markets

Max Knoblauch10/16/25

Nio denies Singapore wealth fund’s accusations of inflating revenue

Court documents indicate that Chinese EV maker Nio has been sued in US courts by Singapore’s sovereign wealth fund, GIC, which alleges the company inflated its revenue, causing “significant losses.”

The news sent Nio shares down 8% in premarket trading on Thursday.

The EV maker “issued materially false and misleading statements and omissions that misrepresented... the Company’s true revenue and earnings figures,” the lawsuit alleges. The suit accuses Nio of unlawfully recognizing more than $600 million in leased battery revenue in fiscal year 2021.

Last month, Nio announced a $1 billion share sale to fund development around smart EVs. The company has yet to post a profit in its 11-year history.

Update (10:35 a.m. ET): Nio has responded to the lawsuit, telling CnEVPost that the complaint stems from false allegations made in a short-selling report by Grizzly Research and is “not a newly occurring incident, nor is it directed at NIO's recent operational performance.”

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise

Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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