Sivers Semiconductors, 1,700% rally and boom in short positions on Swedish AI chip stock

The stock's strong appreciation attracted several bearish traders, who gradually increased their short exposure to the company. In mid-April, Walleye Capital reported a short position of 0.5% of Sivers Semiconductors' share capital, contributing to a picture in which the overall short interest stood at 4.95% of the stock, with twopublic short sellers. On 5 May, it was the turn of Voleon Capital Management, which increased its bearish position to 0.53%, exceeding the publication threshold and bringing the number of public short sellers to three, with overall exposure rising to 6.43% of the capital. On 19 May, on the other hand, Qube Research & Technologies had reduced its position below the 0.5% threshold and ceased to be a public short seller. At an earlier stage, total bearish positions had reached 7.05% of the capital with three declared traders. While on 27 May, Anson Advisors and Anson Funds Management reduced their short position in the technology company Sivers Semiconductors to below 0.5 per cent of the capital, thus ceasing to be public short sellers.

The regulatory framework of the Swedish financial supervisory authority Finansinspektionen requires reporting for positions above 0.1 per cent and publication for those above 0.5 per cent, making visible the intensification of the contrast between bullish momentum and bearish strategies on the stock.

Sivers Semiconductors published its 2025 Annual Report making adjustments to previously reported figures, as part of the preparatory process for a possible dual listing in the US.

The adjustments are related to the adjustment to US GAAP and include, among other things, the reclassification of revenue, changes in inventory valuations and write-downs. For 2025, net sales are approximately SEK 307 million (approximately EUR 26.6 million), operating profit is approximately minus SEK 178 million (approximately minus EUR 15.4 million) compared to minus 141 million above, and net profit is approximately minus SEK 223 million (approximately minus EUR 19.3 million) compared to minus 187 million above.

The comparative figures for 2024 were also revised, with net sales of 219.2 million kronor (approximately minus 19 million euro) compared to 243.7 million previously, and a net result of minus 183.9 million (approximately minus 15.9 million euro) compared to minus 116.3 million previously.

The company also postponed the publication of its interim report for the first quarter of 2026 to 29 May.

Sivers Semiconductors, on 19 May, announced the extension of the Electronic Warfare EW STAR project under the Northeast Microelectronics Coalition Hub of the Microelectronics Commons programme to a second year. The funding for the second year amounts to $6.6 million and recognises the technical achievements and milestones set out in the first year of activity.

The EW STAR programme is aimed at developing technologies for broadband antenna arrays capable of simultaneous transmission and reception for electronic warfare, communications and radar applications, with possible uses in the civil sector as well.

"This extension of the EW STAR programme reflects Sivers' innovative technology and solid technical progress in the first year," said Harish Krishnaswamy, managing director of Sivers Semiconductors' Wireless Division, adding that the support of the NEMC and the Microelectronics Commons programme enables the advancement of technologies for the modernisation of defence architectures.

The programme is funded under the Microelectronics Commons, established by the Naval Surface Warfare Center Crane Division and awarded through the NEMC Hub. Sivers Semiconductors collaborates with BAE Systems, MIT Lincoln Laboratory and Columbia University.