Chip-pocalypse Now... The global chip shortage is continuing to hurt car makers, from GM to Ford. The latest to get hit: Tesla's Chinese rival Nio. Nio shares plunged 17% for the week, after it said that chip-pocalypse will hurt its electric car production next quarter. FYI: the average car contains 50 to 150 chips. Nio's production capacity will fall to 7.5K cars per month, down from 10K. But Nio's founder expects they can bump up production again in July.
Call me by your name... Oscar is the Millennial startup that's simplifying health insurance. ICYMI: American health insurance is (in)famously complex. Oscar wants to put a friendly face on it. Oscar's NYSE debut was less friendly: the stock has plunged 14% since Oscar went public on Wednesday. Investors weren't wowed by its 2020 earnings: sales fell 5% from 2019, and it lost $407M. But Oscar could benefit from the growth of the gig economy, since its core customers don't have insurance through employers (think: DoorDash drivers).