$Faraday Future Intelligent Electric(FFAI.US)From a financial logic perspective, share issuance is a neutral tool in itself; the key lies in whether the funds are used for "development" or "survival".

If it's for financing production expansion, R&D, mergers and acquisitions, or profit growth, that's growth-oriented issuance, which is generally positive;

But if it's due to long-term losses, negative cash flow, and relying on continuous financing to survive, then the essence of such issuance is the continuous dilution of existing shareholders.

Back to FF's reality:

Currently, there is no scaled delivery, no stable revenue, and long-term negative cash flow. Financing is the only source of survival.

This determines that its share issuance is not "for growth" but for survival.

The result is:

Positive news → Price surge → Financing → Share issuance → Dilution → Another drop, forming a cycle.

So the real situation now is:

The market doesn't disbelieve the positive news but knows that all positive news will eventually be offset by the "next round of share issuance".

For the company, it's about survival; for shareholders, it's long-term suppression.