SVB FINANCIAL GROUP

For $SIVE, Q2 earnings from $GlobalFoundries(GFS.US) yesterday is strong third-party confirmation of Sivers' 2027-2028 photonics ramp.

Reminder: In June, Sivers signed a collaboration with Global Foundries that puts their lasers into GF's SiPh reference designs and CPO platform.

Read-throughs from $GlobalFoundries(GFS.US) earnings transcript:

1. $GlobalFoundries(GFS.US) silicon photonics revenue to "more than double in 2026". NPO ramp in 2027 / CPO ramp in 2028.

- Important external validation of $SIVE's entire photonics thesis.

2. $GlobalFoundries(GFS.US) 2027 NPO / 2028 CPO cadence lines up with Sivers' own guidance.

- "Production ready status in 2027".

- Multiple ramps in 2027.

- Sivers estimated CPO SAM of $1.0-1.4B by 2028.

- So GF is effectively narrating the demand curve into which Sivers has positioned their Glasgow ops + Win Semi capacity.

3. $GlobalFoundries(GFS.US) CID grew 20% sequentially and 62% YoY which is the fastest quarterly growth since 2022. Growth guidance raised to 50-60% YoY.

- Direct demand validation for the platform Sivers plugged into, from their collaboration in June. Growing demand.

- GF's acceleration is the leading indicator Sivers earnings in 2027+ with funnel filling upstream before Sivers seeing the units.

4. $GlobalFoundries(GFS.US) CEO: "We now expect our silicon photonics revenue to more than double in 2026 compared with the year prior"

- Clean revenue funnel logic if GF SiPho more than doubles and Sivers is the partnered external laser route into GF reference designs.

- Sivers has guided its own laser qualification to "production ready status in 2027" so Sivers captures this as design-in/NRE in 2026 and unit revenue in 2027+, not coincident with GF's 2026 doubling.

5. $GlobalFoundries(GFS.US) secured 7 new optical networking design wins with customers from transceiver suppliers and hyperscaler players.

- All are a potential downstream pull for external laser content.

- Sivers has been building this coverage independently: $Jabil(JBL.US) 1.6T LRO, $POET Tech(POET.US) ELS, O-Net/Enablence ELS, and legacy Ayar Labs.

- Looks like Sivers' Q1'26 disclosure of an opportunity pipeline up 77% YTD to $799M is the mirror image datapoint to GF's design win momentum.

6. $GlobalFoundries(GFS.US) have "more than 40 customers today in SiPho" with customers telling GF "I don't have enough secured."

- This just corroborates Sivers' narrative of an InP laser chokepoint and supports their pre-emptive capacity build via WIN Semi.

- If GF customers are scrambling, the matching external laser capacity is just as scarce = pricing power for Sivers.

7. $GlobalFoundries(GFS.US) could "10x photonics capacity"

- GF ramping PIC output 10x at existing fabs implies a proportional pull on external light sources.

- For Sivers, they need to scale InP output in lockstep or lose allocation to $Lumentum(LITE.US) / $Coherent Corp.(COHR.US).

- Sivers' answer is the WIN outsourcing + Glasgow expansion (historically framed as targeting >1,000 wafers/week).

- Interested to see if Sivers report capex/capacity commitments scaled to GF's 10x narrative.

Just as a list of the main read-throughs you can draw from Global Foundries' comments to Sivers.