This analysis was first published in SvD Näringsliv, in Swedish, on June 9th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

A small tech company in Kista has suddenly found itself at the center of a global stock market frenzy. The result: a share price increase of over 2,400 percent – and a situation the company may find impossible to manage.

The internet forum WallStreetBets on Reddit became world famous during the GameStop surge. There, ordinary investors banded together to buy shares in the gaming retailer – creating extreme market movements.

Now the same forum has found a new target: the Swedish semiconductor company Sivers Semiconductors.

In a thread about Sivers, you can read the following: “My thoughts [on Sivers] are that I’m up 100 percent and I’m waiting to be 10,000 percent up.”

With expectations like that, it’s hard to surprise positively. Sivers has ended up in a trap that may be very difficult to escape.

The underlying business at the company is like many others on the stock market. They work with advanced technology, and the hope is that a major breakthrough could put real momentum behind the company.

Looking at the share price, it looks as though they’re already there. Over the past three months, Sivers Semiconductors has surged over 2,400 percent. But no obvious breakthrough can be found.

So what is happening – why is the stock surging by thousands of percent?

Last year the company had revenues of just over SEK 300 million, and posted a loss of just under SEK 180 million. That sounds like any other early-stage tech company. It can either become something big, or fall flat at this stage.

The idea that ordinary investors have spotted something in Sivers’ products in photonics and laser technology that others have missed seems unlikely. This is highly advanced technology that is difficult to evaluate.

The information from the company during this period has also been very sparse. By normal stock market logic, there is nothing that could justify this rise. If anything, the opposite – in May the company had to correct its annual report after it turned out to contain incorrect figures. That is hardly the strongest buy signal a listed company can send.

To understand what is going on, you need to zoom out and look at the sector Sivers belongs to.

Semiconductors have had incredible tailwinds on global markets recently. Companies such as Micron, SK Hynix, and Samsung – all three enormously larger than Sivers – have also surged lately. These are companies that supply data centers and are strengthened by the prevailing AI boom.

If you missed buying these companies before they took off on the stock market, you might look around for other potential candidates. The trend works in Sivers’ favor – it’s a good time to have the word “semiconductors” in your company name.

This global macro trend is now spilling over onto a small company in Kista.

There is therefore a strong case that Sweden is now experiencing its first major and international meme stock – a stock that appears to be traded primarily on large-scale speculation. Mostly by buyers who are only trading on the momentum the stock has.

Initially, a price surge like this can look appealing. The company gets a lot of attention, and who doesn’t like it when the price goes up?

Someone who took advantage of this was CEO and insider Harish Krishnaswamy, who recently sold his entire holding for just under SEK 100 million. Several other executives are locked up until early August. If the price holds until then, they could become enormously wealthy.

So what do you do when you find yourself in the middle of this whirlwind of new shareholders suddenly flowing in from different parts of the world?

You hold on and hope it continues.

Realistically, there is no story that management can tell about Sivers Semiconductors that is better than the one others are telling for them right now. The share price is completely disconnected from the company’s actual business, and management doesn’t appear to be doing anything to calm the situation either. They even avoid media interviews.

Unfortunately, history shows that these temporary comets on the stock market eventually burn out. And that experience will not be pleasant for anyone.

One can recall another meme stock – the American entertainment company AMC. They too were caught up by individual speculators, causing their stock to shoot up in 2021. They offered free popcorn to shareholders at their movie theaters. At its peak, the share price stood at $238. Today it is $1.8. Shareholders in Sivers Semiconductors would do well to study that journey.

Normally they say the stock market takes the elevator down but the stairs up. Big falls tend to go faster than gains. In this case, Sivers has taken a rocket ship up. And like a rocket, the fall back down will likely be very fast too.

Trying to rebuild the company after such a ride risks being a very, very long staircase to climb back up on the stock market. Even if it was mostly global tailwinds that got it there in the first place.