This section provides an empirical examination of the distinct yet interrelated roles of media and investor sentiment in shaping NEV stock prices. The evidence shows that price discovery reflects the interaction between a slow-moving information environment shaped by media and rapidly adjusting investor demand. The analysis proceeds in three steps. First, we establish data validity and document key stylized facts. Second, we characterize the contrasting temporal dynamics of media and investor sentiment using dynamic and nonlinear dependence analyses. Finally, we employ a multilayer network framework to visualize and quantify sentiment transmission across firms, revealing that sector-wide volatility is largely driven by shocks…