Microsoft has shifted the responsibility back to Delta for the recent global IT outage that affected numerous systems.
On the stock market front, the Nasdaq surged by 1.5% on Monday afternoon, gaining 277 points after President Joe Biden announced his withdrawal from the presidential race and endorsed Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average rose by 0.3%, and the S&P 500 climbed 1.1%.
Polymarket, a platform that leverages crypto for betting, has endorsed Kamala Harris as the frontrunner for the Democratic presidential nomination, while PredictIt from New Zealand predicts she may become the 47th president of the United States.
In corporate news, Nvidia’s stock rose by 4% after it was reported that the company is developing a version of its Blackwell AI chips tailored for the Chinese market. Nvidia is partnering with a local distributor, Inspur, and plans to ship the chip, tentatively named the “B20,” in the second quarter of 2025.
Tesla’s stock also saw a nearly 5% rise ahead of its upcoming earnings report, during which CEO Elon Musk is anticipated to discuss the company’s delayed robotaxi launch. Musk stated on social media that Tesla expects to have a limited number of humanoid robots for internal use next year, with plans for higher production for external clients by 2026.
Conversely, CrowdStrike, the cybersecurity firm linked to the recent global tech outage, faced a challenging situation as it worked to restore affected systems. The company reported that a significant portion of the approximately 8.5 million impacted Windows devices are now operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon also faced difficulties, suffering a nearly 6% decline in stock price after its quarterly earnings report. The telecom company fell short of revenue estimates as customers are retaining their old phones longer, which reduced upgrade rates. Verizon’s second-quarter revenue was reported at $32.8 billion, falling slightly below analyst expectations of $33.06 billion, while its earnings per share matched predictions at $1.15.