On August 25, Serenity reported that photonic chip company Sivers Semiconductors (SIVE) is set to announce its earnings in two days. Currently, the market's primary focus is not on short-term financial data, but rather on the progress of customer certifications, joint development, and order ramp-up in its photonic business. It was noted that Sivers is expected to provide more information regarding photonic joint development, customer certifications, and contracts soon. AAOI previously revealed that several customers are seeking CPO lasers but are unable to meet demand due to capacity constraints; MTSI also indicated that numerous customers are competing for continuous wave (CW) laser capacity, with new capacity not expected to come online until the second half of 2027. If Sivers can disclose more about customer demand and capacity commitments, it will be seen as a strong demand signal. Regarding ramp-up, Jabil (JBL) is considered a potential major source of revenue growth for Sivers in the first half of 2027, while Aeva (AEVA) is expected to contribute revenue in the second half of 2026. Additionally, the company's other pluggable optical module customer joint development projects are anticipated to gradually move from the certification phase to mass production. The market will also be watching Sivers' progress on its Nasdaq listing, future revenue pipeline, and early bulk orders. Following the company's recent completion of a $70 million financing round, which alleviated dilution pressure, balance sheet issues are expected to have been resolved. Market participants believe that the core valuation logic for Sivers remains the future ramp-up potential of its photonic business. If the company can further disclose locked-in CW capacity, customer demand, and future revenue scale, it may prompt the market to reassess its valuation.