MMIV

$SIVE / $SIVEF — Investment Thesis (May 28, 2026) I’m long $SIVE. DYOR. CONFIRMED BULLISH 1. Jabil — 1.6T LRO transceiver with Sivers DFB lasers. Fortune 500, $28B revenue. Only announces laser partnerships when validated for volume. 2. CHIPS Act — $5.6M EW, $6M 5G/6G, $6.6M EW STAR Year 2. DoD doesn't fund Year 2 unless Year 1 delivered. 3. Ayar Labs — Sole laser supplier. Lumentum and MACOM removed from website. $500M raised from NVIDIA, AMD, Intel, MediaTek. 4. LiDAR / AEVA — $53-138M lifetime revenue, production ramp Q4 2026. Inside NVIDIA DRIVE Hyperion. 5. Tachyon — First 5G mmWave mass production order, $2.8M at 28GHz. 6. O-Net + Enablence — ELS partnerships for Asian hyperscaler chains confirmed at OFC 2026. 7. GlobalFoundries SCALE — Sivers named as one of two laser suppliers. AMD chose GFS for CPO. 8. WIN Semi — Capacity locked in during confirmed CW laser shortage. 9. CW Shortage — Annual report confirms shortage. Lumentum CEO admits buying CW externally. 10. TAM Expansion — Pluggables added to SAM. Commitments expected 2027+. 11. ALL.SPACE — TRL6 for US Army. Production ramp H2 2026. 12. IRIS2 — Only EU supplier of mmWave beamformer ICs for SATCOM. 13. Contracts — $900K ESA, Intelsat, $1.5M Doosan Korea, $800K US defense prime. 14. Golden Dome — Allspace acquired by York Space Systems, linked to US Space Force and $185B Golden Dome. 15. Ownership — ~47% US institutional. Fidelity, Schwab, Goldman, JPM all positioned. 16. Anders Storm — Former CEO: "Institutional allocators have identified what most Swedish investors haven't yet." 17. Coherent CEO — "Massive supply demand imbalance on CPO." Scale-out H2 2026, scale-up H2 2027. 18. Goldman Sachs — Optical TAM 9x to $154B by 2028. GS holds a position in Sivers. 19. InP Shortage — IntelliEPI CEO: "Bottleneck for the entire AI infrastructure." 20. Three Index Inclusions — MSCI, Nasdaq Stockholm, OMXSB. Combined ~$60M passive buying May 29-June 1. 21. Nasdaq NY Dual Listing — PCAOB audit uplift confirmed underway. 22. POET — $50M initial, $500M framework with Lumilens. Sivers is the laser source. 23. Amazon chain — Amazon > Alchip > Ayar > Sivers. Confirmed without Amazon naming Sivers directly. 24. Ayar + Wiwynn — Official CPO rack-scale partnership at Computex. ~512 SuperNova/rack. Clients: Amazon, Meta, Microsoft. 25. USA-Sweden Tech Deal — Signed May 22, whitehouse.gov. Covers 5G/6G, semis, AI, defense, space. 26. EU Chips Act 2.0 — Sivers named in blueprint alongside ASML, Infineon, Nokia, Soitec. 27. New Board — M&A specialists Nideborn and Svancar added. Nokia CTO Karin Raj re-elected. 28. Marvell / Celestial — Amazon selected, 2x $150M revenue ramp, high volume manufacturing underway. SPECULATIVE BULL 1. Nokia as Tier-1 FWA customer — $5.4M program, Gen 1 end 2026. Profile matches. Not confirmed. 2. Celestial laser link — OSINT mapping, not named disclosure. 3. Apple — Fortune 100 customer, RFQ for 50M units/year. Not confirmed. 4. AMD overflow — Lumentum/Coherent allocated through 2028. Sivers may be only option. Not confirmed. CONFIRMED BEARISH 1. PCAOB restatements — EBIT 26% larger loss, equity 127 MSEK lower. No customers lost. 2. Going concern — Depends on continued capital raises. 3. Customer concentration — 50%+ revenue from three Wireless customers. 4. Pre-revenue — Jabil, AEVA, Ayar not yet in meaningful volume. 5. Short interest — Two Sigma 2.22% (increased), Voleon 2.44%. Total ~7.3% of capital. 6. Options liability — ~SEK 43M social charge provision. April SEK 125M emission addresses it. 7. Dilution — Board authorised 47.9M new shares (~15%) until June 15 AGM. 8. EBM investigation — Insider trading probe re: Serenity's April 13 post. Could affect Nasdaq timing. SPECULATIVE BEAR 1. Integrated light sources win — disrupts Sivers model. 2. Chinese competition — Innolight, Hisense, Everbright scaling fast. 3. Apple risk — If not Apple, 50M units/year thesis disappears.

@DaSwedishHost @Engbl0m Boxster S 987 som kostar 1400kr/månad

@Engbl0m @MMIV_Capital Äger väl en 2010 Cayenne och klagar på försäkringen 🤪😭

Älskar när ni skickar iväg meddelande som dessa till mig😁 Har finanstwitter några tips till alla människor i liknande situationer?

