Serenity Questions SIVE's Growth Strategy: Should Shift Focus to the U.S. Market, or Risk Being Stuck with a Capped Valuation

Odaily News – "White-Haired Stock God" Serenity has publicly questioned Sivers Photonics' (SIVE) growth strategy, arguing that the company remains overly focused on the Swedish market, while U.S. investors may be more interested in its future growth potential and the tangible economic value of its order book.

Serenity noted that U.S. analysts are more likely to focus on what Sivers' two recent wafer fab capacity allocations actually mean, and how much revenue and operating leverage these capacities will translate into amid supply bottlenecks and rising ASPs (average selling prices). Additionally, topics such as NPO/CPO, pluggable optical modules, the 2028 volume ramp of CPO players like Ayar, the ELS product partnership with O-Net, the scale of six newly added pluggable customers, and the potential TAM (total addressable market) are all worth deeper discussion.

In contrast, questions from the local market tend to center on "how to stop the bleeding," why private clients cannot be disclosed, why the company focuses on transceivers, and what the "business opportunity pipeline" really means—forcing management to spend significant time responding to doubts rather than discussing future growth.

Serenity believes that the more time Sivers devotes to the Swedish market, the more its valuation will be constrained by the investment logic of that market. Therefore, the company needs to more actively present its future growth opportunities and the economic value behind them to U.S. investors.