Photon Capital

Sivers Semiconductors’ board members and CEO acquired shares following a significant decline in the company’s share price, signalling alignment with long-term shareholders. The purchases were made under a shareholder-approved participation programme and are subject to a 12-month lock-up. • Sivers Semiconductors’ board members and CEO acquired shares after a sharp decline in the share price • The purchases were conducted through a shareholder-approved participation programme • The 12-month lock-up strengthens alignment with long-term shareholders

Breaking NEWS: $SIVE Directors Buys Ahead of Lock-Up Expiry. Board Lock-Up Realignment: Sivers board members, including Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson, and Joakim Nideborn, just completed heavy share purchases approved at the AGM. Rather than a quick trading play, this is a strict, legally binding 12-month lock-up. When insiders and the CEO freeze their personal cash for a full year, it sends an undeniable signal that the floor is in. Capacity Proactive Scaling: The SEK 700M directed share issue at a minor 9.7% discount was highly strategic. Equipment lead times for specialized semiconductor tools are currently running at 9–12 months. Funding this CAPEX expansion for Indium Phosphide (InP) lasers and optical amplifiers right now ensures they don't miss the 1.6T and CPO hockey-stick demand wave hitting in 2027. US Listing Progress: The Street misread the financial reporting calendar update as friction. In reality, upgrading reporting practices and aligning with PCAOB auditing requirements is the non-negotiable prerequisite needed to execute their dual-listing on the US Nasdaq. The CEO has confirmed the New York listing target is on track for the next few quarters, opening the floodgates to US institutional capital. The Technical Moat: Sivers holds a critical operational gatekeeper position with its InP100 platform. Because it allows wafer-level optical testing before the expensive dicing phase, they command a structural yield and margin advantage that traditional optical module packagers cannot recreate overnight. Execution Risks: While the long-term setup is highly compelling, near-term volatility is guaranteed. Sivers is still in a heavy investment phase to transition into positive margins, meaning management has zero margin for error on customer validation schedules and tool deliveries over the next 18 months. Nevertheless I am bullish $SIVE 🤝

$POET "Lumentum and Coherent's billion-dollar revenues dwarf POET's $1.46B market cap, quantifying the execution gap but also the re-rating potential if shipments ramp." POET no longer needs another contract announcement or optical interposer demo. The market wants proof that existing orders are converting into shipments, customer acceptance, cash collection, and recognized revenue. The key catalyst is the planned 800G optical-engine ramp in the second half of 2026, followed by repeat orders and visible revenue growth. Put simply, POET must show that its technology can be manufactured at scale, deployed in customer systems, and generate recurring revenue.

I covered $TSEM x $LWLG in March: photoncap.net/p/the-polymer-… And this tweet gave me 1.2M impression and 15K followers in a single day!: x.com/PhotonCap/stat…

Five Sivers Semiconductors directors and CEO Vickram Vathulya bought additional shares on July 13 and agreed not to sell them for at least 12 months, signaling confidence despite the recent stock collapse. The company is restructuring its accounting and financial controls to meet PCAOB and US GAAP requirements ahead of a planned Nasdaq secondary listing, while its Q2 earnings report has been delayed until August 27. Sivers recently converted a $12 million loan into equity and raised nearly SEK 700 million through a heavily oversubscribed share offering, strengthening its balance sheet but significantly diluting existing shareholders. Shares have fallen about 63% from their June peak, reflecting concerns over dilution, reporting delays, and execution risk. Investors will now focus on whether Sivers’ reported $800 million backlog can translate into meaningful revenue growth from 2027.

This does not mean that large-scale H200 shipments have resumed. Rather, it suggests that a small initial batch has finally cleared the licensing, inspection, and customs pipeline after months of delays. A U.S. trade official stated that 'very few' Nvidia H200 AI chips have been shipped to China and Hong Kong, indicating a restart of shipments under new licensing arrangements. President Trump approved China sales of the H200 in exchange for a 25% cut, with licenses issued earlier this year. The U.S. government reviews H200 applications case-by-case based on national security requirements and conducts compliance inspections, though some licenses have been denied. • Very few H200 shipments to China have occurred despite license approvals under Trump administration policy • H200 is an older Hopper-generation chip; American firms now primarily use faster Blackwell chips • U.S. government conducts case-by-case assessments with national security screening and compliance inspections • Chinese firms may need to rely on inferior domestic alternatives if H200 imports remain limited

@AnalysisOp 🤩

@PhotonCap 🤩🤩 I bought both of them taking advantage of recent drops 🙌

My most favorite foundry and CPO/coherent players

$MRVL 💘 $TSEM There you are a winner couple in AI Photonics 🙌

@PhotonCap This figure is amazing !!! Thanks you!

@Sofigoodboy 스마트폰 하고 있네요.?

$POET이 FAQ 올렸는데, 거기에 싱가포르 사무실이라면서 사진도 같이 올렸는데, 화면에 아무것도 없거나 바탕화면 켜놨네 ㅋㅋㅋ 뭐하니 너네...

Sivers Semiconductors Directors Buy Ahead of Lock-Up Expiry, Pinning Hopes on US Listing and Restructuring

Logic, HBM, memory, photonics open.substack.com/pub/photoncap/…

@PhotonCap Funny how I was speaking so positively on memory and the background is full red. Thank you for sharing! My conviction is still here!

@rwang07 You have been saving the market. Thanks for the nice call. I listened to it very impressively.

네이버, 'ICML'서 AI 풀스택 연구 성과 선보여 < 보도자료 < AI 기업 < AI산업 < 기사본문 - AI타임스 share.google/u7qNvba5Ux4lxj…

상부상조..?