[Serenity Questions SIVE's Development Strategy: Should Shift Focus to U.S. Market or Risk Stagnant Valuation] Odaily Planet Daily News - The "White-Haired Stock God" Serenity published an article questioning Sivers Photonics' (SIVE) development strategy, arguing that the company is currently overly focused on the Swedish market, while U.S. investors might be more interested in its future growth potential and the tangible economic value derived from its orders. Serenity stated that U.S. analysts are more likely to focus on the implications of Sivers' recent allocation of two wafer fab capacities, as well as how much revenue and operating leverage these capacities could generate in the context of supply bottlenecks and rising ASPs (average selling prices). Additionally, topics such as NPO/CPO, pluggable optical modules, CPO manufacturers like Ayar scaling up by 2028, ELS products and collaboration with O-Net, as well as the scale and potential TAM (total addressable market) of six new pluggable customers, are also worth deeper discussion. In contrast, the local market's concerns are centered on issues like "how to stop the bleeding," why private customers cannot be disclosed, why the focus is on transceivers, and what exactly the "business opportunity pipeline" means. This forces the management team to spend significant time addressing doubts rather than discussing future growth. Serenity believes that the more time Sivers spends on the Swedish market, the more its valuation is likely to be constrained by the investment logic of the Swedish market. Therefore, the company needs to more actively showcase its future growth opportunities and the economic value behind them to U.S. investors.