QuantumScape stock soared 55% in its first half day of trading, following the completion of its merger with a special-purpose acquisition company called Kensington Capital Acquisition.
It’s a short-term bump that doesn’t make much sense on its own. Nothing fundamental has changed, though the maker of solid-state lithium batteries has a new ticker and a slightly higher profile. Yet the company’s CEO—and enough investors—are clearly confident that the business will grow into its now more than $16 billion valuation.
“I…