Köpte den för ett år sen innan jag höll på med aktier. Alltid haft ett bil intresse och ville köpa en rolig bil. Antingen köper jag en bil för 100k och den kommer falla i värde eller så tar jag det stoppar in i en kontantinsats på en bil som håller värdet eller till och med ökar. Så hittade jag ett bra exemplar. En Boxster S (987.1) med enbart 3900mil. Sen finns det ytligare en till aspekt. Specifikt Porsche har en väldigt aktiv klubb med flera körningar per år där man åker och fikar tillsammans. Vilket är ett väldigt bra sätt att lära känna likasinnade samt även framgångsrika personer. Sticker såklart ut lite när man ör 22 och medelåldern är 60 😅. Kollade nyligen på liknande på Blocket och kan potentiellt ha tjänat någonstans mellan 50-100tkr vid rätt köpare. Dock försvinner en stor del av vinsten på kostnader som försäkring mm. Men plus minus noll är jag förmodligen. Sen är man bara 21-22 en gång i livet med en Porsche 😳

@MMIV_Capital Varför har du en jävla Porsche ? Skulle aldrig någonsin köpa om mitt kapital är under 5M

@Engbl0m Så länge man har en avkastning högre än räntan 😅

Lånade pengar är bra pengar. Särskilt när du är ung och humankapitalet är högt.

@Engbl0m Börja med avanza vid 04/15 och rätt sektor vid rätt tidpunkt så kan det gå bra

+15,9% YTD. Oerhört besviken på min insats, kunde ha agerat så mycket bättre & lugnare och fått bättre resultat. Kört lågrisk hela året (43 innehav) som sedan övergått till index + trading & stockpicking. Gör väl ändå den procentuella utvecklingen någorlunda respektabel men jag är besviken på mitt agerande. Jag kapade jag mina vinnare för tidigt vilket är en dyr läxa man aldrig tro sig lära. Klokare & lugnare beslut & tempo framgent. Siktar på +25% detta året, fortsatt låg risk tills kapitalet är någorlunda respektabelt. Game on 🎮

New $SIVE board member Helena Svancar was previously Global Head of M&A at Ericsson for 5 years. A potential new bridge between Sivers and Ericsson? $SIVE $SIVEF

@aleabitoreddit What’s your take on $WOLF? Interesting risk/reward despite the financial distress, or just avoid?

All the outlets in China are just as confused as I am about 300376. Just an FYI, these are all follower recommended stock ideas, not mine. I’m just compiling all the shoutouts into a list of 30+ names related/adjacent to 800v DC exposure.

@aleabitoreddit What’s your take on $WOLF? Interesting risk/reward despite the financial distress, or just avoid?

Okay chat, here's your compiled list chat of your favorite 800V DC related ideas. 1. $IFNNY - $115.8B 2. $ON - $46.2B 3. Lite-On (2301) - $16.03B 4. 6504.T - $14.1B 5. $VICR - $12.8B 6. $LFUS - $11.57B 7. 2577.HK - $8.34B 8. $VSH - $7.86B 9. $ENPH - $7.36B 10. $NVTS - $5.77B 11. $POWI - $4.30B 12. $BDC - $4.18B 13. $EOSE - $3.86B 14. $SEDG - $3.82B 15. $AEHR - $3.1B 16. 6890.T - $2.66B 17. $WOLF - $2.16B 18. $CWR.L - $1.75B 19. $AMSC - $1.68B 20. 300376.SZ - $1.68B 21. $XFAB - $1.54B 22. $AOSL - $1.25B 23. $HYLN - $1.23B 24. $FCEL - $835M 25. $IQE.L - $780M 26. $ASYS - $276M 27. $RELL - $239M 28. 6844.T - $222M 29. 4973.T - $207M 30. $PAY.BR - $189M 31. 6616.T - $186M 32. 6882.T - $124M 33. $IPWR - $96m Also included some adjacent ones you all mentioned like $FCEL or $EOSE anyway, tho idk it's great exposure. Ignored the clearer irrelevant stuff like $POET that people mentioned tho. There's like 500 comments, but I guess X limits everything I can see. We'll see how your highest conviction ideas do.

This is former CEO at Ayar Labs now at NVIDIA, commenting Ayar Labs CEO announcement about NVIDIA NVLink Fusion. Connecting well into the possible opportunity in this 3rd part that Goldman has yet to model.

@semicap Helt sjukt, forsätter det så kommer det till slut bli oanvändbart tror jag eller väldigt nära

Bots have officially taken over the internet, per Cloudflare data.

