Why Nio Stock Is Popping Ahead of Q1 Earnings
Nio (NYSE: NIO) stock is having a solid run so far this week, and it rallied even higher Wednesday, gaining 4.1% at its highest point of the session.
Ironically, the Chinese electric vehicle (EV) company reportedly just denied having partnered with one of the world's largest semiconductor chip manufacturers, but investors remain upbeat about it one day ahead of its earnings release.
One of the biggest challenges for EV manufacturers across the globe recently has been a shortage in semiconductor chips. So when a couple of days ago, Advanced Micro Devices posted a video on Chinese media platform Weibo saying it had partnered with Nio to supply it with chips, investors in the automaker were unsurprisingly excited.
Source Fool.com
