedish financial publication Affärsvärlden went further, noting that the partnership had actually been previewed by GlobalFoundries a month earlier and that the current hype looked overblown. The stock had already risen 69% in the 30 days leading up to the deal announcement, and the latest surge only widened the gap between market hopes and financial reality.
That gap becomes glaringly apparent in the company’s latest earnings. First-quarter revenue fell 22% from a year earlier to 61.9 million Swedish kronor. The adjusted operating result swung to a loss of 13.8 million kronor, and operating cash flow was negative at 49.2 million kronor. Management attributed the weak performance to delays in US defense budgets and currency headwinds. The one bright spot: the project pipeline grew 77% to $799 million, offering a glimmer of future revenue that remains far from guaranteed.
Adding to the turmoil, Swedish economic authorities have launched an investigation into a possible information leak. Details of Sivers’ planned dual listing on the Nasdaq appeared on social media roughly 48 hours before the official announcement. A prosecutor has asked Nasdaq to examine the incident for potential violations of EU market rules. The source of the leak has not been identified.
For shareholders who rode the stock from pennies to double digits, the past 48 hours have been a brutal reality check. The company’s valuation now rests entirely on the promise of future orders — orders that have yet to materialize in any meaningful financial numbers. The partnership with GlobalFoundries offers a credible technological path, but until that promise converts into revenue, the stock remains vulnerable to every attack from short sellers, every regulatory probe, and every quarter of disappointing earnings.
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