.
The statements made by Nike are not commercial speech. Nothing in the statements actually proposes that any person buy Nike products.
The statements are actually related to labor disputes. Speech related to labor disputes receives full First Amendment protection.
The statements were expressions of Nike’s point of view on the labor disputes. Expression of ideas is protected by the First Amendment.
California’s law “chills” protected speech, making companies, such as Nike, less likely to speak out concerning social issues.