**[Serenity Questions Sivers' Development Strategy: Should Focus on U.S. Investors, Otherwise Valuation May Struggle]** Deep Tide TechFlow reports, on August 29, "White-Haired Stock Guru" Serenity published an article questioning Sivers Photonics (SIVE)'s development strategy, stating that the company is still dedicating significant effort to communication and private fundraising in the Swedish domestic market rather than the U.S. market—a strategy that is "difficult to understand." Serenity believes that Swedish investors are more focused on issues such as "how to stop the bleeding," "why private clients cannot be disclosed," and "why the focus is on transceivers" during discussions. This results in approximately one-third of conference call time being spent explaining business pipelines and terminology rather than discussing future growth potential. In contrast, U.S. analysts are more likely to focus on topics such as the allocation of production capacity across two wafer fabs, ASP (average selling price) increases during supply bottlenecks, operational leverage, and the revenue these capacities could generate. They also pay closer attention to NPO/CPO, pluggable optical modules, downstream end customers, and the scaling opportunities expected by CPO manufacturers like Ayar in 2028. If Sivers continues to dedicate more time to the Swedish market, its valuation will increasingly be influenced by Swedish market investment logic. The company should focus more on showcasing to U.S. investors the economic value and potential growth opportunities arising from its position within the CW laser supply bottleneck.