The easiest way to look at a stock after a 2,100% move is to say it is too expensive.

The harder question is different.

What production success has the market already priced in, and what signals would either validate or break the thesis from here?

This piece does not treat Sivers as just another CPO hype stock. It reads the company at the intersection of the laser source bottleneck, customer conversion, cash runway, and valuation.

“Expensive” is not the real insight.

The real question is what has not yet been confirmed.