Here's my take on $SIVE insider sale. Breaking down facts from noise I believe there are several legitimate, reasons for Harish sale of 1.4 million shares on May 29 that doesn't necessarily arrived to the conclusion that he has lost confidence in the company (like many bears are claiming) After the stock’s massive run-up, selling a large portion of his remaining major stake is a standard way for executives to diversify personal holdings and reduce concentration risk, especially following the 2021 MixComm acquisition where he built his significant equity. engineering.columbia.edu/about/news/har… He has a clear precedent for tax-driven sales: in December 2022, he sold shares explicitly “to pay taxes incurred in connection with the sale of MixComm to Sivers.” sivers-semiconductors.com/press/rothesay… Similar partial sales occurred in March 2026, suggesting routine rebalancing or liquidity needs. He sold on 29/05/2026, which was on earnings day. Why is that significant? Selling on or around earnings release (when trading volume and liquidity are typically higher) is common for such personal financial transactions. Many insiders also use pre-scheduled trading plans (similar to U.S. Rule 10b5-1 arrangements) to execute sales on a predetermined basis, which helps avoid any appearance of trading on material non-public information. While Harish Krishnaswamy’s sale of his entire remaining ~1.4 million share stake is a slightly yellow flag, marking a full exit by the head of the Wireless segment (69% of revenue) after a sharp run up, there’s a strong silver lining. Harish is a tenured professor of Electrical Engineering at Columbia University and heads the CoSMIC Lab. He has always balanced his academic work with his role at Sivers. This background makes selling all his shares a sensible personal finance decision, he is simply cashing in after the big stock rise and reducing risk. It does not mean he has lost confidence in the company. He continues as Managing Director of the Wireless division with ongoing positive commentary on deals and CHIPS Act funding, indicating his role and belief in the company remain intact. Such transactions are common personal financial decisions in volatile growth stocks and do not necessarily signal negative fundamentals. And as @aleabitoreddit said, insiders sell all the time and no one bats an eye. I believe short sellers are using this news to put downward pressure on the stock.

SEK 125M raised in April. Q1 burn was SEK 49M/quarter. That’s ~2.5 quarters of runway at current burn, but burn drops as revenue ramps H2 2026. AEVA LiDAR production starts Q4 2026. Jabil pluggable revenue follows. EU Chips Act structural funding incoming. The math gets better every quarter from here, not worse.

@MMIV_Capital $SIVE They had basically no cash left at the end of this quarter. I would just think a 100-200MM raise makes for the company despite the opportunities in 2027.

The three public short sellers in $SIVE/ $SIVEF are sitting on combined ~1 billion SEK in unrealized losses. Voleon -111%. Two Sigma -86%. Qube -45%. And they still haven’t covered. The math is getting painful.

@Bullshark_2012 April SEK 125M emission already done. EU Chips Act 2.0 went live today with Sivers as a named photonics partner. Customer prepayments coming with 2027 volume ramps. Cash runway extended.

@MMIV_Capital Doesn’t $SIVE have to an offering they had like no cash left on the balance sheet?

Today, @AyarLabs announced it has joined the @nvidia NVLink Fusion ecosystem, introducing co-packaged optics as a foundational building block for hyperscalers and system innovators deploying heterogeneous compute in NVIDIA AI factories. Press Release: bit.ly/4oa8epa

@OGCapital25 Generational debt after this +70%

Bro is cooked

@NingiResearch Must be a fun day

$SIVE & GlobalFoundries $GFS have a partnership since 2021. It's even in the annual reports. This is literally just another press release pump for a "development partnership." Remember, Ayar Labs development partnership was announced in 2023...and still no volume by now...

@StormDirac Kul att vara Ningi idag

Breaking news! 💥 Sivers $SIVE & GlobalFoundries $GFS Advance AI Data Center Optical Solutions Tue, Jun 02, 2026 07:00 CET Sivers’ laser arrays to support GlobalFoundries’ silicon photonics platform and SCALE™ optical engine solutions targeting a $25B Pluggable Optics market by 2030 Kista, Sweden – June 2, 2026 – Sivers Semiconductors AB (STO:SIVE), a global leader in photonics and wireless technologies, today announced a strategic collaboration with GlobalFoundries (Nasdaq: GFS) (GF), to develop advanced silicon photonics solutions for the high-growth AI infrastructure market. Sivers Semiconductors’ laser arrays will be integrated into reference designs built on GF’s silicon photonics platform. The collaboration supports a range of optical connectivity architectures, including co-packaged optics (CPO), linear pluggable optics (LPO), and other emerging data center interconnect solutions. Sivers’ laser arrays will also be available in GF’s Silicon Photonics Co-packaged Advanced Light Engine (SCALE™) platform for next-generation optical sub-assemblies and light engine architectures. GF’s SCALE CPO solution combines integrated photonic devices, coarse and dense wavelength-division multiplexing (CWDM, DWDM) and advanced packaging enablement to improve bandwidth density and system scalability. news.cision.com/sivers-semicon…

As AI clusters scale, CPO is emerging as the only solution capable of delivering the bandwidth density and efficiency demands. That's why we partnered with Wiwynn to bring this technology to rack-scale AI systems. Dive deeper: bit.ly/3RJRPeL #COMPUTEX2026