Nvidia’s stock is experiencing one of its most volatile weeks yet. The Nasdaq index rose by 1.5%, gaining 277 points on Monday afternoon. This uplift follows President Joe Biden’s announcement over the weekend that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains, increasing by 0.3% and 1.1%, respectively.
In light of the political developments, predictions around Harris suggest she may be the Democratic nominee for president, with some betting platforms, like Polymarket, leaning towards her candidacy, while PredictIt forecasts her as the potential 47th president of the United States.
In other market news, Nvidia shares rose by 4% after reports from Reuters indicated that the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with the local distributor Inspur to launch the chip, tentatively named “B20,” with an anticipated shipping date in the second quarter of 2025.
Tesla’s stock saw a nearly 5% increase ahead of its upcoming earnings report, during which Elon Musk is expected to share updates on the anticipated unveiling of the company’s robotaxi. Musk stated on social media that Tesla aims to produce useful humanoid robots for internal use next year and hopes to ramp up production for external companies by 2026.
On the other hand, CrowdStrike, which was affected by a major tech outage last week, continues to deal with the aftermath. The cybersecurity firm’s stock dropped over 13% on Monday afternoon, trading around $263. The company reported that many of the 8.5 million Windows devices affected by the outage are gradually returning to service.
Verizon’s stock dropped nearly 6% after it released its quarterly earnings report, falling short of revenue expectations. The telecommunications company reported second-quarter revenue of $32.8 billion, slightly below the average analyst estimate of $33.06 billion. Its earnings per share matched expectations at $1.15, but the decline was attributed to customers holding onto their old phones longer, negatively impacting upgrade rates.