The clear event of the day for Serenity, the stock-picker whose reconstructed views this site tracks, was fresh capital hitting his single largest and highest-conviction holding.

## Sivers funds the scale-up

Sivers (SIVE), the tiny Swedish maker of indium-phosphide (InP) lasers that Serenity treats as the core of his entire portfolio, closed an upsized institutional round of 700 million SEK. InP is the compound-semiconductor material used to build high-speed lasers, and Serenity's whole thesis rests on Sivers being an overlooked upstream "chokepoint" — a critical supplier with few substitutes — for the light sources that co-packaged optics (CPO) and silicon photonics will need as the AI buildout ramps. CPO puts the optical engine right next to the switch or GPU die to cut power and lift bandwidth, and it needs continuous-wave lasers as its light source.

Serenity flagged several details he read as bullish. The raise was described as multiple times oversubscribed and priced at 57 SEK, just under the roughly 63 SEK market price — a level he argued effectively sets a floor and validates institutional demand near current prices rather than at a discount. Crucially, he noted the money is earmarked for expanding InP laser and optical-amplifier manufacturing capacity under Sivers' fab-light model, which to him signals the company has hit the inflection point for high-volume production and has now de-risked its balance sheet. He has previously said he is long, refuses to sell, and frames Sivers as his potential next 10x and "the next Lumentum."

## Supply-chain signals: packaging, memory and power

Beyond Sivers, Serenity ran through a batch of industry data points that reinforce his recurring themes rather than mark new positions.

On advanced packaging and test — a bottleneck sleeve he watches closely — he highlighted reports of price hikes on probe cards, test sockets, capacitors (MLCC and others) and Taiwanese OSAT services. OSAT firms handle outsourced chip assembly, packaging and testing, and he name-checked ASE Technology (ASX), the large Taiwanese packaging and optical-assembly player he uses mainly as a benchmark to size up the smaller, higher-upside names he prefers. He reiterated that both memory and IC packaging/testing capacity are turning into genuine supply-chain constraints.

On memory, he noted a Meta (META) server architecture pairing older DDR4 with CXL memory expansion, plus long-term supply agreements being signed around MLCC and memory — datapoints that fit his structural memory-shortage view. Meta is itself a position for him; he holds it as a profitable hyperscaler growing 30%-plus at a modest multiple, effectively funding his upstream semiconductor and photonics bets.

On the AI power and grid theme, he pointed to a reported five-fold jump — to around $25 billion — in Brookfield financing tied to Bloom Energy (BE) fuel cells, citing grid bottlenecks. Serenity is bullish on the data-center power buildout but has been explicit that he does not personally own Bloom; it sits in his energy-and-grid basket as a beneficiary rather than a conviction holding.

He also flagged sharply raised forecasts for Chinese humanoid-robot shipments, framed with his usual wry tone, though it remains a peripheral interest rather than a stated position.

*This is derived commentary for information only, not investment advice.*