Shares of Sivers Semiconductors surged 72.4% to SEK 104.90 on June 2, staging a dramatic reversal after weeks of selling pressure that had driven the stock from SEK 86.85 to SEK 60.85 in just five trading sessions. The catalyst: a newly announced strategic collaboration with GlobalFoundries to co-develop silicon photonics chips — components that use light instead of electricity to move data — tailored for AI data center infrastructure. Sivers Semiconductors Rockets 72% on GlobalFoundries AI Deal — But Is a Partnership Without Revenue Worth SEK 29 Billion?
Shares of Sivers Semiconductors exploded 72.4% to SEK 104.90 on Tuesday, reversing a punishing five-session slide that had halved the stock from SEK 86.85 to SEK 60.85. The Swedish photonics company announced it is working with GlobalFoundries to deliver laser arrays for optical connections in AI data centers. The move reframes a company that, just days ago, was under siege from weak earnings and a short-seller attack.
A Big Name Validates the Technology — But the Deal Has No Dollar Signs Attached
Sivers' laser arrays will be integrated into reference designs on GlobalFoundries' silicon photonics platform , targeting a pluggable-optics market the companies estimate could hit $25 billion by 2030. That's a massive addressable market. But the fine print matters: the companies have not shared financial terms, production timelines, customer details, or any revenue forecast from the partnership. In other words, there is no guaranteed money yet — just a seat at a very large table.
The Quarter Behind the Curtain Was Ugly
Sivers reported Q1 net sales down 22% to SEK 61.9 million, blaming U.S. defense budget delays and currency pressure.
The company posted a net loss of SEK 42.7 million.
Cash burn consumed nearly SEK 50 million in Q1 alone , and a May share offering raised roughly SEK 125 million by selling 8.62 million new shares at SEK 14.50 each — massive dilution at prices far below today's level. The stock now trades at a price-to-book ratio of 18.9×, far above the semiconductor industry average of 5.2×.
A Short Seller's Shadow Still Looms
On June 1, Sivers shares slid as much as 8% after Ningi Research disclosed a short position and aired allegations of aggressive revenue recognition.
Rosen Law Firm said it is investigating possible securities claims.
Sivers did not mention the short report in its collaboration announcement. Until these accounting questions are resolved, the credibility discount isn't fully erased.
The Pipeline Is Promising — If It Converts
Sivers' opportunity pipeline ballooned 77% to a record $799 million , and product ramps including LiDAR production and a high-speed transceiver module with Jabil remain targeted through 2027.
Year-to-date gains now exceed 2,100%, putting the market cap near SEK 29 billion — a staggering valuation for a company burning cash and generating SEK 344 million in trailing annual revenue. Without actual design wins, production scale-up, and customer deliveries, the stock remains vulnerable to the very skepticism that cratered it 24 hours ago.