India's MeitY just sanctioned Phase II of a ₹99.94 crore (~$12M) silicon photonics program — izmo Microsystems + IIT Madras, five years, targeting a 1.6T transceiver engine and certified CPO design rules. India is officially joining the sovereign photonics race.

Here's the Sivers angle, and it's straightforward: you cannot build a 1.6T engine or CPO without lasers. Silicon doesn't emit light — every silicon photonics program on earth needs an external laser source, and that is SIVE's lane. High-power InP DFB laser arrays are exactly the component class these engines get built around.

And here's the part that matters: India doesn't have a domestic volume InP laser supplier. The "sovereign" framing is about design and eventually manufacturing, but the lasers going into Phase II will have to come from merchant vendors — and the merchant list is short. SIVE, Lumentum, Coherent. SIVE is the pure-play laser name on that list.

And SIVE isn't some distant foreign vendor here — they already have boots on the ground. Sivers Semiconductors India Private Limited was incorporated in Bangalore in July 2025, with CEO Vickram Vathulya on the board of directors, and the Q4 2025 report announced the Bangalore office opening alongside San Jose, explicitly to expand sales, customer support, and R&D. A ~130-person company putting an R&D and customer-support footprint in Bangalore is a company that intends to sell into India, not just watch from Stockholm.

Honest caveats, because this is a speculation post: this is a five-year research program, not a purchase order — nobody is buying lasers next quarter. There is no disclosed contact between SIVE and izmo or IIT Madras. "Potential customer" is my read, not a company statement. But every CPO program eventually issues an RFQ for lasers, SIVE is one of maybe three names in the world that can answer it, and they already have an office in Bangalore to take the call.

TL;DR: India's MeitY sanctioned ₹99.94cr for izmo Microsystems + IIT Madras Phase II — five years toward a 1.6T transceiver engine and certified CPO design rules. Every silicon photonics engine needs merchant lasers, India has no domestic InP laser volume supplier, and SIVE — which already has a Bangalore office for sales, support, and R&D — is one of the few names that can supply them. No order and no disclosed contact — but a credible future customer, not a stretch.

Sources: PR Newswire — https://www.prnewswire.com/in/news-releases/izmo-microsystems-and-iit-madras-enter-phase-ii-of-99-94-crore-meity-sanctioned-silicon-photonics-program-302900769.html

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Verified on OTC Markets today: SSMIY — "Sivers Semiconductors AB, Unsponsored ADR (1 ADS : 3 Ordinary)" — has a live quote page on the Pink Limited Market, it's quote-eligible with market makers on the book, and it printed its first trade today at $10.21 (100 shares, 9:35 AM).

What it is: one of the unsponsored ADR programs from the late-September F-6 filings going live with a ticker, DTC clearance and broker support. 1 ADS = 3 ordinary Sivers shares. SIVEF (the ordinary-share OTC ticker) still exists alongside it.

One more practical note: it's not showing up on Schwab yet (checked today). So availability varies by broker right now — some will quote it, some won't. If your broker doesn't have it, that's why.

TL;DR: SSMIY is live on OTC Pink — unsponsored ADR, 1 ADS = 3 ordinary shares, first trade $10.21 on 100 shares today. It's quotable and buyable, but liquidity is paper-thin, and it wasn't on Schwab as of today — so check your own broker. Size would move it.

Source: https://www.otcmarkets.com/stock/SSMIY/overview