In a regulatory filing today, L&F revealed that the contract’s value has been written down to just $7,386.

No, that is not a typo. $2.9 billion to roughly $7,400.

L&F did not explicitly state the reason for the cut, citing only a “change in supply quantity,” but the dots are easy to connect. The high-nickel cathode was destined for Tesla’s 4680 cells, and the primary consumer of those cells is the Cybertruck